Dubai--meaning the few poweful men in control--launched itself on a campaign to become the combo Las Vegas, Miami and Wall Street of the Mideast. That meant huge construction projects and rampant purchasing of key properties across the globe. A large portion of the action in Dubai is run by sovereign firms, belonging primarily to the Dubai government and its leaders. However, they've borrowed up to $60-billion from all over the globe. Stock markets today tanked when the story broke: no interest payments for six months from one arm of Dubai World.
The streets in Norway are not paved with gold, but they are all well-paved. Every resident is covered. Health insurance, check. Lifetime pension, check. Universal child support, check. One-year paid maternity leave, check. Sick pay for ALL jobs, check. No university tuition, check. What an American news service derides as cradle-to-grave welfare.