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Dubai: Minor upset in playground of the rich – or first domino of new crash? Lis Seddon 27th November 2009 ( from the Guardian: by Heather Stewart and Ian Black. ) After a traumatic year, markets were breathing a sigh of relief. Then the emirate's bubble burst, raising fears of a new meltdown. While Iceland's transformation from fishing nation to financial powerhouse – and back – became a potent symbol of the banking boom and bust of the past few years, the Middle Eastern emirate of Dubai was where the global property bubble was taken to its glitziest extreme. Without the oil reserves of many of their neighbours, Dubai's rulers hatched a hubristic plan to turn their city-state in the sand into a glamorous playground for the rich, enthusiastically bankrolled by western investors. Now, with the state-owned builder of many of Dubai's most extravagant projects struggling to repay its debts, the world's financial markets have been forced to wake up to the idea that they may have declared an end to the turmoil of the credit crunch too soon. Stock markets have soared over the past eight months as investors shrugged off fears that the near-death experience of the world's financial system when Wall Street bank Lehman Brothers collapsed in October 2008 would lead to a 21st-century great depression. But Dubai's woes this week were a sharp reminder that there may be plenty more unexploded bombs hidden in the world economy. First, Dubai's authorities are not alone – a string of other states, including Greece, Ukraine and Ireland, face severe debt problems in the months and years ahead as they tackle the costs of the worst recession in a generation at the same time as clearing up the debris from a rampant credit boom. The International Monetary Fund has already stepped in to bail out several struggling states, including Iceland, Hungary and Pakistan, but Dubai World's announcement raised the fear of a new wave of victims emerging. Second, the economic slump is not over. While many major economies, including the US, Germany and Japan, have come out of recession, recovery has so far been aided by vast emergency infusions of taxpayers' cash. No one is sure what will happen when those life-support measures are removed next year and central banks begin to shut off low-cost lifelines to banks and raise interest rates. And third, if Dubai World does default, it will send fresh shockwaves through the world's financial system. International banks – including the UK's – have lent Dubai and its firms billions of dollars to fund its glittering glass towers and indoor ski slopes in the desert. The risk that many of those loans may now go sour has re-awakened nagging concerns that even after government-backed rescue packages worth trillions of dollars, the worst may not be over for the bombed-out banks. Germany's Bundesbank warned earlier this week that its banks may face a further €90bn in writedowns on bad loans before the crisis is over. Investors hope Dubai will be bailed out by neighbouring Abu Dhabi, the United Arab Emirates capital – though it is not clear what that might mean for the autonomy of Dubai's ruler, Sheikh Mohammed Bin Rashid al-Maktoum, famous for breeding and racing thorough- bred horses, and for his £10bn fortune. But whether Dubai is the first domino to fall in a new wave of the global financial crisis or, as some commentators argued today, just a small city-state whose struggles have few implications for the rest of the world, its frozen cranes, empty skyscrapers and bankrupt expatriates are a powerful parable of what happens when a property boom gets badly out of control.
The United Arab Emirates, of which Dubai is one, came into being on 2nd December 1971, as per Nicholas Campion's Book of World Horoscopes. Looking at the chart it is obvious that Mars is the apex planet of a t-square with a stellium of Neptune-MC-Sun-Jupiter in Sagittarius and a Moon-Saturn conjunction in Gemini. Venus ruler of the 4th house (where the Moon and Saturn are posited) squares Pluto, ruler of the 10th house (where the stellium is found). This is an indication of an over optimistic attitude and risk-taking which is likely to lead to financial losses for the United Emirates. Particularly, as like now transiting Saturn is conjunct their natal Pluto and transiting Pluto is coming up to conjunct natal Venus at 4 degrees of Capricorn from where it will be squared by Saturn in Jan '10.
United Arab Emirates2 Dec 197112.00 - 4.00Dubai25N18 '55E18'
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