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Peak oil in 1001 nights

After the Australian sharemarket regained its losses on 30/11/2009 from last week, ABC TV economics reporter Alan Kohler asked in the 7 pm news: “where is Dubai?”

Answer: in the night skies.

nightpeak

http://i289.photobucket.com/albums/ll225/Fmagyar/NightPeak.jpg

Thank you, fmagyar  http://www.theoildrum.com/user/fmagyar , reader on the oildrum, for this enlightening link.

Dubai’s Debt Woes Unsettle Financial World

http://www.spiegel.de/international/world/0,1518,664225,00.html

Spiegel’s photo gallery http://www.spiegel.de/fotostrecke/fotostrecke-49305.html

Dubai’s New Metro Is Fit for a King, But Will Locals Ride It?

http://www.spiegel.de/international/world/0,1518,648113,00.html

Spiegel’s photo gallery: http://www.spiegel.de/fotostrecke/fotostrecke-46427.html
maxkeiser_dubai “… when you go back last year… when the oil got up to $147 a barrel, it was used as a collateral to finance an incredible Ponzi scheme in the Middle East and now that this Ponzi scheme is collapsing …but there are players waiting on the sidelines to move in and snap up bargains,  but they are not going to do what you see happening in the US or UK.
They are not going to waste their money, they are going to let the chips fall wherever they may. They are going to try pick up assets on the cheap. But it’s the global game. We are entering the phase 2 of the global credit crisis. And it is also the beginning of a world war of currency speculators and currency wars. In other words the war today is
not really fought on the ground with tanks and guns, it’s fought in the currency pits. It’s fought in the currency futures pits. We can see the Euro traders and the Canadian dollar players and Russia is buying  Canadian dollars now, to diversify away from the US dollar….”

http://maxkeiser.com/2009/11/27/rt-video-keiser-issues-debt-tsunami-alert-on-dubai-crash/

And just as a reminder to those Senators who participated in the Senate Inquiry on future oil supplies in 2006/07 and voted 31:6 against a peak oil motion
http://www.theoildrum.com/node/5977

“Dubai Crisis Threatens Airbus and Boeing, Too
The biggest – but by no means the only – example is Emirates, Dubai’s government-controlled carrier. It has more than $30 billion worth of planes on order from Airbus, including 53 of the double-decker A380, for which Emirates is by far the largest customer.”
http://www.businessweek.com/globalbiz/blog/europeinsight/archives/2009/11/dubais_crisis_t.html

3 years ago, during a hearing of the Senate Inquiry in Sydney:

“I do not think that Airbus A380 is a valuable aeroplane. It is a marvelous aeroplane, but it is arriving at the wrong time. They should have built it 20 years ago—and it would have been marvellous—when we were in the ascending curve of petroleum, not in the descending one, and not now that we have entered T1. I told them five years ago but naturally they did not want to listen at all, so they carried on. Now they have the problems and they are paying the penalties to all these companies already. It is still not commercial. I do not know why it will be commercial. I do not see a very bright future for that.”
http://www.aph.gov.au/hansard/senate/commttee/S9515.pdf

Updates on Dubai:

7/12/2009  Nakheel Creditors May Get Waterfront Land in Default

http://www.bloomberg.com/apps/news?pid=20601087&sid=aPDWELoJ6t1c&pos=5

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