Ponzi city-state

Laid-Off Foreigners Flee as Dubai Spirals Down:

Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai's fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.

Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city -- or worse.

"I'm really scared of what could happen, because I bought property here," said Sofia, who asked that her last name be withheld because she is still hunting for a new job. "If I can't pay it off, I was told I could end up in debtors' prison."

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A lot of people saw this coming. Even a few years ago when bloggers were talking about Americans' reckless consumption they would sometime qualify it by saying "and then there's Dubai!" I guess no more 100K watches for the "Princes" of Dubai.

Yes I think that is a normal way, firt US than Dubai will be followed from Germany an than China at last, that is my prognostication