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."

Tags

More like this

Sharon Thomas-Ellison works hard for her paychecks at Jimmy John's. On occasion when no one else is available, the 19-year-old has worked from 11 in the morning until 1 a.m. at night with just a 30-minute break — and it's okay, she says, she needs the extra income. After a long day's work on her…
At Bloomberg BNA, Stephen Lee reports that with fears of deportation looming, undocumented immigrants are becoming afraid to access legal remedies when they’re injured on the job. The article notes that such immigrants are disproportionately employed in hazardous jobs and while they account for…
At The New York Times, Elizabeth Olson writes about the challenges that older workers face in proving workplace bias. She begins the story with Donetta Raymond, a longtime manufacturing worker laid off, along with hundreds of others, by Spirit AeroSystems Holdings. Now, some of those workers are…
At Slate, Gabriel Thompson writes about a little-used legal provision that could go far in helping farmworkers fight wage theft and other labor abuses. A part of the Great Depression-era Fair Labor Standards Act, the statute is known as the “hot goods provision” and it gives the U.S. Department of…

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