Harmor
Error_Name_Not_Found
+605|6835|San Diego, CA, USA
Dubai debt crisis: Now British banks face fresh crisis after investing billions

https://img526.imageshack.us/img526/1172/article1231320075568a60.jpg

Daily Mail wrote:

By Liz Hazelton
Last updated at 4:57 PM on 27th November 2009
British banks were teetering on the brink of a fresh meltdown today after it emerged they had invested heavily in crisis-hit Dubai.

An $80billion debt default in the emirate has already reawakened the spectre of a global 'double dip' - that the first shoots of recovery could be wiped out by a second wave of recession.

But the level of exposure that the crippled British banking sector faces is now under renewed scrutiny.

The crisis was prompted by Dubai World, the development company behind three  palm shaped islands as well as an off-shore replica of the globe , defaulting on its debt.

Today it emerged that:

    * Royal Bank of Scotland (RBS) was Dubai World's biggest loan arranger since January 2007, according to JP Morgan
    * HSBC has an estimated £9.6billion in loans and advances to UAE customers
    * Barclays has an exposure of around £3billion
Its only 50 billion...should we worry?  Or could this spark an already fragile economic crisis that will ripple world-wide?
Chou
Member
+737|7077
It's just money, press more and carry on.
SEREMAKER
BABYMAKIN EXPERT √
+2,187|6855|Mountains of NC

how many of those oil assholes are billionaires
https://static.bf2s.com/files/user/17445/carhartt.jpg
Beduin
Compensation of Reactive Power in the grid
+510|6037|شمال

SEREMAKER wrote:

how many of those oil assholes are billionaires
Ask your your oil assholes
الشعب يريد اسقاط النظام
...show me the schematic
Jay
Bork! Bork! Bork!
+2,006|5645|London, England

SEREMAKER wrote:

how many of those oil assholes are billionaires
They don't sell oil. Dubai has been working very hard to transform itself into a tourist destination. Since no one is spending money right now tourism has died and now they're defaulting. Vegas is hurting too, it's almost a ghost town right now compared to two years ago.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
SEREMAKER
BABYMAKIN EXPERT √
+2,187|6855|Mountains of NC

Beduin wrote:

SEREMAKER wrote:

how many of those oil assholes are billionaires
Ask your your oil assholes
my my oil assholes got nothing with those shits over there
https://static.bf2s.com/files/user/17445/carhartt.jpg
Beduin
Compensation of Reactive Power in the grid
+510|6037|شمال

SEREMAKER wrote:

Beduin wrote:

SEREMAKER wrote:

how many of those oil assholes are billionaires
Ask your your oil assholes
my my oil assholes got nothing with those shits over there
Sure?
الشعب يريد اسقاط النظام
...show me the schematic
SEREMAKER
BABYMAKIN EXPERT √
+2,187|6855|Mountains of NC

Beduin wrote:

SEREMAKER wrote:

Beduin wrote:


Ask your your oil assholes
my my oil assholes got nothing with those shits over there
Sure?
the whole article and thread is about British banks and Dubai ............. British ....... B R I T I S H ........ not america .... thats whole another thread ........ actually its probably been about 100 threads
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Mekstizzle
WALKER
+3,611|6908|London, England
I was always skeptical of Dubai, I only visited it once temporarily in 2000. I don't see the big deal about the place. Firstly it's a boiling hot desert, fuck that. Secondly, it's still a Muslim country with all those shitty laws, fuck that. They always said about diversifying and becoming a tourist attraction and shit like that, but who would go there. I wouldn't. To me it's sort of like China, yeah it all looks good, but everything is still fucked up anyway.
jord
Member
+2,382|6965|The North, beyond the wall.

Mekstizzle wrote:

I was always skeptical of Dubai, I only visited it once temporarily in 2000. I don't see the big deal about the place. Firstly it's a boiling hot desert, fuck that. Secondly, it's still a Muslim country with all those shitty laws, fuck that. They always said about diversifying and becoming a tourist attraction and shit like that, but who would go there. I wouldn't. To me it's sort of like China, yeah it all looks good, but everything is still fucked up anyway.
Does Dubai law actually apply to Brits on holiday there though? I'm pretty sure you can drink till you throw up and simply slap any Police officers aside with the Burgundy delight that is a British passport...
Cybargs
Moderated
+2,285|7003
Dubai sucks. Dubai is borrowing a shitload of money from Abu Dhabi. The place is a fucking hole, fuck those oil assholes, seven star city my ass.

To ted: Actually, drinking and prostitution is very very common in Dubai, they don't want to piss off any tourists.
https://cache.www.gametracker.com/server_info/203.46.105.23:21300/b_350_20_692108_381007_FFFFFF_000000.png
rdx-fx
...
+955|6878
Getting drunk and 120F temperatures is the way to go.. yeah.

And, as an American, former military, former security clearance holder -- brilliant f'ing idea that'd be;
Go to the middle east, in the middle of a muslim/arab country, with no security or backup, and.. relax, let your guard down, get shitfaced.
riiiiiiiiiight.

Never catch me there.
My idea of a vacation involves snow. 
Lots of snow. 
Ski resort levels of snow, or Alaskan back country levels of snow.
Snow and cold keeps the pests away. 
Snakes, mosquitos, spiders, fire ants, islamic jihadists - all pests kept away by freezing temperatures.
Harmor
Error_Name_Not_Found
+605|6835|San Diego, CA, USA

rdx-fx wrote:

Getting drunk and 120F temperatures is the way to go.. yeah.
They actually have cooled beached.  I'm not kidding.
ghettoperson
Member
+1,943|6936

rdx-fx wrote:

Getting drunk and 120F temperatures is the way to go.. yeah.

And, as an American, former military, former security clearance holder -- brilliant f'ing idea that'd be;
Go to the middle east, in the middle of a muslim/arab country, with no security or backup, and.. relax, let your guard down, get shitfaced.
riiiiiiiiiight.

Never catch me there.
My idea of a vacation involves snow. 
Lots of snow. 
Ski resort levels of snow, or Alaskan back country levels of snow.
Snow and cold keeps the pests away. 
Snakes, mosquitos, spiders, fire ants, islamic jihadists - all pests kept away by freezing temperatures.
There are lots of countries that might apply to, the UAE isn't one of them.
Diesel_dyk
Object in mirror will feel larger than it appears
+178|6281|Truthistan
I heard someone argue on CNBC a long time ago that the price of oil needs to be kept high and they eluded to the debt owed by Arab states as being a real problem.
OR perhaps oil was talked up as part of debt trap on Arab states, now that they are in debt, you drop the price of oil and rape them. If only.


They screw us on oil with OPEC and they screw us on the dollar, I hope they fail and that all their partners in crime fail too.
blademaster
I'm moving to Brazil
+2,075|6932

SEREMAKER wrote:

how many of those oil assholes are billionaires
hmm a lot of them like 99% of them, some American guy discovered oil in middle east in 1920 or around that period of time before that everyone was poor after he discovered oil everyone of those people in power became billionaires

Last edited by blademaster (2009-11-28 13:03:01)

Dilbert_X
The X stands for
+1,817|6393|eXtreme to the maX
Those bank executives really need to be fired, no golden parachute, no pension, nothing.
Fuck Israel
Spark
liquid fluoride thorium reactor
+874|6961|Canberra, AUS

SEREMAKER wrote:

how many of those oil assholes are billionaires
Dubai got out of oil years ago.

Harmor wrote:

rdx-fx wrote:

Getting drunk and 120F temperatures is the way to go.. yeah.
They actually have cooled beached.  I'm not kidding.
And indoor snowfields.

They certainly know how to build a tourist destination.

Last edited by Spark (2009-11-28 17:50:20)

The paradox is only a conflict between reality and your feeling what reality ought to be.
~ Richard Feynman
Cybargs
Moderated
+2,285|7003

Spark wrote:

SEREMAKER wrote:

how many of those oil assholes are billionaires
Dubai got out of oil years ago.

Harmor wrote:

rdx-fx wrote:

Getting drunk and 120F temperatures is the way to go.. yeah.
They actually have cooled beached.  I'm not kidding.
And indoor snowfields.

They certainly know how to build a tourist destination.
Not to mention all the artificial plants they put in to cool down the place. Dubai is like a project to turn a shithole to a paradise. With money they had and commitment, they did a pretty good job of it.

You can pretty much get anything you want in Dubai, beaches, snow etc etc.
https://cache.www.gametracker.com/server_info/203.46.105.23:21300/b_350_20_692108_381007_FFFFFF_000000.png
Jay
Bork! Bork! Bork!
+2,006|5645|London, England

Cybargs wrote:

Spark wrote:

SEREMAKER wrote:

how many of those oil assholes are billionaires
Dubai got out of oil years ago.

Harmor wrote:


They actually have cooled beached.  I'm not kidding.
And indoor snowfields.

They certainly know how to build a tourist destination.
Not to mention all the artificial plants they put in to cool down the place. Dubai is like a project to turn a shithole to a paradise. With money they had and commitment, they did a pretty good job of it.

You can pretty much get anything you want in Dubai, beaches, snow etc etc.
They should've just saved the money and moved to a more pleasant location in the world with a better climate.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
Cybargs
Moderated
+2,285|7003

JohnG@lt wrote:

Cybargs wrote:

Spark wrote:

SEREMAKER wrote:

how many of those oil assholes are billionaires
Dubai got out of oil years ago.
And indoor snowfields.

They certainly know how to build a tourist destination.
Not to mention all the artificial plants they put in to cool down the place. Dubai is like a project to turn a shithole to a paradise. With money they had and commitment, they did a pretty good job of it.

You can pretty much get anything you want in Dubai, beaches, snow etc etc.
They should've just saved the money and moved to a more pleasant location in the world with a better climate.
Remember, they're a bunch of wealthy oil assholes with nothing better to do in their shitty city.
https://cache.www.gametracker.com/server_info/203.46.105.23:21300/b_350_20_692108_381007_FFFFFF_000000.png
Mekstizzle
WALKER
+3,611|6908|London, England
The main thing is that Dubai runs on workers imported from countries who were essentially conned into getting there, it's damn near enough slave labour. The fact that nobody gives a shit, even from the countries these people come from, says everything.

Here's a good little article:

Dubai is finally financially bankrupt – but it has been morally bankrupt all along. The idea that Dubai is an oasis of freedom on the Arabian peninsular is one of the great lies of our time. Yes, it has Starbucks and Dunkin' Donuts and the Gucci styles, but beneath these accouterments, there is a dictatorship built by slaves.

If you go there with your eyes open – as I did earlier this year – the truth is hidden in plain view. The tour books and the bragging Emiratis will tell you the city was built by Sheikh Mohammed, the country's hereditary ruler.

It is untrue. The people who really built the city can be seen in long chain-gangs by the side of the road, or toiling all day at the top of the tallest buildings in the world, in heat that Westerners are told not to stay in for more than 10 minutes. They were conned into coming, and trapped into staying.

In their home country – Bangladesh or the Philippines or India – these workers are told they can earn a fortune in Dubai if they pay a large upfront fee. When they arrive, their passports are taken from them, and they are told their wages are a tenth of the rate they were promised.

They end up working in extremely dangerous conditions for years, just to pay back their initial debt. They are ringed-off in filthy tent-cities outside Dubai, where they sleep in weeping heat, next to open sewage. They have no way to go home. And if they try to strike for better conditions, they are beaten by the police.

I met so many men in this position I stopped counting, just as the embassies were told to stop counting how many workers die in these conditions every year after they figured it topped more than 1,000 among the Indians alone.

Human Rights Watch calls this system "slavery." Yet the Westerners who have flocked to Dubai brag that they "love" the city, because they don't have to pay any taxes, and they have domestic slaves to do all the hard work. They train themselves not to see the pain.

But Dubai's bankruptcy does not end there: it is ecologically bust. This is a city built in the burning desert, where everything shrivels up and blows away if it is not kept artificially cold all the time. That's why it has the highest per capita carbon emissions on earth – some 250 percent higher even than America's. The city has to ship in desalinated water – which is more costly than oil. When it runs out of cash, it will run out of water.

Today Dubai will be bailed out by the United Arab Emirates, the oil-rich country of which it is only one state. But the oil will not last forever. More importantly, there is no Bank of Morality that could provide a bailout for this sinister mirage in the desert.
http://www.huffingtonpost.com/johann-ha … 72795.html
Amra
look; even concrete needs to be laid
+26|5599|Up your #4+@?
More crooks in fancy clothes.
Shocking.
Dilbert_X
The X stands for
+1,817|6393|eXtreme to the maX
I've heard the good hotels are literally swarming with hookers.
Fuck Israel
Cybargs
Moderated
+2,285|7003

Dilbert_X wrote:

I've heard the good hotels are literally swarming with hookers.
Hajji loves Texan dick. Hell why not make a buck from it if you could.
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