Whats Black Swan in Arabic?
In all fairness, it’s probably incorrect to label the current crisis in Dubai a “black swan,” since, by definition, a “black swan” is an unforeseeable event, or at least the archetypical “million to one” long shot. And, given the various rickety houses of cards that exist globally, it should come as no big surprise that at least one should collapse. Actually, my biggest fear is what havoc might be wreaked to the other “houses.” Some of the weaker ones exist in Eastern Europe (Latvia springs to mind, as a leading candidate), and I think it won’t take much for things to get out of hand fairly quickly. No doubt, some will point out that the Middle East is a fairly small market, and so as long as the oil keeps flowing any small hiccups won’t be problematic. To those folks, I’d like to point out that, at the time of the Asian crisis, the Asian markets were a backwater, as well. Although the situation in Dubai is taking center stage, it should also be noted that the Japanese are seriously co
