Dubai begins phase II of global economic crisis?

[TonyGosling]

And beginning of the end of the dollar?
Fresh fears over the size of Dubai's debt have sent shock waves through international markets, with major stocks and oil prices falling sharply. Dubai World, the country's largest conglomerate, wants to suspend payment on its sixty billion dollar debts until next May at the earliest. RT's financial contributor Max Keiser says the World is entering the Phase Two of the global economic crisis.

Link

http://www.youtube.com/watch?v=cSWSwhn-AWc