And then he smiles, coming up with what he sees as his killer argument. “When I see Western journalists criticise us – don’t you realise you’re shooting yourself in the foot? The Middle East will be far more dangerous if Dubai fails. Our export isn’t oil, it’s hope. Poor Egyptians or Libyans or Iranians grow up saying – I want to go to Dubai. We’re very important to the region. We are showing how to be a modern Muslim country. We don’t have any fundamentalists here. Europeans shouldn’t gloat at our demise. You should be very worried…. Do you know what will happen if this model fails? Dubai will go down the Iranian path, the Islamist path.”

Very often, we tend to ignore the correlation between economics and religion.

Like most people, I thoroughly enjoyed Jon Stewart‘s drawing and quartering of Jim Cramer on The Daily Show last week. It tells you something about the cultural zeitgeist when a television comedian is the one who ends up taking the mantle of journalism.

The episode, despite being immensely uncomfortable to watch, was catharsis in many ways. It was also refreshing to see Stewart finally come down on Cramer (unfortunately, a scapegoat for the real problem – financial news networks) in an expletive laden interview/skewering.

But isn’t that part of the problem? Selling this idea that you don’t have to do anything. Anytime you sell people the idea that sit back and you’ll get 10 to 20 percent on your money, don’t you always know that that’s going to be a lie? When are we going to realize in this country that our wealth is work? That we’re workers and by selling this idea that of “Hey man, I’ll teach you how to be rich”…how is that any different than an infomercial?

…

I gotta tell you. I understand that you want to make finance entertaining, but it’s not a fucking game. When I watch that, I get, I can’t tell you how angry it makes me because it says to me, “You all know.” You all know what’s going on. You can draw a straight line from those shenanigans to the stuff that was being pulled at Bear and at AIG and all this derivative market stuff that is this weird Wall Street side bet.

How come journalists back in India never hold our politicians’ feet to the fire like Stewart did?

(PS: I did feel sorry for Cramer.)