Dubai: a city built on sand

Simon Jenkins Was anywhere heading for a fall so obviously as Dubai? Yet why did no one ever scream? Why did everyone just marvel? When I first visited the place three years ago, it was already the most dangerous speculative bubble on earth. Breakneck building – using reputedly a quarter of the world's cranes – was sustained on hysterical public relations and $80bn of debt. By last March the signs of impending doom were everywhere. Property and stock market prices were falling and only the PR firms were still sustaining morale, witness a cringing ITV documentary by Piers Morganand grovelling ... Leer más