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Before the desert sands close over its luxury follies, lessons should be learned "“ number one, don't believe the hype

Was anywhere heading for a fall so obviously as Dubai? Yet why did no one ever scream? Why did everyone just marvel?

When I first visited the place three years ago, it was already the most dangerous speculative bubble on earth. Breakneck building "“ using reputedly a quarter of the world's cranes "“ was sustained on hysterical public relations and $80bn of debt.

By last March the signs of impending doom were everywhere. Property and stock market prices were falling and only...