Thursday, November 26, 2009

Trouble in Dubai

The markets are upset that Dubai will have trouble servicing its debts, and there is trouble in Vegas as well. Nevada has the most underwater mortgages of any state, big casino deals are having trouble working.

Pardon me for not caring. Neither of these places have ever held any fascination for me, except a perverse one. They strike me as being emblematic of all that has been wrong in the world for some time, and the only reason to rue their downfall is to think of the quantity of productive labor that has been squandered on them. Yes, they have fed many construction and service workers from the hinterlands of here or there, but also many more or less enslaved sex workers. Some significant portion of that cash could have gone into math and science education. Oddly enough, just as pornography has driven the development of internet technology, I'm sure that there have been worthwhile advances in engineering which have come out of the otherwise fruitless exercises in building front shaped islands and choreographing fountains. Or maybe not.

Anyhow, I shed no tears for Abu Dhabi this week

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