Tag Archives | skyscrapers

AP Reports: Hugo Chavez Wasted Venezuela’s Money On Healthcare Instead Of Building A Giant Skyscraper

The western media can’t comprehend why Hugo Chavez used Venezuela’s oil wealth to pull his nation’s population out of poverty, when he could have built an indoor artificial ski mountain like in Dubai. Earlier this month from Fairness & Accuracy In Reporting:

One of the more bizarre takes on Venezuelan President Hugo Chavez’s death comes from Associated Press business reporter Pamela Sampson (3/5/13):

‘Chavez invested Venezuela’s oil wealth into social programs including state-run food markets, cash benefits for poor families, free health clinics and education programs. But those gains were meager compared with the spectacular construction projects that oil riches spurred in glittering Middle Eastern cities, including the world’s tallest building in Dubai and plans for branches of the Louvre and Guggenheim museums in Abu Dhabi.’

That’s right: Chavez squandered his nation’s oil money on healthcare, education and nutrition when he could have been building the world’s tallest building or his own branch of the Louvre.

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Are Skyscrapers Linked With Financial Collapse?

DubaiTowersSo says the BBC. On various continents, and going back for over a century, the construction of new record-nearing skyscrapers seems to be a consistent canary in a coal mine indicating that an economic bubble exists and a financial crash will soon occur in a given society:

There is an “unhealthy correlation” between the building of skyscrapers and subsequent financial crashes, according to Barclays Capital.

Examples include the Empire State building, built as the Great Depression was under way, and the current world’s tallest, the Burj Khalifa, built just before Dubai almost went bust. China is currently the biggest builder of skyscrapers, the bank said. India also has 14 skyscrapers under construction.

“Often the world’s tallest buildings are simply the edifice of a broader skyscraper building boom, reflecting a widespread misallocation of capital and an impending economic correction,” Barclays Capital analysts said.

The bank noted that the world’s first skyscraper, the Equitable Life building in New York, was completed in 1873 and coincided with a five-year recession.

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