Politics 2000

Dubai World, the state-run holding institution, wants to renegotiate its massive debt. The news sent stock markets across the globe tumbling Friday.

Depending on the estimate, Dubai World owes between $64 billion and $90 billion. The company is asking for at least six extra months to repay its debts. The sudden news startled investors who fear Dubai’s troubles could stall an economic recovery.

A few years ago, Dubai was trying to fashion itself as a cross between Las Vegas and New York. Dubai, one of the United Arab Emirates, does not have any oil reserves. Most of the seven small emirates that comprise the U.A.E.–most notably Abu Dhabi–have vast oil fields.

Dubai, wanting to make a name for itself, strove to become a tourist playground and a financial services center. The gambit has backfired. With the possible exception of construction, the two roughest industries at the moment are tourism and financial services.

Speaking of construction, projects are being abandoned before completion due to a lack of funds. Some pundits say Abu Dhabi has helped Dubai to some extent but that Abu Dhabi wants its spendthrift compatriot to learn a lesson so mistakes are not repeated.

Meanwhile, U.S. analysts maintain there isn’t a big problem stateside since American banks hold very little Dubai debt. As though the world isn’t connected. If European and Arabian banks suffer due to Dubai defaults, the losses will eventually hit the U.S.

President Obama will address the nation Tuesday night from West Point Military Academy in New York. He will discuss his rationale behind his decision to send more troops to Afghanistan.

There are about 68,000 American troops currently in Afghanistan. Some reports are citing insiders who say the President will authorize the use of 34,000 more soldiers. Nothing is definite yet although more details are likely to leak during the Thanksgiving weekend.

Speaking of nothing being definite, President Obama requested the major broadcast networks allow him to speak from 8 to 9 p.m. eastern. Television’s November sweeps end Wednesday, the night before Thanksgiving.

However, there are questions about which networks will agree to preempt programming for the address. In particular, Fox may continue its policy of keeping entertainment shows on the air and shifting presidential speeches to the Fox News Channel.

It’s Thanksgiving week in the U.S. Best wishes to you and yours on the occasion. I’m not sure who, beside Congress members, are enjoying the entire week as a holiday.

You’ve undoubtedly heard that the day before Thanksgiving and the Sunday after the holiday are horrendously busy travel days. The roadways and airports will be more crowded than usual.

Good luck if you’re traveling. Be patient if you’re hosting. Your guests may be cranky after dealing with hordes of road warriors to reach you.

Speaking of cranky, I hear a lot of talk about “common sense,” “true Americans” and “coming together for the people.” Partisanship remains high about the highly engaged. The disengaged are staying out of the process.

Millions of people would rather talk about Adam Lambert’s performance at the American Music Awards Sunday than discuss current events. Of course, it’s their prerogative. At the same time, it’s easy to see why lobbyists are so pervasive in Washington, in states and in big cities.

I think there’s an underlying malaise. A feeling of hopelessness and negativity. I am drawn to the negative more than I’d like but society will improve if we find ways to affect positive change. Small perhaps if done individually. Collectively, our efforts will be magnified.