I know it is awful to rejoice in failure, but when I first saw Dubai on the Big Picture I was sick. I predicted at the time (with my vast real estate knowledge)that it would fail, that you can’t just build a culture in five years, and now the chickens are coming home to roost, or not, actually the chickens are fleeing. Literally fleeing, because in Dubai, you have debtors prison. To date 3000 cars have been abandoned at the airport, the keys still in the ignition.
I wonder if there is a mathematical formula regarding growth time v. collapse time,
t1 = time from birth to peak
t2 = time from peak until death
so t2= t1/x
wherein x = quality?
And that makes me wonder if the US has peaked yet.
Anyway, David Galbraith does a much better job of dissing on Dubai than I do:
“It looks like Manhattan except that it isn