http://www.kitco.com/ind/willie/oct082009.html

Many other implications will be analyzed in the October Hat Trick Letter. They are numerous. Americans have blinders to the fact that since the Persian Gulf nations have been tied to the USDollar, their property market bubble & bust coincide with that of the United States. Many of their projects and banks are in ruins. See Dubai. A string of bank failures in that region comes very soon, whose ripples will extend to London and New York, maybe even Germany and Switzerland.

He may have got the RCM story wrong but he seems to have something here.