Dubai: Towering debt on foundations of sand

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December 1, 2009 -- Dubai debt towers on foundations of sand.
(Ed Stein -- main page)

December 2009 Comment: Wall Street certainly takes pride of place in showing the world how to pile up debt upon endless debt, extending it unimaginable heights into the rarefied air of the starry skies. But now we can say that no small credit should go to Dubai, too, for daring these similar dreams to reach the stars -- yet building it all on a foundation of . . . sand!

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