Dubai is sucking wind due to the real estate boom too.
People were flipping condos, homes, and flats there too!
The losses are calculated at greater than 50 BILLION Euros, in order to make a contrast, that's about the equivalent this QUARTER of AIG's losses. The stock exchange over there has lost 75% of its value.
OPEC now wants to jack up the price of oil so they too can continue to live in the ridiculous lifestyles to which they have become accustomed -- but the markets are so fragile, they cannot do so.
The world's (future) tallest building is slowing down in its construction because...reports are now coming out that the new skyscrapers were constructed with SLAVE LABOR. People were contracted from foreign countries, literally shipped in to live at single rooms with up to 8 men (in the desert), and then halving their contracted fees. The men have no choice to work as they cannot return home without enough money. If they stop to save money to return home, their families will starve.
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