Dubai : foreclosure of a dream.

TL;DRAbstract

Glitzy Dubai, long considered the new Monte Carlo
\nor the Las Vegas of the Middle East, has suff ered one
\nof the worst crash landings of this global recession.
\nDubai might be considered a bellwether of the global credit
\ncrunch. Until recently touted as a beacon of progress in
\nan otherwise unstable region, the tiny emirate’s seemingly
\ninnovative economic and political model is now unravelling,
\nwith no end in sight to the uninterrupted stream of bad news.
\nConstruction has ground to a shuddering halt, unemployment
\nis rising, sovereign debt is exposed, lawsuits are being
\nprepared, and the population is decreasing, as those who
\nmoved to Dubai in search of a better life have either lost
\ntheir jobs or are cutting their losses and leaving.
\nTo make matters worse, as the city empties itself out,
\ntraffi c thins, and cars and credit cards are abandoned at the
\nairport, the embattled authorities have embroiled t

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