A Warning from the Desert with More to Come

Dubai’s surprise announcement last week that it was seeking a standstill on its $80 billion external debt should be a sober reminder to us of the still-fragile state of the global economy. It should also alert us to the many other ticking economic time-bombs around the world and to the dangers of any premature easing of the global economic stimulus before today’s incipient economic recovery gains greater traction.

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