A Saudi Arabian prince announces plans to spend 26.7 billion dollars to build the tallest building in the world, over 1 km high. Not to be outdone, Dubai, which currently holds the record, also says they plan the same. [CNN]
Look here, this is getting a little insane. There hasn’t been some sort of a major materials engineering breakthrough. What has happened is a massive accumulation of capital in the hands of a few people that collect rent on minerals extraction.
But this is at least a whole order of magnitude smaller than the amount of capital that Americans burned on housing. Three hundred million idiots are better than one.
Tags: Dubai, Saudi Arabia
I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog.
Tim Ramsey
So every time you put fuel in your car just think ‘Hey, I contributed to building another floor. Damn I’m proud of myself’.