Dubai Crisis

seems like just the beginning:

Dubai's debt problems are a hangover from a property bubble that imploded after the financial crisis derailed its plans to become a magnet for tourists and a regional hub for everything from shipping to entertainment.

Banks' exposure to a Dubai default pales in comparison to the $2.8 trillion in writedowns the International Monetary Fund estimates U.S. and European lenders will have to make between 2007 and 2010 as a result of the credit crisis.

'Similar stories to the one in Dubai are likely to come out, leading risk money to pull out from assets such as commodities and stocks,' said Takahiko Murai, general manager of equities at Nozomi Securities in Japan.

We are not done with the economic crises. Not until the credit default swap market is cleaned up, the dollar rests on something solid, and the banks have fully exposed their books...and I'm probably forgetting a few problems.