Monday, November 30, 2009

Max Keiser: Phase II of the Economic Crisis Is Just Starting With Dubai

Max Keiser says this is the beginning of Phase II of the global economic crisis starts with Dubai's default.

"Dubai jitters have gone away for the West as Abu Dhabi has now had to step in. I’d say that it was a clever move by Sheikh Mohammad to dump that bad news in such a way as it caused such international panic as to force the emir of Abu Dhabi to dig into his deep pockets."

- Eastern Europe has yet to be revealed losses.

- Through the transfer of RBS to the people, the citizens in the UK now own billions of Dubai debt, defunct real estate deals.

- It looks like only another $60B, but these are yet another 60B that will cut into the bone of the banks. Phase I was only superficial. Credit crisis not half ay through.

Watch interview:

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