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He's one of our top entrepreneurs who recently put all his investments into cash. The reason: He believes Britain faces bankruptcy. You may disagree with his bleak analysis but you can't afford NOT to read it
A year ago, the world reacted with astonishment as Iceland technically went bust. It seemed inconceivable that a modern democratic nation could have such parlous finances that only an emergency $6billion bail-out from the International Monetary Fund enabled its economy to keep functioning.
This week, we witnessed a similar crisis in the Middle East but on a far, far more dangerous scale, as Dubai effectively defaulted on £48billion of loans.
Unless its more prudent and oil-rich neighbour, Abu Dhabi, launches a rescue plan then Dubai - once a gilded monument to financial success - will effectively be insolvent.
As a note of caution, keep in mind that Dubai is a city, not a country, and although Iceland is a sovereign state it has a population of only just over 300,000, almost all of which lives in the capital city.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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Maybe it is just time for the whole world to hit the financial "reset" button. Maybe everybody announces "effective today all debts, public and private are hereby cancelled" and add to that "going forward, credit of any kind is hereby outlawed now and forever" and we will become an all cash world.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,761,129 times
Reputation: 3587
The Arabs will rescue Dubai. After all, where will they go to party if it fails?
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