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Doomed Dubai seeking nuclear power plant

Dubai: Trouble in Paradise Socialist Workers Party  1 Dec 09 Dubai’s debts amounted to €80 billion – not the same scale of Lehman’s Brothers $613 billion crash – but serious enough to scare the markets. Bondholders are very rich people who control huge reserves of cash that have been created by the work of millions of people.They scour the world looking for investment opportunities that will give a ‘good return’.For two decades, they poured money into Dubai, even though it was only a tiny strip of land adjacent to a magnificent natural harbour….the tiny Emirate of Dubai which has become a fitting symbol of hyper-capitalism – a sort of beach party dreamt up by Milton Friedman and the Chicago School of Economics. ….it became both a fantasy location for the wealthy and a real space where capital could move quickly without any regulation or traces…..Dubai became a rich person’s paradise – a new Venice which showed the world a future model of how hyper capitalism might work……..Just before the crash, many of the shopping malls and apartments lay empty because there was a shortage of electricity. To deal with the problem, Dubai turned to its US ally to ask for help in constructing a nuclear power station. At 145 gallons of water a day, the rich of Dubai were so opulent that they needed a nuclear power plant just to meet their needs!…………….the real scandal behind capitalism’s fantasy islands that became such magnets of greed. Vast sums of the world resources, extracted from the labour and sweat of millions in an interconnected world, were channelled through a tiny entrepôt that became a speculators paradise…………eventually that the bubble burst. Today, the great concrete artificial World has come to a shuddering halt and is now threatened by the ravages of nature.

Socialist Workers Party – Dubai: Trouble in Paradise

December 1, 2009 - Posted by | 1, business and costs, MIDDLE EAST | , , ,

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