A breathtaking blunder in Dubai

Of all the glitzy emirates on the western shore of the Gulf, Dubai is easily the brashest. With the grenade it has just lobbed into the capital markets by calling for a six-month creditor standstill for its flagship Dubai World holding company, it is effortlessly living down to that reputation.

Dubai’s action looks like either a serious misjudgment or, more likely, a breathtaking cock-up.