All that glitters is not Gold!

"All that glitters is not Gold!", we know that from Shakespeare's 'The Merchant of Venice'. Its an ancient proverb too! I was reminded of it from recent events over shadowing the world.....Friend, you are welcome to read more in my latest blog below!
Tremors of rampant, mindless distorted Capitalism is leading us into the pitfall of this new vortex & deep abyss springing from the "Affluent Middle Eastern Emirate, which I have termed 'Dubai, LLC'"!

Once again vicariously Capitalism will be faulted though in reality what surfaces is the fact that proprietary questions were never asked or even if they were: by the Lending Institutions and Governements that participated in 'Dubai LLC', the illusions & Blind Faith held precedence over rational thinking on investment policies in this Sheikhdom.....how much more will the mints print.....and to what avail as the blame game does its rounds in the minions of power in 'so called Affluent Capitals"!

This fall out will reveal many matters as plastic smiles will wear thin with the cascading effects of this fall.

It could even shake citadels of power in the Emirate itself as the real loss of wealth will be experienced in this once "Camel to Cadillac" world of illusions and make believe, is forced to come to terms with harsh realities that there is no quick and easy way to Democracy and Institutions and you cannot surely splurge your way to it. It does call for a fair share of blood, sweat and tears.  One only needs to look at the democratic values establised in India and in the West to guage that truth.

To my mind (even though I lived in this emirate for 5.5 years of my life in the 90's and benefited from its good times: being an ardent student of Economics, Finance & Auditing, I could not help wondering then and now) will all that Glitters be Gold ??? .....and if it does perenially then its not in Las Vegas but its in Dubai.  Las Vegas is what it is.  There is no pretence about it.  But Dubai is almost a nation in itself even though its really one of the Seven Emirates of the United Arab Emirates (UAE).

Well those words which I thought in the innards of my mind are coming true and establishing what the original ancient maxim always stated: "All that glitters is not gold".

Some of you may read my blog and think I am a sadist.  NO!  I do feel for many friends who are living there and are enduring all this innocently.  My heart goes out to them just the same way I am  experiencing here in the US with the recession and its own rigmarole. 

Dubai does not have the safety net the Institutions of the US offer its residents and Citizens.

Its a giant LLC (Limited Liability Company) and what an LLC is.  I would not call it "Dubai Incorporated" or Dubai, Inc.  Its Dubai, LLC and the months and years to follow may perhaps justify that reality.  Unless some friendly emirate or Nation comes to its rescue. 

Then again in these times even Nations have only fair weather friends......I sincerely hope that is not the case, 'cause the risk and stakes are very high and the touted 59 billion soverign debt is not likely to be the actual ipso facto of the whole real story either!

From today I believe the blog site that I named "We are 'Like this only'" extends not just to India and the SAARC region but to the World as well.  Especially in the light of this new blog posting.  Accordingly I changed the general note to all my blogs to say "my spontaneous world views..."

Thanks for taking time to peruse this blog.  As always, please feel welcome to comment.  Irrespective of whether you agree or disagree with my views.

The above blog was prompted by the article in the link below:

http://www.nytimes.com/2009/11/28/business/global/28dubai.html

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