Guest Post: New Baghdad And The Collapse Of Capitalism

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Tue, 03/16/2010 - 18:44 | 267863 Cheeky Bastard
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IMHO this article is a bit outdated. And i could read the same thing on Wikipedia or thousand other places on the Internets.

Tue, 03/16/2010 - 23:44 | 268073 spekulatn
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I'm with the cheeky bastard. ;)

Tue, 03/16/2010 - 23:59 | 268080 digalert
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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

Wed, 03/17/2010 - 11:48 | 268337 infotechsailor
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federal reserve transparency act -- h.r. 1207

Tue, 03/16/2010 - 18:47 | 267865 doublethink
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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.

 

Tue, 03/16/2010 - 19:53 | 267911 Crodus
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But we are eating the crap they financed, thanks to our own government and the Fed.

Tue, 03/16/2010 - 21:16 | 267962 Mercury
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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    http://finemrespice.com/node/31

 

 

Wed, 03/17/2010 - 11:21 | 268303 nikku
nikku's picture

Excellent piece.  Thanx!

Tue, 03/16/2010 - 23:06 | 268044 Johnny Dangereaux
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Hey Mercury....that's actually Lady Liberty wearing some stuff she borrowed from Mercury....

http://www.coinflation.com/coins/1916-1945-Silver-Mercury-Dime-Value.html

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......

Wed, 03/17/2010 - 00:02 | 268083 Mercury
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...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.

Wed, 03/17/2010 - 00:11 | 268089 chindit13
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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.

Wed, 03/17/2010 - 03:40 | 268141 Bear
Bear's picture

Reminds me of someone else ... USa

Wed, 03/17/2010 - 05:03 | 268157 Dont Taze Me Bro
Dont Taze Me Bro's picture

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

 

Wed, 03/17/2010 - 08:06 | 268178 mouser98
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the state and prosperity... two things that just don't mix

Wed, 03/17/2010 - 08:27 | 268187 Observer
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

Wed, 03/17/2010 - 13:00 | 268379 BorisTheBlade
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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.

Thu, 03/18/2010 - 02:31 | 269054 guidoamm
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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:

http://guidoromero.wordpress.com/2009/11/30/dubai-again/

 

 

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