Word: oils
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Dates: during 2000-2009
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...Dubai's problems stem from its huge - and hubristic - ambition. The Gulf emirate, which unlike the other emirates that join to form the U.A.E., has little oil or gas, and so has concentrated on building itself up as a vibrant business and transport hub and the home to some of the world's biggest, flashiest and most modern real estate. To lure in the masses, Dubai promoted itself as an income tax free resort for the world's rich and upper middle class. Dubai's master planners developed a signature over-the-top style geared to the tastes of newly...
...February, oil-rich Abu Dhabi, home to the U.A.E.'s rulers, stepped in with $10 billion to prop up its ailing neighbor. Abu Dhabi could step in again, though next time it will probably demand a greater say in the way Dubai Inc. operates. (Read: "Abu Dhabi: An Oil Giant Dreams Green...
...Since the global financial crisis hit, the more sober Gulf economies have fared relatively well. Not only is the Middle East less integrated into global financial market than other regions, but oil prices have risen again since their initial decline last year. Unlike Dubai, the oil economies of the Middle East have been more sober during the boom years, putting their money in massive infrastructure projects, building cultural institutions, and keeping big piles of cash on hand for a rainy day. Dubai may want to do the same...
...national psyche has been damaged as much as our national economy by the record number of corporate bankruptcies, many of them household names: Kmart, United Airlines, Circuit City, Lehman Brothers, GM and Chrysler. The price of oil more than tripled this decade, settling at more than $70 a barrel, straining our economy...
...perks, and in return (wink, wink) the union would keep the peace, i.e., rule out strikes, even though both sides must have realized that the amount being paid to workers was unsustainable, particularly if the industry hit any downdrafts - which happened with increasing frequency starting with the 1973 OPEC oil embargo. (See the 50 worst cars of all time...