Modesty For Tourists in the UAE

Posted on May 29, 2012

If Dubai and the UAE wants to remain a tourist destination.  Please, feel free to harass the tourists and see how many will come to the UAE.  This effort is seriously misguided:

 

All it would take is putting some security guards at the entrance to make sure people are properly dressed,” she said. “Word would spread like wildfire – problem solved.” Ms Brain said residents “should know better” and that airlines and hotels “should offer proper information and guidance to visitors“.

Sorry Emiratis, you can’t have it both ways… successful tourist industry and imposing your religious cultural norms on people who do not share them…

In Europe, Banks Get Bailed Out and Countries Get Austerity

Posted on May 22, 2012

While everyone’s attention was elsewhere, last Fall EU members bailed-out Dexia bank. This bank, on paper, is worth more than the GDP of Greece. Apparently, that makes it somehow more deserving. For Dexia, it is business as usual and billions of Euros to stay afloat (this is in addition to what the bank received in the 2008 bailouts):

The bailout plan for Dexia came after German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed Europe’s crisis-hit banks needed to be recapitalised.

Dexia also secured state guarantees of up to 90bn euros to secure borrowing over the next 10 years. Belgium will provide 60.5% of these guarantees, France 36.5% and Luxembourg 3%, the bank said in a statement… http://www.bbc.co.uk/news/business-15235915

Meanwhile, Greece was being forced into austerity:

Euro zone finance ministers agreed a 130-billion-euro ($172 billion) rescue for Greece on Tuesday to avert an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses.

The complex deal wrought in overnight negotiations buys time to stabilize the 17-nation currency bloc and strengthen its financial firewalls, but it leaves deep doubts about Greece’s ability to recover and avoid default in the longer term.

After 13 hours of talks, ministers finalized measures to cut Athens’ debt to 120.5 percent of gross domestic product by 2020, a fraction above the target, securing a second rescue in less than two years in time for a major bond repayment due in March… http://www.reuters.com/article/2012/02/21/us-greece-idUSTRE8120HI20120221

During the 2008 crisis, Dexia borrowed nearly $60 billion from the US Federal reserve to stay afloat:

Since Dexia had a New York banking office they were eligible for various bailouts from the US Federal Reserve. At its peak Dexia had borrowed $58.5 billion… http://en.wikipedia.org/wiki/Dexia

Additionally, it wasn’t just ‘simple’ banking losses due to the downturn. A big percentage of their problem (read idiocy) was because they gave a pile of money to Bernie Madoff:

According to the financial services provider Bloomberg Dexia lost €78 million through the Ponzi scheme of Bernard Madoff… http://en.wikipedia.org/wiki/Dexia

Did Dexia deserve a second bailout after not doing the most basic due diligence?

Apparently, austerity is for countries, not the profligate and idiotic banks who created the mess.

Why am I not shocked?

 

I am cross-posting this from DU.