Sunday, October 18, 2009

"Capitalism," Dubai Style

If you thought Southern slavocrats and Russian kleptocrats had been giving capitalism a bad name, get a load of this: "The Dark Side of Dubai".

I used to say, "Wait till the bottom falls out of Dubai," but I didn't expect it to fall that soon or that spectacularly.

In 2001, we were, for the first time in human history, treated to the spectacle of skyscrapers collapsing. Now we may observe how a city disintegrates in a real-life version of I Am Legend.

Once Dubai runs out of cash, it runs out of oil to fire its desalination plants, and then, without water, human life will be impossible there. That's what happens if you build on sand, credit, and slavery, instead of on true capitalism, reason, and liberty.

Of course that's not the conclusion the commie author draws: "Dubai is Market Fundamentalist Globalization in One City."

Well, stealing passports and investing other people's money in unsustainable projects is not "market fundamentalism" or capitalism, it's force and fraud, the very antithesis of capitalism (voluntary cooperation to mutual advantage).

Capitalism cannot work if a country is ruled either by delusional monarchs or by equally delusional mobs. (Think of the mob rule in the US, the Fed the mob government appointed, and the bubble it created.) Capitalism can only work if the world is ruled by enlightened plutocrats, by entrepreneurs who act in the best long-term interest of their corporations, who rise to power not by birth or by populism, but by merit and productivity.

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