130-483: The World Islands ( Arabic : جزر العالم; Juzur al-Ālam ) are an archipelago of small artificial islands constructed in the shape of a world map , located in the waters of the Persian Gulf , off the coast of Dubai , United Arab Emirates. The World Islands are composed mainly of sand dredged from Dubai's shallow coastal waters and are one of several artificial island developments in the emirate. The World's developer
260-562: A collection of related dialects that constitute the precursor of Arabic, first emerged during the Iron Age . Previously, the earliest attestation of Old Arabic was thought to be a single 1st century CE inscription in Sabaic script at Qaryat al-Faw , in southern present-day Saudi Arabia. However, this inscription does not participate in several of the key innovations of the Arabic language group, such as
390-435: A corpus of poetic texts, in addition to Qur'an usage and Bedouin informants whom he considered to be reliable speakers of the ʿarabiyya . Arabic spread with the spread of Islam . Following the early Muslim conquests , Arabic gained vocabulary from Middle Persian and Turkish . In the early Abbasid period , many Classical Greek terms entered Arabic through translations carried out at Baghdad's House of Wisdom . By
520-478: A crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within feminist economics and ecological economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as
650-1077: A dialect of Arabic and written in the Latin alphabet . The Balkan languages, including Albanian, Greek , Serbo-Croatian, and Bulgarian , have also acquired many words of Arabic origin, mainly through direct contact with Ottoman Turkish . Arabic has influenced languages across the globe throughout its history, especially languages where Islam is the predominant religion and in countries that were conquered by Muslims. The most markedly influenced languages are Persian , Turkish , Hindustani ( Hindi and Urdu ), Kashmiri , Kurdish , Bosnian , Kazakh , Bengali , Malay ( Indonesian and Malaysian ), Maldivian , Pashto , Punjabi , Albanian , Armenian , Azerbaijani , Sicilian, Spanish, Greek, Bulgarian, Tagalog , Sindhi , Odia , Hebrew and African languages such as Hausa , Amharic , Tigrinya , Somali , Tamazight , and Swahili . Conversely, Arabic has borrowed some words (mostly nouns) from other languages, including its sister-language Aramaic, Persian, Greek, and Latin and to
780-483: A lesser extent and more recently from Turkish, English, French, and Italian. Arabic is spoken by as many as 380 million speakers, both native and non-native, in the Arab world, making it the fifth most spoken language in the world, and the fourth most used language on the internet in terms of users. It also serves as the liturgical language of more than 2 billion Muslims . In 2011, Bloomberg Businessweek ranked Arabic
910-677: A millennium before the modern period . Early lexicographers ( لُغَوِيُّون lughawiyyūn ) sought to explain words in the Quran that were unfamiliar or had a particular contextual meaning, and to identify words of non-Arabic origin that appear in the Quran. They gathered shawāhid ( شَوَاهِد 'instances of attested usage') from poetry and the speech of the Arabs—particularly the Bedouin ʾaʿrāb [ ar ] ( أَعْراب ) who were perceived to speak
1040-490: A minimum, there's a little 'froth' [in the U.S. housing market]...it's hard not to see that there are a lot of local bubbles". The Economist , writing at the same time, went further, saying, "[T]he worldwide rise in house prices is the biggest bubble in history". Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a housing price crash ) that can result in many owners holding negative equity (a mortgage debt higher than
1170-572: A resolution preventing CFTC from regulating derivatives for another six months — when Born's term of office would expire. Ultimately, it was the collapse of a specific kind of derivative, the mortgage-backed security , that triggered the economic crisis of 2008. Paul Krugman wrote in 2009 that the run on the shadow banking system was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating
1300-576: A result, many European languages have borrowed words from it. Arabic influence, mainly in vocabulary, is seen in European languages (mainly Spanish and to a lesser extent Portuguese , Catalan , and Sicilian ) owing to the proximity of Europe and the long-lasting Arabic cultural and linguistic presence, mainly in Southern Iberia, during the Al-Andalus era. Maltese is a Semitic language developed from
1430-462: A script derived from ASA attest to a language known as Hasaitic . On the northwestern frontier of Arabia, various languages known to scholars as Thamudic B , Thamudic D, Safaitic , and Hismaic are attested. The last two share important isoglosses with later forms of Arabic, leading scholars to theorize that Safaitic and Hismaic are early forms of Arabic and that they should be considered Old Arabic . Linguists generally believe that "Old Arabic",
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#17328454451951560-757: A sharp drop in international trade , rising unemployment and slumping commodity prices. Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the Great Depression of the 1930s. Economist Paul Krugman once commented on this as seemingly the beginning of "a second Great Depression". Governments and central banks responded with fiscal policy and monetary policy initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in Keynesian economic ideas on how to combat recessionary conditions. Economists advise that
1690-465: A single language, despite mutual incomprehensibility among differing spoken versions. From a linguistic standpoint, it is often said that the various spoken varieties of Arabic differ among each other collectively about as much as the Romance languages . This is an apt comparison in a number of ways. The period of divergence from a single spoken form is similar—perhaps 1500 years for Arabic, 2000 years for
1820-680: A street called Raining Street was being built as part of the Heart of Europe project, with plans to create artificial rainfall once the outdoor temperature exceeds 27 degrees Celsius, with the objective to make a close copy of southern European climate. In December 2022, it was announced that the first hotel within the project, Cote d'Azur Monaco, had opened. Arabic language Arabic (endonym: اَلْعَرَبِيَّةُ , romanized : al-ʿarabiyyah , pronounced [al ʕaraˈbijːa] , or عَرَبِيّ , ʿarabīy , pronounced [ˈʕarabiː] or [ʕaraˈbij] )
1950-510: A tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include: Underlying narratives #1–3
2080-503: A type of Arabic. Cypriot Arabic is recognized as a minority language in Cyprus. The sociolinguistic situation of Arabic in modern times provides a prime example of the linguistic phenomenon of diglossia , which is the normal use of two separate varieties of the same language, usually in different social situations. Tawleed is the process of giving a new shade of meaning to an old classical word. For example, al-hatif lexicographically means
2210-499: A variety of regional vernacular Arabic dialects , which are not necessarily mutually intelligible. Classical Arabic is the language found in the Quran , used from the period of Pre-Islamic Arabia to that of the Abbasid Caliphate . Classical Arabic is prescriptive, according to the syntactic and grammatical norms laid down by classical grammarians (such as Sibawayh ) and the vocabulary defined in classical dictionaries (such as
2340-470: A wider audience." In the wake of the industrial revolution and European hegemony and colonialism , pioneering Arabic presses, such as the Amiri Press established by Muhammad Ali (1819), dramatically changed the diffusion and consumption of Arabic literature and publications. Rifa'a al-Tahtawi proposed the establishment of Madrasat al-Alsun in 1836 and led a translation campaign that highlighted
2470-589: Is Nakheel Properties , and the project was originally conceived by Mohammed bin Rashid Al Maktoum , the ruler of Dubai. Construction was done by two Dutch joint-venture specialist companies, Van Oord and Boskalis . The same companies also created the Palm Jumeirah . Construction of the 300 islands began in 2003, before being halted due to the 2007–2008 financial crisis . Though 60% of the islands were sold to private contractors in 2008, development on most of
2600-727: Is a Central Semitic language of the Afroasiatic language family spoken primarily in the Arab world . The ISO assigns language codes to 32 varieties of Arabic , including its standard form of Literary Arabic, known as Modern Standard Arabic , which is derived from Classical Arabic . This distinction exists primarily among Western linguists; Arabic speakers themselves generally do not distinguish between Modern Standard Arabic and Classical Arabic, but rather refer to both as al-ʿarabiyyatu l-fuṣḥā ( اَلعَرَبِيَّةُ ٱلْفُصْحَىٰ "the eloquent Arabic") or simply al-fuṣḥā ( اَلْفُصْحَىٰ ). Arabic
2730-413: Is a hypothesis that growing income inequality and wage stagnation encouraged families to increase their household debt to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to deregulate or limit regulation of the shadow banking system. Narrative #5 challenges
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#17328454451952860-585: Is a minimum level of comprehension between all Arabic dialects, this level can increase or decrease based on geographic proximity: for example, Levantine and Gulf speakers understand each other much better than they do speakers from the Maghreb. The issue of diglossia between spoken and written language is a complicating factor: A single written form, differing sharply from any of the spoken varieties learned natively, unites several sometimes divergent spoken forms. For political reasons, Arabs mostly assert that they all speak
2990-542: Is a sister language rather than their direct ancestor. Arabia had a wide variety of Semitic languages in antiquity. The term "Arab" was initially used to describe those living in the Arabian Peninsula , as perceived by geographers from ancient Greece . In the southwest, various Central Semitic languages both belonging to and outside the Ancient South Arabian family (e.g. Southern Thamudic) were spoken. It
3120-469: Is believed that the ancestors of the Modern South Arabian languages (non-Central Semitic languages) were spoken in southern Arabia at this time. To the north, in the oases of northern Hejaz , Dadanitic and Taymanitic held some prestige as inscriptional languages. In Najd and parts of western Arabia, a language known to scholars as Thamudic C is attested. In eastern Arabia, inscriptions in
3250-408: Is credited with establishing the rules of Arabic prosody . Al-Jahiz (776–868) proposed to Al-Akhfash al-Akbar an overhaul of the grammar of Arabic, but it would not come to pass for two centuries. The standardization of Arabic reached completion around the end of the 8th century. The first comprehensive description of the ʿarabiyya "Arabic", Sībawayhi's al - Kitāb , is based first of all upon
3380-468: Is credited with standardizing Arabic grammar , or an-naḥw ( النَّحو "the way" ), and pioneering a system of diacritics to differentiate consonants ( نقط الإعجام nuqaṭu‿l-i'jām "pointing for non-Arabs") and indicate vocalization ( التشكيل at-tashkīl ). Al-Khalil ibn Ahmad al-Farahidi (718–786) compiled the first Arabic dictionary, Kitāb al-'Ayn ( كتاب العين "The Book of the Letter ع "), and
3510-566: Is itself further developing a resort named Coral Island, covering over 20 islands that make up the North American part of the World. The low-rise development will include a marina and hotel village. The second largest confirmed development is the purchase of 14 islands that make up Australia and New Zealand by Investment Dar of Kuwait . The islands are being developed as a resort named OQYANA. The Irish business consortium Larionovo had plans to develop
3640-494: Is named after its representative country, landmark, or region, such as France, California, Rio de Janeiro, Mount Everest, Australia, New Mexico, Upernavik , Buenos Aires, New York, Mexico, Saint Petersburg , São Paulo , and India. The project was unveiled in May 2003 by Al Maktoum, and dredging began four months later. By January 2008, 60% of the islands were sold, with 20 being bought in the first four months of 2007. On 10 January 2008,
3770-566: Is not present in the spoken varieties, but deletes Classical words that sound obsolete in MSA. In addition, MSA has borrowed or coined many terms for concepts that did not exist in Quranic times, and MSA continues to evolve. Some words have been borrowed from other languages—notice that transliteration mainly indicates spelling and not real pronunciation (e.g., فِلْم film 'film' or ديمقراطية dīmuqrāṭiyyah 'democracy'). The current preference
3900-836: Is official in Mali and recognized as a minority language in Morocco, while the Senegalese government adopted the Latin script to write it. Maltese is official in (predominantly Catholic ) Malta and written with the Latin script . Linguists agree that it is a variety of spoken Arabic, descended from Siculo-Arabic , though it has experienced extensive changes as a result of sustained and intensive contact with Italo-Romance varieties, and more recently also with English. Due to "a mix of social, cultural, historical, political, and indeed linguistic factors", many Maltese people today consider their language Semitic but not
4030-559: Is the third most widespread official language after English and French, one of six official languages of the United Nations , and the liturgical language of Islam . Arabic is widely taught in schools and universities around the world and is used to varying degrees in workplaces, governments and the media. During the Middle Ages , Arabic was a major vehicle of culture and learning, especially in science, mathematics and philosophy. As
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4160-463: Is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best. A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for
4290-584: Is the variety used in most current, printed Arabic publications, spoken by some of the Arabic media across North Africa and the Middle East, and understood by most educated Arabic speakers. "Literary Arabic" and "Standard Arabic" ( فُصْحَى fuṣḥá ) are less strictly defined terms that may refer to Modern Standard Arabic or Classical Arabic. Some of the differences between Classical Arabic (CA) and Modern Standard Arabic (MSA) are as follows: MSA uses much Classical vocabulary (e.g., dhahaba 'to go') that
4420-413: Is to avoid direct borrowings, preferring to either use loan translations (e.g., فرع farʻ 'branch', also used for the branch of a company or organization; جناح janāḥ 'wing', is also used for the wing of an airplane, building, air force, etc.), or to coin new words using forms within existing roots ( استماتة istimātah ' apoptosis ', using the root موت m/w/t 'death' put into
4550-516: Is used to denote concepts that have arisen in the industrial and post-industrial era , especially in modern times. Due to its grounding in Classical Arabic, Modern Standard Arabic is removed over a millennium from everyday speech, which is construed as a multitude of dialects of this language. These dialects and Modern Standard Arabic are described by some scholars as not mutually comprehensible. The former are usually acquired in families, while
4680-445: The Lisān al-ʻArab ). Modern Standard Arabic (MSA) largely follows the grammatical standards of Classical Arabic and uses much of the same vocabulary. However, it has discarded some grammatical constructions and vocabulary that no longer have any counterpart in the spoken varieties and has adopted certain new constructions and vocabulary from the spoken varieties. Much of the new vocabulary
4810-503: The American Enterprise Institute , which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies. They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD
4940-478: The Commodity Futures Trading Commission , put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded Congress to pass
5070-590: The Great Recession resulted in a rebound for the Dubai real estate market: it was reported that "residential prices [in Dubai] rose by 17.9% from August 2012 to 2013, while rents soared by 14.9% in the same period". The World was supposed to be serviced by four major transportation hubs linked by waterways. Land parcels were supposedly zoned for various uses: estate, mid-density, high density, resorts, and commercial. The plan
5200-662: The IMF criteria for being a global recession only in the single calendar year 2009. That IMF definition requires a decline in annual real world GDP per‑capita . Despite the fact that quarterly data are being used as recession definition criteria by all G20 members , representing 85% of the world GDP , the International Monetary Fund (IMF) has decided—in the absence of a complete data set—not to declare/measure global recessions according to quarterly GDP data. The seasonally adjusted PPP ‑weighted real GDP for
5330-561: The Xth form , or جامعة jāmiʻah 'university', based on جمع jamaʻa 'to gather, unite'; جمهورية jumhūriyyah 'republic', based on جمهور jumhūr 'multitude'). An earlier tendency was to redefine an older word although this has fallen into disuse (e.g., هاتف hātif 'telephone' < 'invisible caller (in Sufism)'; جريدة jarīdah 'newspaper' < 'palm-leaf stalk'). Colloquial or dialectal Arabic refers to
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5460-494: The northern Hejaz . These features are evidence of common descent from a hypothetical ancestor , Proto-Arabic . The following features of Proto-Arabic can be reconstructed with confidence: On the other hand, several Arabic varieties are closer to other Semitic languages and maintain features not found in Classical Arabic, indicating that these varieties cannot have developed from Classical Arabic. Thus, Arabic vernaculars do not descend from Classical Arabic: Classical Arabic
5590-519: The subprime mortgage crisis . The combination of banks being unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in the Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. As with most other recessions, it appears that no known formal theoretical or empirical model
5720-419: The "learned" tradition (Classical Arabic). This variety and both its classicizing and "lay" iterations have been termed Middle Arabic in the past, but they are thought to continue an Old Higazi register. It is clear that the orthography of the Quran was not developed for the standardized form of Classical Arabic; rather, it shows the attempt on the part of writers to record an archaic form of Old Higazi. In
5850-728: The "purest," most eloquent form of Arabic—initiating a process of jamʿu‿l-luɣah ( جمع اللغة 'compiling the language') which took place over the 8th and early 9th centuries. Kitāb al-'Ayn ( c. 8th century ), attributed to Al-Khalil ibn Ahmad al-Farahidi , is considered the first lexicon to include all Arabic roots ; it sought to exhaust all possible root permutations —later called taqālīb ( تقاليب ) — calling those that are actually used mustaʿmal ( مستعمَل ) and those that are not used muhmal ( مُهمَل ). Lisān al-ʿArab (1290) by Ibn Manzur gives 9,273 roots, while Tāj al-ʿArūs (1774) by Murtada az-Zabidi gives 11,978 roots. Great Recession The Great Recession
5980-454: The 11th and 12th centuries in al-Andalus , the zajal and muwashah poetry forms developed in the dialectical Arabic of Cordoba and the Maghreb. The Nahda was a cultural and especially literary renaissance of the 19th century in which writers sought "to fuse Arabic and European forms of expression." According to James L. Gelvin , " Nahda writers attempted to simplify the Arabic language and script so that it might be accessible to
6110-429: The 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing
6240-416: The 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without
6370-562: The 4th to the 6th centuries, the Nabataean script evolved into the Arabic script recognizable from the early Islamic era. There are inscriptions in an undotted, 17-letter Arabic script dating to the 6th century CE, found at four locations in Syria ( Zabad , Jebel Usays , Harran , Umm el-Jimal ). The oldest surviving papyrus in Arabic dates to 643 CE, and it uses dots to produce the modern 28-letter Arabic alphabet. The language of that papyrus and of
6500-812: The 8th century, knowledge of Classical Arabic had become an essential prerequisite for rising into the higher classes throughout the Islamic world, both for Muslims and non-Muslims. For example, Maimonides , the Andalusi Jewish philosopher, authored works in Judeo-Arabic —Arabic written in Hebrew script . Ibn Jinni of Mosul , a pioneer in phonology , wrote prolifically in the 10th century on Arabic morphology and phonology in works such as Kitāb Al-Munṣif , Kitāb Al-Muḥtasab , and Kitāb Al-Khaṣāʾiṣ [ ar ] . Ibn Mada' of Cordoba (1116–1196) realized
6630-537: The FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble. The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed, with Paul Krugman referring to it as "imaginary history". One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans
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#17328454451956760-521: The Federal Reserve has been widely discussed, the main point of controversy remains the lowering of the Federal funds rate to 1% for more than a year, which, according to Austrian theorists , injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom. There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by
6890-416: The Federal Reserve. Further, American International Group (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over $ 100 billion of U.S. taxpayer money
7020-624: The G20‑;zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct quarter on quarter decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. The years leading up to
7150-610: The Heart of Europe, a collection of seven islands (Germany, Netherlands, Sweden, Ukraine, Main Europe, Switzerland, and Monaco) in the European section of the World, into an island luxury resort. It is meant to create a fully immersive European experience, with outdoor snow and stores accepting only the Euro as a currency. It was set to open in 2020 but was delayed by the COVID-19 pandemic . In June 2020,
7280-514: The Ireland island into an Irish-themed resort. The plans included a large internal marina, apartments and villas, a gym, hotel, and an Irish-themed pub. In July 2007, it was announced that the island would feature a recreation of Northern Ireland 's Giant's Causeway . However, on 25 November 2008, a provisional liquidator was appointed for Larionovo. As of October 2022, this has not happened. In April 2008, Salya Corporation announced that it had acquired
7410-412: The Middle East and North Africa have become a badge of sophistication and modernity and ... feigning, or asserting, weakness or lack of facility in Arabic is sometimes paraded as a sign of status, class, and perversely, even education through a mélange of code-switching practises." Arabic has been taught worldwide in many elementary and secondary schools, especially Muslim schools. Universities around
7540-672: The Qur'an is referred to by linguists as "Quranic Arabic", as distinct from its codification soon thereafter into " Classical Arabic ". In late pre-Islamic times, a transdialectal and transcommunal variety of Arabic emerged in the Hejaz , which continued living its parallel life after literary Arabic had been institutionally standardized in the 2nd and 3rd century of the Hijra , most strongly in Judeo-Christian texts, keeping alive ancient features eliminated from
7670-561: The Romance languages. Also, while it is comprehensible to people from the Maghreb , a linguistically innovative variety such as Moroccan Arabic is essentially incomprehensible to Arabs from the Mashriq , much as French is incomprehensible to Spanish or Italian speakers but relatively easily learned by them. This suggests that the spoken varieties may linguistically be considered separate languages. With
7800-738: The Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the Group of 20 cited the following causes: During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in
7930-544: The US, from $ 106,591 to $ 68,839 between 2005 and 2011. The US Financial Crisis Inquiry Commission , composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by: There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to
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#17328454451958060-534: The United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household deleveraging by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults." The onset of
8190-542: The World had been suspended due to the effects of the global financial crisis . Nakheel denied 2010 reports that the islands were sinking into the sea as wholly inaccurate. Despite the denial, The Daily Telegraph reported in January 2011 that an independent company, Penguin Marine, provided verification on the erosion of the islands and the silting of the passageways between the islands. Due to financial and technical problems, Penguin Marine, contracted to provide transportation to
8320-513: The academic definition, the recession ended in the United States in June or July 2009. Journalist Robert Kuttner has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation." The Great Recession met
8450-466: The archipelago, attempted to get out of the annual fees of $ 1.6 million paid to Nakheel properties. Until early 2012, only one of the islands had been occupied by a building (a show home), and commercial or residential properties were not being constructed on any of the other islands. Property prices in the Emirates had fallen 58% from their peak in the fourth quarter of 2008. The world economic recovery from
8580-460: The bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014 . As of January 2018 , bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $ 626B was invested, loaned, or granted due to various bailout measures, while $ 390B had been returned to
8710-517: The bailouts. In 2008, TARP allocated $ 426.4 billion to various major financial institutions. However, the US collected $ 441.7 billion in return from these loans in 2010, recording a profit of $ 15.3 billion. Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the Tea Party and the loss of Democratic majorities in subsequent elections. President Obama declared
8840-567: The conversion of Semitic mimation to nunation in the singular. It is best reassessed as a separate language on the Central Semitic dialect continuum. It was also thought that Old Arabic coexisted alongside—and then gradually displaced— epigraphic Ancient North Arabian (ANA), which was theorized to have been the regional tongue for many centuries. ANA, despite its name, was considered a very distinct language, and mutually unintelligible, from "Arabic". Scholars named its variant dialects after
8970-453: The crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand. Further, the U.S. shadow banking system (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a bank run . US mortgage-backed securities , which had risks that were hard to assess, were marketed around
9100-668: The crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as
9230-442: The current value of the property). Several sources have noted the failure of the US government to supervise or even require transparency of the financial instruments known as derivatives . Derivatives such as credit default swaps (CDSs) were unregulated or barely regulated. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on
9360-481: The development is an area that covers 6 by 9 kilometres (3.2 by 4.9 nmi) and is surrounded by an oval-shaped breakwater island. Roughly 232 km (144 mi) of shoreline has been created. The World's overall development costs were estimated at $ 13 billion CAD in 2005. The archipelago consists of seven sets of islands, representing the continents of Europe , Africa , Asia , North America , South America , Antarctica , and Oceania . Each artificial island
9490-517: The downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and
9620-608: The economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States: Dean Baker , Wynne Godley , Fred Harrison , Michael Hudson , Eric Janszen , Med Jones Steve Keen , Jakob Brøchner Madsen , Jens Kjaer Sørensen, Kurt Richebächer , Nouriel Roubini , Peter Schiff , and Robert Shiller . By 2007, real estate bubbles were still under way in many parts of
9750-405: The economic headwinds that slowed the recovery: On the political front, widespread anger at banking bailouts and stimulus measures (begun by President George W. Bush and continued or expanded by President Obama ) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of
9880-577: The emergence of Central Semitic languages, particularly in grammar. Innovations of the Central Semitic languages—all maintained in Arabic—include: There are several features which Classical Arabic, the modern Arabic varieties, as well as the Safaitic and Hismaic inscriptions share which are unattested in any other Central Semitic language variety, including the Dadanitic and Taymanitic languages of
10010-728: The eve of the conquests: Northern and Central (Al-Jallad 2009). The modern dialects emerged from a new contact situation produced following the conquests. Instead of the emergence of a single or multiple koines, the dialects contain several sedimentary layers of borrowed and areal features, which they absorbed at different points in their linguistic histories. According to Veersteegh and Bickerton, colloquial Arabic dialects arose from pidginized Arabic formed from contact between Arabs and conquered peoples. Pidginization and subsequent creolization among Arabs and arabized peoples could explain relative morphological and phonological simplicity of vernacular Arabic compared to Classical and MSA. In around
10140-593: The fact that they participate in the innovations common to all forms of Arabic. The earliest attestation of continuous Arabic text in an ancestor of the modern Arabic script are three lines of poetry by a man named Garm(')allāhe found in En Avdat, Israel , and dated to around 125 CE. This is followed by the Namara inscription , an epitaph of the Lakhmid king Imru' al-Qays bar 'Amro, dating to 328 CE, found at Namaraa, Syria. From
10270-471: The fall of Lehman Brothers on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the shadow banking system , resulting in many large and well established investment banks and commercial banks in the United States and Europe suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts). The global recession that followed resulted in
10400-513: The final stone on the breakwater was laid, completing development of the archipelago. As of July 2012, a second island, the Lebanon Island (1.5 hectares , or 3.7 acres and 482.21 metres of perimeter ) was developed and was 'the only island that has so far been developed commercially, is used for private corporate events and public parties'. The Times reported in September 2009 that work on
10530-405: The financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called
10660-450: The following recovery weaker. Robert Reich claims the amount of debt in the US economy can be traced to economic inequality , assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards". The IMF reported in April 2012: "Household debt soared in the years leading up to
10790-501: The fourth most useful language for business, after English, Mandarin Chinese , and French. Arabic is written with the Arabic alphabet , an abjad script that is written from right to left . Arabic is usually classified as a Central Semitic language . Linguists still differ as to the best classification of Semitic language sub-groups. The Semitic languages changed between Proto-Semitic and
10920-482: The head of Premier, and his business partner Mustafa Nagri, paid an estimated US$ 64 million for the 4.5-hectare (11-acre) piece of land; he was later convicted for non-payment of cheques and sentenced to seven years in jail. However, on appeal, he was later found not guilty and released from prison in July 2012, when he was declared innocent of two of the three charges. Josef Kleindienst and his firm JK Properties are developing
11050-579: The inclusion of new words into their published standard dictionaries. They also publish old and historical Arabic manuscripts. In 1997, a bureau of Arabization standardization was added to the Educational, Cultural, and Scientific Organization of the Arab League . These academies and organizations have worked toward the Arabization of the sciences, creating terms in Arabic to describe new concepts, toward
11180-413: The inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis
11310-426: The islands of Finland and Brunei and planned to develop them into fashion-themed resorts. Salya spent about Dh 800 million (US$ 218 million) to purchase the islands and plans to spend a further Dh2.4 billion (US$ 654 million) on development. Brunei Island will be turned into a Fashion TV resort and Finland Island into a fashion community called FTV palace. Safi Qurashi, the seven-time multi-millionaire entrepreneur at
11440-533: The kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect". During 2008, three of
11570-608: The language. Software and books with tapes are an important part of Arabic learning, as many of Arabic learners may live in places where there are no academic or Arabic language school classes available. Radio series of Arabic language classes are also provided from some radio stations. A number of websites on the Internet provide online classes for all levels as a means of distance education; most teach Modern Standard Arabic, but some teach regional varieties from numerous countries. The tradition of Arabic lexicography extended for about
11700-568: The largest U.S. investment banks either went bankrupt ( Lehman Brothers ) or were sold at fire sale prices to other banks ( Bear Stearns and Merrill Lynch ). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, Morgan Stanley and Goldman Sachs , potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via
11830-599: The late 6th century AD, a relatively uniform intertribal "poetic koine" distinct from the spoken vernaculars developed based on the Bedouin dialects of Najd , probably in connection with the court of al-Ḥīra . During the first Islamic century, the majority of Arabic poets and Arabic-writing persons spoke Arabic as their mother tongue. Their texts, although mainly preserved in far later manuscripts, contain traces of non-standardized Classical Arabic elements in morphology and syntax. Abu al-Aswad al-Du'ali ( c. 603 –689)
11960-420: The latter is taught in formal education settings. However, there have been studies reporting some degree of comprehension of stories told in the standard variety among preschool-aged children. The relation between Modern Standard Arabic and these dialects is sometimes compared to that of Classical Latin and Vulgar Latin vernaculars (which became Romance languages ) in medieval and early modern Europe. MSA
12090-532: The main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it." Describing the crisis in Europe, Paul Krugman wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe." Another narrative about
12220-462: The majority and minority opinions of the FCIC, Commissioner Peter J. Wallison of the American Enterprise Institute (AEI) primarily blamed U.S. housing policy, including the actions of Fannie and Freddie , for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers." In its "Declaration of
12350-883: The many national or regional varieties which constitute the everyday spoken language. Colloquial Arabic has many regional variants; geographically distant varieties usually differ enough to be mutually unintelligible , and some linguists consider them distinct languages. However, research indicates a high degree of mutual intelligibility between closely related Arabic variants for native speakers listening to words, sentences, and texts; and between more distantly related dialects in interactional situations. The varieties are typically unwritten. They are often used in informal spoken media, such as soap operas and talk shows , as well as occasionally in certain forms of written media such as poetry and printed advertising. Hassaniya Arabic , Maltese , and Cypriot Arabic are only varieties of modern Arabic to have acquired official recognition. Hassaniya
12480-768: The need for a lexical injection in Arabic, to suit concepts of the industrial and post-industrial age (such as sayyārah سَيَّارَة 'automobile' or bākhirah باخِرة 'steamship'). In response, a number of Arabic academies modeled after the Académie française were established with the aim of developing standardized additions to the Arabic lexicon to suit these transformations, first in Damascus (1919), then in Cairo (1932), Baghdad (1948), Rabat (1960), Amman (1977), Khartum [ ar ] (1993), and Tunis (1993). They review language development, monitor new words and approve
12610-662: The need to take the U.S. economy out of the early 2000s recession caused by the bursting of the dot-com bubble : although by doing so he did not avert the crisis, but only postponed it. Another narrative focuses on high levels of private debt in the US economy. USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990. Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and
12740-535: The obligation and defaulted; U.S. taxpayers paid over $ 100 billion to global financial institutions to honor AIG obligations, generating considerable outrage. A 2008 investigative article in The Washington Post found leading government officials at the time (Federal Reserve Board Chairman Alan Greenspan , Treasury Secretary Robert Rubin , and SEC Chairman Arthur Levitt ) vehemently opposed any regulation of derivatives. In 1998, Brooksley E. Born , head of
12870-424: The one whose sound is heard but whose person remains unseen. Now the term al-hatif is used for a telephone. Therefore, the process of tawleed can express the needs of modern civilization in a manner that would appear to be originally Arabic. In the case of Arabic, educated Arabs of any nationality can be assumed to speak both their school-taught Standard Arabic as well as their native dialects, which depending on
13000-484: The origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending. While Alan Greenspan's role as Chairman of
13130-549: The overhaul of Arabic grammar first proposed by Al-Jahiz 200 years prior. The Maghrebi lexicographer Ibn Manzur compiled Lisān al-ʿArab ( لسان العرب , "Tongue of Arabs"), a major reference dictionary of Arabic, in 1290. Charles Ferguson 's koine theory claims that the modern Arabic dialects collectively descend from a single military koine that sprang up during the Islamic conquests; this view has been challenged in recent times. Ahmad al-Jallad proposes that there were at least two considerably distinct types of Arabic on
13260-530: The planet. Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell $ 650 billion (4.3%) and did not recover its $ 15 trillion pre-recession level until Q3 2011. Household net worth, which reflects
13390-471: The popular claim (narrative #4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution—and that these borrowers accounted for a disproportionate share of defaults. The Economist wrote in July 2012 that
13520-512: The power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established. However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis. Further, since housing bubbles appeared in multiple countries in Europe as well,
13650-437: The project has not started. As of July 2012, Lebanon Island was completed and was the only island that had so far been developed commercially, being used for private corporate events and public parties. As of late 2013, only two of the islands had been developed. In January 2014, Kleindienst Group announced the launch of "the Heart of Europe" project. By February 2014, JK Properties, one of Kleindienst Group's brands, announced that
13780-421: The project was "well underway". The first of these series of islands will be Europe, Sweden, and Germany, with development led by Kleindienst Group. Islands in the project range from 1.4 to 4.2 hectares (3.5 to 10.4 acres) in area. Distances between islands average 100 metres (110 yd); they are constructed from 321 million cubic metres of sand and 386 million tons of rock. Designed by Creative Kingdom Dubai ,
13910-410: The protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards. The Gramm–Leach–Bliley Act (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been blamed for the crisis, by Nobel Prize –winning economist Joseph Stiglitz among others. Peter Wallison and Edward Pinto of
14040-402: The recession have been described as a symptom of another, deeper crisis by a number of economists. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes . Feminist economists Ailsa McKay and Margunn Bjørnholt argue that the financial crisis and the response to it revealed
14170-488: The recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a private sector surplus drove a sizable government deficit. However, the federal government held spending at about $ 3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of austerity . Then-Fed Chair Ben Bernanke explained during November 2012 several of
14300-410: The region may be mutually unintelligible. Some of these dialects can be considered to constitute separate languages which may have "sub-dialects" of their own. When educated Arabs of different dialects engage in conversation (for example, a Moroccan speaking with a Lebanese), many speakers code-switch back and forth between the dialectal and standard varieties of the language, sometimes even within
14430-461: The repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent. The Financial Crisis Inquiry Commission reported in January 2011: In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a lender of last resort , federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in
14560-496: The same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as AIG ) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found. When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of
14690-458: The same sentence. The issue of whether Arabic is one language or many languages is politically charged, in the same way it is for the varieties of Chinese , Hindi and Urdu , Serbian and Croatian , Scots and English, etc. In contrast to speakers of Hindi and Urdu who claim they cannot understand each other even when they can, speakers of the varieties of Arabic will claim they can all understand each other even when they cannot. While there
14820-458: The sole example of Medieval linguist Abu Hayyan al-Gharnati – who, while a scholar of the Arabic language, was not ethnically Arab – Medieval scholars of the Arabic language made no efforts at studying comparative linguistics, considering all other languages inferior. In modern times, the educated upper classes in the Arab world have taken a nearly opposite view. Yasir Suleiman wrote in 2011 that "studying and knowing English or French in most of
14950-556: The standardization of these new terms throughout the Arabic-speaking world, and toward the development of Arabic as a world language . This gave rise to what Western scholars call Modern Standard Arabic. From the 1950s, Arabization became a postcolonial nationalist policy in countries such as Tunisia, Algeria, Morocco, and Sudan. Arabic usually refers to Standard Arabic, which Western linguists divide into Classical Arabic and Modern Standard Arabic. It could also refer to any of
15080-518: The stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rate should be withdrawn as soon as economies recover enough to "chart a path to sustainable growth ". The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery . Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. Median household wealth fell 35% in
15210-599: The stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, ushering in the global financial crisis, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and
15340-490: The system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions. Federal Reserve Chair Ben Bernanke testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off
15470-492: The top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies. This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk. The financial crisis and
15600-501: The towns where the inscriptions were discovered (Dadanitic, Taymanitic, Hismaic, Safaitic). However, most arguments for a single ANA language or language family were based on the shape of the definite article, a prefixed h-. It has been argued that the h- is an archaism and not a shared innovation, and thus unsuitable for language classification, rendering the hypothesis of an ANA language family untenable. Safaitic and Hismaic, previously considered ANA, should be considered Old Arabic due to
15730-515: The value of both stock markets and housing prices, fell $ 11.5 trillion (17.3%) and did not regain its pre-recession level of $ 66.4 trillion until Q3 2012. The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014. The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016. A key dynamic slowing
15860-453: The word "recession" exist: one sense referring definitively to "a period of reduced economic activity" and ongoing hardship; and the more allegoric interpretation used in economics , which is defined operationally , referring specifically to the contraction phase of a business cycle , with two or more consecutive quarters of GDP contraction (negative GDP growth rate) and typically used to influence abrupt changes in monetary policy. Under
15990-451: The world have classes that teach Arabic as part of their foreign languages , Middle Eastern studies , and religious studies courses. Arabic language schools exist to assist students to learn Arabic outside the academic world. There are many Arabic language schools in the Arab world and other Muslim countries. Because the Quran is written in Arabic and all Islamic terms are in Arabic, millions of Muslims (both Arab and non-Arab) study
16120-660: The world, especially in the United States , France, the United Kingdom , Spain , the Netherlands, Australia, the United Arab Emirates, New Zealand , Ireland , Poland , South Africa , Greece , Bulgaria , Croatia , Norway , Singapore , South Korea , Sweden , Finland , Argentina , the Baltic states , India , Romania , Ukraine and China . U.S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at
16250-454: The world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. The emergence of subprime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and
16380-504: Was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression . The causes of the Great Recession include a combination of vulnerabilities that developed in
16510-718: Was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%. The recession was not felt equally around the world; whereas most of the world's developed economies , particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly China , India and Indonesia , whose economies grew substantially during this period. Similarly, Oceania suffered minimal impact , in part due to its proximity to Asian markets. Two interpretations of
16640-423: Was for utilities to be routed underwater, with pumping stations at each of the hubs pumping fresh water to the islands. Power was to be supplied by the Dubai grid and distributed through underwater cables. However, as of February 2015, no cables had been laid, and developers had to provide their own power using diesel generators. Wastewater and refuse systems are an individual concern for each island. Nakheel Group
16770-407: Was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks. Economist Gary Gorton wrote in May 2009 Unlike the historical banking panics of
16900-402: Was the result." In May 2008, NPR explained in their Peabody Award winning program " The Giant Pool of Money " that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around $ 35 trillion in 2000 to about $ 70 trillion by 2008. NPR explained this money came from various sources, "[b]ut
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