« | Home | »

Dubai-ous Dealings: It’s Never Too Late For An Econopocalypse

Topics: Lifestyle & Culture | 1 CommentBy admin | November 27, 2009

The US military may decide to Sheik Djibouti if this keeps up.

Images like this used to inspire awe.
Now they more likely inspire awwww…

I like to think that in a decade or so, we’ll scan the impoverished Sultan-peppered wasteland of the once deleriously luxurious Dubai, and wonder how it all ever happened. Call me a Gloomy Gus, but waking up to parallel headlines today about how it’s Black Friday and everybody’s going shopping while Dubai’s late payments on their $80 billion debt caused global market panic got me thinking again about the impending econopocalypse. I mean, we’ve all heard of a “jobless recovery”, but is there such a thing as a “recoveryless recovery”? One look at this frightening animated map showing job losses in America between 2007 and 2009 makes me wonder how we can possibly think we’re on the way back to economic stability. Very few people I know have either the liquid assets or the confidence to suggest to me that things are getting better, but at the same time, I don’t see us heading for global catastrophe. In my starry-eyed vision I see more reality sinking in as unexpected debtors like Dubai spring up, and more fictitious capital being generated until the average person snaps out of it and it sinks in that all this money being thrown around is merely a social contract, and one that we never signed. And maybe, somewhere in this morass that is the global economy, we’ll get a little smarter, and remember that what’s good of all is good for the individual. Of course, it’s ultimately moronic of me to think this way; if major UAE-backed debtors like Dubai start defaulting, war is more likely, especially as we ramp back up in Afghanistan. I have this weird hunch we’ll be hearing the name Djibouti a bit more in the coming year. But what the hell do I know? The graphic below sums up my understanding of banking and finance…

How I imagine capitalism works in the United States:

Click For Larger Image

Read Comments

  1. Posted by Sasha on 11.28.09 2:59 am

    boo is true and scary. makes one go into denial more and more. is how we just don’t know, we do not realize that we can make a difference in this a little. hey at least you are not in russia where if there was a wild eye banker, he would just run away with all the money. at least there is some stability in the USA for people who have common sense. My grandmother 25 years ago put a trust fund for me, and it consisted of 500 rubles. It is at the time was something like $5,ooo. Now this money due to inflation and..khmm shitty government structure is equavelent to 50 kopeks. a kopek is what is a penny to a dollar. one dollar equals 29 roubles. Yes it’s that fucked up. But though US is a little more stable, certainly it is not heading anywhere to a place like a bright future with this kind of economic structure. Good job Ian, thank you for speaking out, you inspire.