By now most people are aware of how Dubai got itself in over its head. What exactly is the perfect metaphor for Dubai’s excesses? The palm-tree shaped islands? The underwater hotel? The indoor ski resort? It all had the feel of Disneyland meeting the dot-com mania.
In the end it was all about borrowed money. Lots of it. In that context Dubai is not alone.
Dubai’s default has the world’s investors asking the question: Who’s next?