The most recent scare to the world financial markets occurred last week. it was in a far out land where palm trees not only sprouted from the desert, but where islands were shaped like palm trees. Very high buildings there too, matter of fact, the highest building in the world is located in Dubai. This will give the person who attempts to commit the ultimate a longer time to contemplate his fate as he comes back to earth. A beautiful place that was to become another financial capital, the likes of which would compete against London, Singapore, New York and Hong Kong. .

Clockwise from top: Jumeirah Mosque, Palm Jumeirah, Etisalat Tower 2, Jumeirah Beach Residence, American University in Dubai, Burj Al Arab & Sheikh Zayed Road

Remember when the leg breaker paid you a visit. It was not a pretty scene. The big tough guy, you all remember Rocky. Sly played the leg breaker Rocky Balboa.  The tiny little Emirate of the United Arab Emirates are expecting a leg breaker to pay them a visit. One of their companies, basically, the only company there, a Sovereign type, Dubai World, cannot ante up.  They haven't forgotten that the patience of today's bankers is wearing a little thin; especially due to the give backs and debt write offs of the past  past twelve months.  These carnivorous bankers want their money, NOW! 

In real life, many of the borrowers for whom Rocky worked for required insurance beside their supposed ability to pay. The backup insurance was their family. And it would be no surprise to us that one of the rich relatives of Dubai, one of the other Emirates, will be called upon to cough up some gold coin from their mighty war chest and rescue their first cousin. We certainly hope so because the world cannot take another financial crisis.Please don't say Goodbai to Dubai. Thank you.