To Jail

Tyler Cowen notes the irony in the fact that Dubai, which is currently shaking world financial markets because of its inability to pay its debts, imprisons debtors.

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

Kinda makes one nostalgic for the good old days when a non-performing sovereign debtor would be disciplined by pulling up a few men-o-war to shell the capital city.

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