Observer: As Dubai crashes from wonder to blunder, who will go down with it?

A lot on Dubai in the papers today. There've been one or two articles suggesting that Dubai is an isolated case - where have we heard that one before? The pertinent quote from this article is: "Dubai has brought home the fact that, despite the relative calm of recent months, the fundamental issues that caused the crunch – excessive borrowing and global imbalances – are still there. It also shows that any country which believes it can secure prosperity on a property boom and consumer bling (sound familiar?) is pinning its hopes on a mirage."