Ship of fools

[richlevy]

From here

I'm still amazed at the stupidity of people. I own a timeshare in the US and on one of the boards someone was talking about a timeshare in Dubai. I and a lot of other people pointed out that Dubai is a very strict Muslim country with a thin veneer of urbanity and that it would be very easy to fall into a situation where it would be inconvenient to be a woman or non-Muslim.

But the money was flowing and a rising tide hides all of the rocks, until now. These people wish they had it as easy as someone facing foreclosure in the US or Europe.

Fortunately, according to this, the US does not have an extradition treaty with the UAE, so if they can run back here, we might not have to give them back.

However, it appears that if you're from the UK, you're screwed.

DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.

An abandoned car in a parking garage in Dubai. One report said 3,000 cars were sitting abandoned at the Dubai Airport.



Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.
“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”