Friday, 27 November 2009

An industry on the brink

Stand by for the peripheral damage to the Australian thoroughbred horse industry - and probably the world's - as a result of the crash of the Dubai economy. The decision overnight by the Dubai Government owned company Dubai World to welsh on its debts surely makes it impossible for Australia's biggest race horse owner, Mohammed bin Rashid Al Maktoum, to continue spending millions at yearling sales. And if he and the family owned Godolphin stop bidding here and elsewhere, then prices will surely crash. We should get ready for the bursting of one of history's biggest ever investment bubbles

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