| | From last January:
Seems that I misspoke Kuwait instead of Dubai.
| | Arabs lost 2.5 trillion dollars from credit crunch: Kuwait
"The Arab world has lost 2.5 trillion dollars in the past four months" as a result of the global financial crisis, Sheikh Mohammad told a press conference following a joint meeting of Arab foreign and finance ministers in Kuwait. He also said that about 60 percent of development projects "have either been postponed or cancelled" by the six-nation Gulf Cooperation Council (GCC) states because of the global meltdown.
I think that somewhere on this board there have been comments on the potential impact of the Kuwaiti real estate bubble collapsing. It seems that is is now happening. Surely an event of this magnitude will have a significant impact on the global economy. One wonders what the level of exposure is of the mortgages of all those wonderful skyscrapers, second homes and condos in Kuwait.
Sam |
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I know what I'll be thankful for this Thanksgiving. I'll be thankful for Climategate. 
