{"id":3318,"date":"2011-11-23T11:36:36","date_gmt":"2011-11-23T16:36:36","guid":{"rendered":"http:\/\/streamingradioguide.com\/startingover\/?p=3318"},"modified":"2011-11-26T12:08:27","modified_gmt":"2011-11-26T17:08:27","slug":"dubais-bankruptcy-law-almost-ready","status":"publish","type":"post","link":"https:\/\/streamingradioguide.com\/startingover\/?p=3318","title":{"rendered":"Dubai&#8217;s bankruptcy law almost ready"},"content":{"rendered":"<blockquote class=\"wp-embedded-content\" data-secret=\"pFq4dHC8t7\"><p><a href=\"https:\/\/www.dubaichronicle.com\/2011\/11\/23\/uaes-bankruptcy-and-financial-restructuring-law-almost-ready\/\">UAE&#8217;s Bankruptcy and Financial Restructuring Law almost ready<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;UAE&#8217;s Bankruptcy and Financial Restructuring Law almost ready&#8221; &#8212; Dubai Chronicle\" src=\"https:\/\/www.dubaichronicle.com\/2011\/11\/23\/uaes-bankruptcy-and-financial-restructuring-law-almost-ready\/embed\/#?secret=kxGVcP2OCj#?secret=pFq4dHC8t7\" data-secret=\"pFq4dHC8t7\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>A couple years ago, Dubai World was about to unravel as the real estate swindle it is, but there was a problem. Sharia law prohibits the paying of interest (usury) on borrowed money. Bankruptcy law doesn&#8217;t exist in Islam because lending money doesn&#8217;t happen. How do you create a framework for resolving failed loans when loans don&#8217;t exist?<\/p>\n<p>Many of the Dubai World &#8220;investors&#8221; borrowed money to &#8220;buy in&#8221; to buildings that were not yet built (and not likely to ever be built). They didn&#8217;t intend to move and live on a man made island in the middle of nowhere &#8211; they were speculators intending to &#8220;flip&#8221; the units for a profit.<\/p>\n<p>So now those people have loans against them to &#8220;buy&#8221; something in advance that doesn&#8217;t exist. If they return to Dubai, they will be arrested and thrown in jail because not paying your debts is a crime.<\/p>\n<p>That reality has dampened the demand for sales of new units. The emir of UAE threw some money at it to prevent the collapse, but Dubai World is probably a bigger global mess than Greece&#8217;s government debt still largely off people&#8217;s radar.<\/p>\n<p>I wonder if my library has a copy of One Thousand and One [Arabian] Nights<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UAE&#8217;s Bankruptcy and Financial Restructuring Law almost ready A couple years ago, Dubai World was about to unravel as the real estate swindle it is, but there was a problem. Sharia law prohibits the paying of interest (usury) on borrowed &hellip; <a href=\"https:\/\/streamingradioguide.com\/startingover\/?p=3318\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[104],"tags":[],"class_list":["post-3318","post","type-post","status-publish","format-standard","hentry","category-global-finances"],"_links":{"self":[{"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/posts\/3318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3318"}],"version-history":[{"count":4,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/posts\/3318\/revisions"}],"predecessor-version":[{"id":3357,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/posts\/3318\/revisions\/3357"}],"wp:attachment":[{"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}