Reports are increasing from the collapse of the economic bubble in Dubai where, among other things, foreigners are fleeing to avoid debtors prison (New York Times). Since a major part of the bubble dealt with creating fantasies of real-estate in a city surrounded by empty desert it cannot be a surprise that the bubble was going to burst.
Only environmentalists (and therefore easily ignored by bubble chasers) reacted at the plans for worlds highest buildings, refrigerated beaches and artificial islands while the investors promised ever more growth and return on investments.
It isn’t my point to gloat but there is a strange hybris that occurs when people smell big cash returns. While in the same breath talking about corporate responsibility people can propose the most amazing projects.