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I am told by friends and family working in Dubai that the global recession has hit them like a ton of bricks. There are beautiful state of the art cars abandoned at airports with keys still stuck in them and credit cards used to the last limits. People have left / are leaving Dubai in droves, disillusioned and defeated. In the meanwhile the media is taken to task for telling it like it is.
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Why did we think the bubble would last and why do Indians allow themselves to be exploited? I am told anyone without a degree/passport from the 'West' gets a lower salary compared to a 'Westerner' for a similar job profile/portfolio no matter if he/she is better at what he/she does. I don't think I need to elaborate. See how the ARABS feel. .
There was always that niggling "first uneasy impression" about Dubai everytime I visited although I've had great times there! Now as I learn more about it, I know why.
And I wonder what Mr. Obama might have to say about this.
2 comments:
As some wiser men have said...Without organic growth and floating on injected "vitamins" there is no future to stay!
And the greater they rise, the bigger they hurt when it crashes, perhaps that is why India manages to stay above board, in spite of all!
Yes...says a lot about our values.100% loans for cars and credit cards with crazy limits!! 'Neither a borrower nor a lender be"...where went old wisdom?
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