Nov 27, 2009

Antony Herrey on the coming collapse in Dubai (2008)

Having experienced my fair share of severe down cycles over more than four decades as a real estate developer and investor, the extravagant reports emanating from the Emirates over the past decade or more of islands created in the sea, mile-high skyscrapers in the desert, artificial ski slopes under glass, endless new quantities of unsold condominiums overlooking the Gulf, and the like foretold for me one of the most spectacular collapses of any bubble bust in the long history of excessive speculation. This could not possibly end, it seemed to me, without a horrendous downturn that would turn many of these new monster structures into empty ruins.

~ Antony Herrey, Austrians in Finance chat group, October 20, 2008

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