Everybody is aware of the drama now being played out in Dubai. And, frankly, the relief given by Abu Dhabi, its abutting oil-rich emirate in the confederation of self-indulgent and non-productive Arabs, will only buy time for Dubai, which will have to turn over to its cousins whatever assets remain under its robes.
The New York Times published a Sunday editorial which seems to counsel aid to Dubai, as if any structural disaster would follow if there weren’t any. Of course, the Times has good reason to worry about Dubai, since the newspaper was the one which most prominently and insistently ballyhooed the fabulousness of this fake statelet.
Greece, Ireland, and Mexico are an altogether different matter. These countries consist of real societies and cultures, and their bankruptcies would immerse their neighbors in deep troubles. The Times puts bailouts for these on the agendas of the U.S., Germany and China. We’ll see if they come to order.