Unite Arab Emerites to default?

Dubai's government says it will default on the debt it owes vie Dubai World.

Very interesting. The rich oil sovereigns will stiff western bankers, but western governments make good on the debt carried by the Chinese capitalists. The story here is that our government was fairly more honest than Arab oil sheiks. It will be a few years before Western banks trust Arab sheiks again. But, default is generally a good thing to do, though the best hing is to avoid borrowing so much.