Debt Crisis Halts Construction of Dubai Indoor Mountain Range
How many of you thought that headline was on the level?
Such is the state of affairs in the world that such a headline could a) seem plausible b) only come from our pals at the Onion: Dubai Debt Crisis Halts Building Of World’s Largest Indoor Mountain Range.
Excerpt:
Representatives from the emirate of Dubai announced with disappointment this week that its recent debt crisis has forced developers to halt construction on the city’s long-planned 22-mile-long indoor mountain range.
The culmination of a decade’s worth of ambitious and expensive building projects, Dubai’s estimated $100 billion debt officially brought work on the artificial mountain range to a stop on Tuesday.
“This is a very sad day for the emirate of Dubai,” Crown Prince Hamdan bin Mohammed al-Maktoum told reporters at a press conference held inside the gold-plated anti-gravity chamber in his palace. “Although I believe it is the basic right of all who visit us to be able to scale to the top of a 15,000-foot-tall manmade snowcap, these tough economic times have made it an impossibility. Never before has our proud municipality faced such a grave crisis.”
See? Its not only California suffering from tough economic times !
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January 15th, 2010 at 4:03 pm
Such a great idea too.
January 15th, 2010 at 4:03 pm
[snark off]
January 15th, 2010 at 4:10 pm
Like PJ O’rourke loves the stuff the Defense Dept buys, I love huge construction projects and I don’t care how they get financed.
Bridges miles long, made to look like they float on air, Tunnels that cross under oceans, buildings whose floors twist via gigantic motors, trips to space in misbebotten machinery, the bigger and badder, the better for my money.
I’d rather see a city with 50 cranes in operation 366/24/7 building a mountain under a bubble in a desert that goes on forever than a city moribund with nothing but people running around.
It’s a testament to our ability to dream and build seemingly impossible structures, made manifest that distinguishes us from amoeba.
It may be a bit crazy, but look at all that steel, and concrete and Allah knows how many change orders.
G’d on ya, Dubai.
January 15th, 2010 at 4:11 pm
Speaking of idiocy, short sale fraud by the big banks? Pull up a chair, folks. This party is just getting started.
http://www.cnbc.com/id/34877347
January 15th, 2010 at 4:12 pm
Isn’t cheaper to just buy a country that has them already?
January 15th, 2010 at 4:17 pm
@Robes: And real ones, to boot.
January 15th, 2010 at 4:57 pm
Mannwich-
Excellent headsup. Thanks. No shortage of scumbags out there.
January 15th, 2010 at 5:03 pm
Could you build a mountain with $10 trillion dollars of cash?
January 15th, 2010 at 5:10 pm
Boockvar posts specs are record long crude…I know gold specs are very high…II Bulls very high and Bull/Bear ratio is dangerously high. All this bullishness and several sovereigns and US states are in serious danger of default. Good job Ben. The next crash is going to be the worst yet and people will swear off risk for a long time. The Fed is out of ammo…they can’t cut rates anymore…already doing QE and likely doing some stock market intervention.
At least the market did not fall for Intel’s earnings report trickery…12% tax rate…beating drastically lowered analyst estimates… and helped by falling dollar. Is this the end of the rally?
January 15th, 2010 at 5:31 pm
You would think they could be a bit more creative with the headline. Something like Crumbling Mountain of Debt Crushes Mountain of Decadence or Debt Avalanche Flattens Fake Mountain
January 15th, 2010 at 5:47 pm
@MRegan: Sadly, in our culture where incentives are distorted everywhere, being a scumbag is not only condoned, but required, to get ahead.
January 15th, 2010 at 5:50 pm
I thought it was real because Dubai really does have an indoor ski slope.
January 15th, 2010 at 6:27 pm
BR,
Quit giving them ideas.. Anyone insane enough to simultaneously build indoor ski slopes, palm shaped islands and the world’s tallest building is also crazy enough to do that.
January 15th, 2010 at 6:30 pm
BR – I’m not surprised by anything anymore.
January 15th, 2010 at 10:14 pm
>> Is this the end of the rally?
God, I hope so.
January 15th, 2010 at 10:37 pm
@wunsacon
Besides the indicators I mentioned, AAII bullishness is up another 6% this week, ISEE is at 6 month bullish highs, Citigroup Panic/Euphoria rose higher, 21 day Put/Call is at least 3 year lows (too bullish). Rally is on life support and if any of the more bearish outcomes for the economy occur, it will be fugly.
January 16th, 2010 at 11:20 am
Don’t worry kiddies, Dubai could never happen here. Here in the USA, our books are all clean and transparent, our minds are clear and our conscience sound.