Dubai to build Taj Mahal replica, proves Russel Peters right

In the event people needed more of a reason to poke fun at khaligis (Gulfies) and their ostentatious and spendthrift ways, Dubai unveiled a plan to build a $1 billion replica of the Taj Mahal.

The copy will be bigger than the original and house a 300 room hotel, shops, and other commercial buildings.  Around the new Taj will be copies of the Eiffel Tower, the Pyramids of Giza, and the Great Wall of China.

The project is projected to finish by 2014, so all those who want to visit the "New City of Love," as the Emirate will call the new complex, better start planning their holidays ASAP.

Russel Peters is right. Dubai is stupid.

Iranian police clash with protesters demonstrating against currency crisis

Police reportedly clashed with protesters demonstrating against the collapse of the Iranian rial, whose value dropped precipitously to a third of its value, in a week, and lost 80 percent of its value compared to a month ago. The rial was valued at 36,100 to a dollar on Tuesday.

Around 100 traders and money lenders rallied in front of the country's central bank before being confronted by riot police and dispersed.  Demonstrators were frustrated not only by the drop in the currency value, brought on in a large part by sanctions, but also frustrated by the government's failure to act in the face of a crisis. The official paralysis increased the price instability.  Many Iranians also blame President Mahmoud Ahmadinejad and alleged financial mismanagement for the currency depreciation.

Police fired tear gas against demonstrators and arrested illegal money exchangers in the capital.  The national police also formed a special unit of police and government economic officials "to combat those perturbing the currency market," according to the head of national police Esmail Ahmadi Moghadam.

Merchants in Tehran's central bazaar also closed in solidarity with the demonstrators.  Their participation is significant, as they are seen as a bellweather for public sentiment and have significant political influence.

Shops shuttered in Tehran's central bazaar in solidarity with borsa protesters

Today's developments were the first sign of public discontent.  Observers reported continued heavy police presence on the streets.