The United Arab Emirate nation DuBai just took a major Thanksgiving turkey shit on the global economic market. The largest state owned business, DuBai World, is asking its creditors for a ‘timeout’ in order to restructure its multi-billion dollar debt repayment. They asked for a six month window. That’s two quarters in business parlance, a lifetime to regular people like us.
I’d love for CitiBank to give me a six month standstill on my mortgage agreement. I’d figure a way to pay them back even though I don’t produce gas like DuBai does. I mean, I produce gas, but just not the kind that anyone enjoys or can use. DuBai’s debt hiccup is prA’Li being fueled by the current low trading prices of crude oil. The United States wins when DuBai loses because international investors look to buy more dollars in an unstable marketplace.
The price of crude has fluxuated so much also because the United States, the world’s largest consumer for this shit has been showing signs of a downturn. For instance, I will be buying less gas in December while Chocolate Snowflake’s whip is in the shop. Although I might be ZipCar-ing around the town so that would negate my non-consumption, just my personal expense.
What does this debt repayment rollback mean for the rest of us here in the United States? It means that in the short-term our dollars are worth more than they were a day before. It doesn’t mean we have more buying power though which is the only thing that matters to most of us today I might imagine. I’d tell you to go out today and copp that 50″ plasma television anyhoo, but that is also why I am over $100K in debt (mortgage x defaulted car lease x credit cards).
My problem is that I don’t Dubai, I DO BUY and that is why my ass is broke. The sheikhs from DuBai are gonna have to curtail their spending as well. No more man-made tropical islands in the middle of the desert. No more towers taller than a kilometer.
Sheeeeit, no more silly tall hats and sexy white women.