Dubai debt sinks glittering city

The City of Dubai in the United Arab Emirates was a glittering example of wealth, excess, man's prowess and triumphs over climate and environment. Man-made islands in the shape of palm trees became de rigeur. Arabian horse racing, indolent shopping for earth's top treasures, and shimmering gold-plated hotels beckoned those who could afford it. Dubai was a success and anyone who was anyone wanted to be there.

The good oil on new Arabian sights
"New Zealand's Fletcher Construction recently completed the world's tallest hotel in a stunning grand gesture of engineering expertise and building prowess. The hotel is lavish, inside and out. Its walls are covered in 22-carat gold filigree. Specialists were brought in from Europe to craft the fine details on the walls and ceilings. Gold leafing coats 2000 square metres of the hotel, the equivalent floor space of 20 average-sized New Zealand houses. The pillars are of gold. So are the walls and domes and ballroom. This all-suite hotel reflects the very finest that the world has to offer." "

Jesus warned over and over that what the world has to offer will not last. He warned that in the last days people would be storing up treasures, and woe to those who do! "Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: For where your treasure is, there will your heart be also." (Matthew 6:19-21)

This warning is repeated in James, "Come now, you rich, weep and howl for your miseries which are coming upon you. Your riches have rotted and your garments have become moth-eaten. Your gold and your silver have rusted; and their rust will be a witness against you and will consume your flesh like fire. It is in the last days that you have stored up your treasure!" 5:2-3

It is a particularly strong visual to say that gold will rust. Anyone who lives in a sea environment or a northern cold environment with road salt knows the constant battle with rust. Rust eats metal. The strongest metal stands not a chance with infiltrating water. Rust eats away like cancer.

Yesterday it was reported that Dubai is bankrupt. The glittering icon of all earthly wealth and prowess is broke. Dubai cannot meet its debt obligations.

Dubai's main investment fund seeks debt payment delay
"The government-owned investment company behind Dubai's rapid development drive has asked its creditors for a six-month delay on repaying its debts. Dubai World, which has total debts of $59bn (£35bn), is asking creditors if it can postpone its forthcoming payments until May next year."

This news sent shock waves around the world and caused stocks and stock futures to tumble on Thanksgiving day.

World stocks slump amid Dubai's debt woes
"The spectre of a debt default in Dubai loomed large over world markets yesterday, as investors dumped shares in a day of frantic selling. The FTSE 100 tumbled 3.2 per cent, or 170.68 points, to 5194.13, with banking shares suffering particularly punishing declines, amid concerns about the potential knock-on effects of the emirate's financial woes. Across Europe, stocks suffered their biggest slump in seven months, while bonds jumped as investors sought the relative safety of government debt. American markets were closed for the Thanksgiving holiday."

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Back to the rust. Dubai sits on the Persian Gulf in a witheringly high humid environment: 80-90%. The famous sail-like hotel with gold-plated walls, the Burj Al Arabm, symbol of Dubai's excellence in conquering its environment and a monument to riches, will rust. The gold plated walls will rust. The abandoned buildings under constriction or completed, if unattended due to debt freeze, will rust. You see, a great many mechanical devices keep them running, requiring constant and expensive temperature control and HVAC. The climate and the nature of those kinds of structures is working against them. As the buildings abandon, construction grinds to a halt, hot salt air and mold bacteria and yeast eat away at the structure almost immediately. The 900 tons of steel begin to corrode. (hypothetical scenario depicted in photo, from History Channel: Life After People)

Reaction to the Dubai bankruptcy is so strong that its success is called a mirage. CNN- "Has debt freeze exposed Dubai mirage?" This also is in the bible. James again, describes it: "Yet you do not know what your life will be like tomorrow. You are just a vapor that appears for a little while and then vanishes away." (James 4:14) Yes, earthly wealth is a mirage. Seek your treasure in heaven where there is no rust.