Dubai Inc. and the Parliament of Whores
I don't blame you for thinking Controlled Greed.com has become "All Nikko All The Time." But I have been watching other developments. Though I haven't been doing any buying.
I have never owned Halliburton stock. So my interest in the news that the company is moving its headquarters from Houston to Dubai can be filed under "keeping up with current events." It's shameful how American politicians use episodes like this to pontificate, pander and generally show their ignorance.
Shameful, but not surprising.
Actually, if they were all pandering it wouldn't be nearly as bad. But the staggering degree of ignorance in business and financial matters displayed by members of Congress is embarrassing.
Anyone who has suffered through televised hearings of these jackals questioning Fed Chairmen knows what I mean. With few exceptions, these politicians act as though the job of the Federal Reserve is to make economic life (and all of life perhaps) pain free for the masses. Or at least their constituents.
Back to Dubai. As yesterday's Daily Telegraph reported:
Unlike its austere and richer neighbours, Dubai is running out of oil (now just 5pc of GDP). It has had to reinvent itself as the "City of London" of the energy world, hoping that some of the $480bn (£249bn) in petrodollar surpluses will stick as it passes through.
The Maktoum dynasty, tearing down barriers, has created a global melting pot out of almost nothing, where Persians, Australians, Indians, and Palestinians, and 100,000 Britons, make up more than 85pc of the 1.2m population. To lure investors, the Dubai International Financial Centre has become a sort of mini-state. Legally, it is a corner of the City of London, presided over by a British justice, Sir Anthony Evans, under English common law.
Presided over by a British justice, under English common law. You'll never hear that from most of the blowhards and windbags in the halls of Congress. They're too busy preening in front of cameras and what have you. They should be lining up to get face time on camera saluting Dubai for transforming itself into the City of London of the Middle East. Or the Singapore of the Middle East. Or Hong Kong. You get the idea.
P.J. O'Rourke was right. Congress is a Parliament of Whores.