You may think it's my obsession, and it may be. No, it is, at least one of my obsessions. But it's because of all the fantasmagoric attention paid to Dubai by the Times and other snowed-by-the-fancy organs of the media establishment.

Well, Moody's has finally issued a warning, Monday's FT tells us, about something going awry somewhere. The somewhere happens to be Dubai: "Dubai vulnerable to shocks because of debt, warns Moody's."

Why?  It's actually obvious but couched in Moody's distinctive muted language: "The economy's reliance on European and Asian demand for tourism and real estate could trigger problems as the global economy softens."  No shit, Dick Tracy.