03-18-2009, 11:42 PM
Dears
I appreciate the posts of CFANerd and wonder if he has some loose grip on such issues, as he claims. However, the matter of 60% population of Dubai may not be so precise in my view.
When I elaborated the post of CFANerd, about the issue of where the funds have been invested at Dubai, I knew he has hit at the right spot.
Like USA, all the European countries are also credit based economies for individuals with fullest concept of availing every facility and utility regardless of how much portion of life would be spent in repaying the burden. This may be right or wrong when someone is located there. However, in all such cases the relocation results in loss of everything. In other words, zero savings.
We the residents of 3rd world are also extremely inclined to debt spending and majority of non-rural residents now carries many credit cards simultaneously where they keep on revolving their debt from one card to the other or from one debt to the other. Perhaps many of us have become best finance manager for own-selves.
Dubai's demerit crystallizes when we see that relocations tend to be substantial in comparison to other places and economies. The inhuman and unjustified treatments are now falling back.
I hope Dubai will come out of this phase but it would only happen when the recession will relieve the rest of the world as well, since Dubai is very much relying on others.
Regards,
KAMRAN.
