More than ever, the ripple effects of major economic jolts in the world show that none of us is an island. Who would have thought that the collapse of Lehman Brothers would cut down to size seemingly unshakable fortunes, and send states in the US and nations in Europe into the brink of fiscal insolvency? Since Dubai World is a government corporation, its declaration of moratorium is practically an admission of sovereign illiquidity. Considering that major banks in the US, Europe and Asia have exposure to Dubai, we'll only be counting days before we hear of the stud of falling companies hit in the domino effect. The Philippine government should also brace itself for the repatriation of our OFWs lured by the Dubai mirage.
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