Saturday, March 21, 2009

Something to think about at the pump

We all have a sense that someone is making money on oil, but until I went through Dubai, just how much had escaped me. In the late 1960s, the population of the fishing village known as Dubai was under 2,000. It is now 1.8 million. Some of the skyscrapers here are covered in 24 caret gold. There are 40 million palm trees in a country that sees 5 days of rain each year. 20% of the world's construction cranes (10,000) are here.

Every natural citizen has all of their medical expenses paid for. If they need to go to University of Chicago Hospital for special treatment, not only are all of their expenses paid for, but the government pays for the spouse, kids, and parents to go as well. When you get married, the governments gives you a wedding gift of a nice house, some land, and about $20,000US. There are no taxes of any kind.

There is .05% unemployment, no homelessness, and very little crime.

The UAE, of which Dubai is a state, sells 2.6 million gallons of oil each day.

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