For years, the new Hong Kong was Dubai, one of seven United Arab Emirates and a one-time smuggling port on the Persian Gulf, now the latest casualty of "Wild East" casino capitalism. It was all fevered speculation, with little oil and no gas to back it up. An indoor ski slope where the outside temperature hovers above 100 all summer, the world's tallest building - twice the height of the Empire State Building - and a downtown golf course couldn't prevent the implosion of Dubai's speculative bubble.
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