We interrupt your regularly scheduled Thanksgiving

Dubai World won't repay its debt on time and the government of Dubai won't pick up the bag, raising doubts about its credibility.  Who would bail out Dubai itself?  Maybe it will be an "interesting" weekend:

Banking stocks tumbled on concern about their potential exposure to
Dubai. Indeed, the cost of insuring against default by the emirate
jumped, with Reuters reporting the Dubai five-year credit default swap
being quoted as high as 500-550 basis points. This means it would cost
about $500,000 a year to insure $10m of Dubai’s debt. On Tuesday it
would have cost about $360,000.

Funds are surging into Germany and Japan, etc.  For purposes of comparison, Dubai CDS contracts now cost more than for Iceland.

If you're feeling a little down today, and looking for something to be thankful for, be thankful you have not lent money to Dubai.  Unless, of course, you have lent money to Dubai.