Word: haven
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Dates: during 2000-2009
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...TIME: Do you think its possible we just haven't gone far enough into this recession to see its full ramifications...
...reason for the relative lack of panic so far is that Dubai real estate remains a financial haven for wealthy individuals from less stable countries like Iran and Pakistan. What's more, Dubai's property sector is dominated by a handful of companies--collectively dubbed Dubai Inc.--that are directly or indirectly owned and controlled by the government. Some argue that Dubai's authorities could thus avert a bubble burst by keeping finished projects off-line until conditions improve. Also, in the event of a systemic threat, Dubai can probably rely on superrich Abu Dhabi for a bailout...
...admitted, however, that "after talking to people, I haven't found evidence of specific harm to individuals...
...Both Republicans and Democrats in Iowa report smooth sailing so far but appear reluctant to sound too cocky. They haven't heard of any major complaints at polling places and are concentrating on turning out voters. "Everything is going smoothly," says Nathan Treloar, the Iowa Republican Party's communications director. There have been reports of lines, especially in more densely populated precincts early in the morning, he says. Republicans have been busy doing the "bare basics, getting out there, contacting voters that we need to turn out and double-checking absentee requests that have not been returned," he says...
SOUTH KOREA Drop in currency value since a year ago: 30% For South Koreans, the current economic meltdown has a sickening familiarity. During the 1997 Asian financial crisis, the South Korean won lost 52% of its value against the dollar. Things haven't gotten that bad yet in 2008, but there are still plenty of sudden bargains in the Land of Morning Calm, long an unjustly ignored travel destination. Bewildering Seoul boasts dramatic mountains, spicy street food and gorgeous royal palaces. Beyond the capital - where almost half the country lives - South Korea has arty port cities like Busan and cultural...