The London Times calls the failure of Dubai's economy "the modern equivalent of the last days of Rome." Nothing gives evidence to the grandeur that was once the hub of the oil economy like the tens of thousands of abandoned cars parked around the city.
...the pain in this new and gaudy metropolis is palpable. Ross, who asked not to be identified, is one of countless expatriates who have been caught out by the collapse in Dubai’s once-booming property market.
Like many he bought a flat off-plan in what was a red-hot property market. Today he is trapped, his passport confiscated until he repays bank loans he used to invest in a property that may never exist. If his work dries up before he can clear his debts he will go to jail...
Those expats lucky enough to escape the country -- and debtors prison -- abandoned some of the finest automobiles ever manufactured.
Nearly half of newly built office space has not been rented and the amount of available space is estimated to double in the next year.A $7.6 billion metro train opened in September; the Times reports that a recent 9:30am weekday run carried 21 people, though its capacity is 640.
But worry not, all of these debts are mere pittances compared to the roughly $3.5 trillion deficit that the Obama Democrats are running up in their first two years in office.
Related: Luxury Cars Abandoned in Dubai, Part I.
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