Guest Post: New Baghdad And The Collapse Of Capitalism

Tyler Durden's picture

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Cheeky Bastard's picture

IMHO this article is a bit outdated. And i could read the same thing on Wikipedia or thousand other places on the Internets.

spekulatn's picture

I'm with the cheeky bastard. ;)

digalert's picture

Agreed, This was alright till the comment on Bush and transparency. Oblame is putting Bush to shame on transparency, or lack there of.

See for yourself, Obama & FOIA

infotechsailor's picture

federal reserve transparency act -- h.r. 1207

doublethink's picture


Mercedes Benzes and Jaguars have For Sale signs taped to their windows or are just abandoned at the airport.


Abandoned because the owners did not want to go to Dubai's debtors prison. The laws are harsh except for those with sovereign immunity. Dumbfuck bankers; let them eat the crap they financed.


Crodus's picture

But we are eating the crap they financed, thanks to our own government and the Fed.

Mercury's picture

Dubai was practicing cargo cult not setting up a robust framework for free enterprise. Besides, when push comes to shove the sheikh personally owns every last grain of sand and your deed/contract/lease is just a piece of paper.

The Soviets at one point built cavernous department stores on grand boulevards to show that they had all the goodies the capitalist Americans had.  But there was never much of anything to put in the department stores and few people could afford a car so the boulevards were mostly empty too.

A very wise woman surveyed this situation much better and more thoroughly about a year ago back when the S actually HTF



nikku's picture

Excellent piece.  Thanx!

Johnny Dangereaux's picture

Hey Mercury....that's actually Lady Liberty wearing some stuff she borrowed from Mercury....

but you knew that.....


Anyway, thanks for the link....he used an identical word 'ep' did, but he spelled it right.

"gaudiest places"   compares to "gaudy" (sic) 

I think a better post today would be the economics of Guinness or Kerry Gold Cheese and Butter.....oh well......

Mercury's picture

...yeah well with the coin I'm trying to emphisize the god-of-merchants-and-commerce side of Mercury...I think the Romans and the colonial merchants took that part more seriously than did the Greeks with Hermes. And as a bonus I happen to be partial to liberty as well.  All a nostalgic reminder for a time when we were a small-government commercial republic I guess.

Plus, there's only so much detail you can cram into a 40x40 icon!  I'll stay in drag until I find something beter.

chindit13's picture

An old Arab saying that the Nahayan's should have thought about before setting themselves up in Abu Dhabi as rulers of the "Emirates":

"Issil 'an ijjar, qubil iddar"

Ask about the neighbor before asking about the house.

Bear's picture

Reminds me of someone else ... USa

Dont Taze Me Bro's picture

This is probably the best article I have read regarding Dubai's fall.


mouser98's picture

the state and prosperity... two things that just don't mix

Observer's picture

For all those 'capitalism is dead' people the world hasn't had capitalism since atleast the early 1920s. What we have had is socialism and cronyism

BorisTheBlade's picture

The takeaway from this story is simple. Dubai was no more free-market capitalist than Soviet Russia.

Obviously author has never been to Soviet Russia.

guidoamm's picture

The one glaring omission in most analysis concerning Dubai, is that it was never a capitalist experiment. The rulers simply thought he could build a country by skipping the basics. Thus he thought he'd start right at the service level bypassing all the basic industries and skills that are needed in order to transition to a more intellectual economy. Moreover, in the absence of any semblance of intellectual capital within the population, the ruler thought he could carry out his plan using imported intellectual capital. There again, the ruler completely failed to grasp the self defeating nature of his strategy when he planned to compete with, for example, India on the IT stage by using ... Indians? I mean, why would Microsoft want to implant any facility in Dubai and staff it with Indians when they could do the same thing just across the gulf in India itself?

I have already written quite a bit on Dubai over the years. This is one of the piece:



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