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.”

[HungLikeJesus]

I have a friend who's working in Abu Dhabi on the Masdar project. I wonder if they are experiencing the same things.

[DanaC]

Amazing how many people buy abroad and the come unstuck in unfamiliar legal systems. There was a spat of people losing money on Spanish properties. Something to do with buy back rights and a particular tax that can get leveed on sale of property.

[richlevy]

Originally Posted by DanaC

Amazing how many people buy abroad and the come unstuck in unfamiliar legal systems. There was a spat of people losing money on Spanish properties. Something to do with buy back rights and a particular tax that can get leveed on sale of property.

I know the UK (and the US) used to have debtors prison. What is the current bankruptcy process in the UK like? What would the UK response be to sending a citizen back to Dubai to a debtor's prison, considering England went to such trouble to ban them back in the 19th century?

[Clodfobble]

she bought an apartment for almost $300,000 with a 15-year mortgage.

I thought Muslim countries were morally opposed to interest-charging loans? Maybe they don't mind as long as you're only giving mortgages to infidel foreigners...

[TheMercenary]

Originally Posted by richlevy

I know the UK (and the US) used to have debtors prison. What is the current bankruptcy process in the UK like? What would the UK response be to sending a citizen back to Dubai to a debtor's prison, considering England went to such trouble to ban them back in the 19th century?

I say we start sending them to Australia.

[tw]

Originally Posted by TheMercenary

I say we start sending them to Australia.

Using arson to solve bad investements? Send them to Australia?

[xoxoxoBruce]

Originally Posted by Clodfobble

I thought Muslim countries were morally opposed to interest-charging loans? Maybe they don't mind as long as you're only giving mortgages to infidel foreigners...

Did it say she was paying interest? Could just be time payments, but since Dubai is(was) unlike the rest of the area, she might be paying interest.

[TGRR]

Dubai? Isn't that where Halliburton moved?

I am seriously looking forward to seeing their employees at a work farm, working off incurred debt.

[TGRR]

Originally Posted by richlevy

I know the UK (and the US) used to have debtors prison. What is the current bankruptcy process in the UK like? What would the UK response be to sending a citizen back to Dubai to a debtor's prison, considering England went to such trouble to ban them back in the 19th century?

Most extradition treaties require that the act committed by the person in question be illegal in both nations.

[Kaliayev]

Unfortunately, legality and New Labour are only distant associates at best.

[TGRR]

Originally Posted by Zhuge Liang

Unfortunately, legality and New Labour are only distant associates at best.

Just wait until the BNP gets a little bigger.

[Kaliayev]

Fortunately, so long as they keep shooting themselves in the foot, they pose only a slight concern. Not that I would ever help such efforts at self-immolation along, or anything...

[TGRR]

Originally Posted by Zhuge Liang

Fortunately, so long as they keep shooting themselves in the foot, they pose only a slight concern. Not that I would ever help such efforts at self-immolation along, or anything...

They don't really need help. They have soaked up their entire base...much like Sarah Palin, they have a loud minority that will never, ever grow, so long as Britain can avoid total disaster.

[Urbane Guerrilla]

Originally Posted by Clodfobble

I thought Muslim countries were morally opposed to interest-charging loans? Maybe they don't mind as long as you're only giving mortgages to infidel foreigners...

Religiously they are -- and they're running up against the same problem for business and dealings that Christianity religious prohibition against charging interest posed to Christian commerce.

We revised our views of interest-charging and got the Renaissance going. Islam needs to do the same thing, and then it can really use its capital without the clumsy workarounds they presently employ if they're bowing deeply enough to Sharia law. Many of them have already made their peace with interest. It'd adhere to the spirit of the law if care were taken to keep interest rates minimized insofar as possible. The religious prohibitions were intended to remedy not so much charging interest as charging excessive interest. I wouldn't say they worked as intended.