Obama Administration Closely Monitoring Dubai Debt Default

The New York Times has the main story, "Dubai Debt Troubles Push Down Stocks in U.S. and Asia" (via Memeorandum). And Max Boot's account of the crisis is worth a look, "The Middle East Needs Dubai." But check, "Obama Administration Closely Monitoring Dubai Debt Outlook." And it should be too, considering how administration's helped stir Dubai's sharia finance scam. See, "Dubai in Meltdown":

Dubai was a classic bubble. It was also largely a facade. Billed as a playground for Western tourists and a financial center, the truth about Dubai and the rest of the UAE is rather different.

All along, the Islamists were working behind the scenes and, if a Westerner strayed outside the facade and committed a terrible crime like kissing his girlfriend in public, authorities would in fact act.

And then there is the whole disturbing problem of ties between UAE (of which Dubai is a part) royals and Al Qaeda. Long forgotten is the testimony of then-CIA director George Tenet before the 9/11 Commission that a US strike on an Al Qaeda compound in Afghanistan thought to contain Osama Bin Laden was called off because of the presence of numerous UAE royals in the compound with Bin Laden. It seems that Bin Laden and the UAE royals were falconry buddies and they often visited him.

Why in the world would ANY Westerner trust these scoundrels???

Well, who knows? Better ask the White House, where the crack financial advisors there basically helped GE finance its sharia bond buys, "GE Capital Plans $1 Billon Islamic Bond." See, "Obama’s Hidden Bailout of General Electric," and "Does G.E. Stand to Gain From the Obama Administration?"

More at Memeorandum.