And we all come tumbling down

The financial losses suffered by investors in tumbling regional stockmarkets is likely to have repercussions far beyond a few now-empty dishdash pockets.

First: thousands of often inexperienced, first-time local investors have taken out huge, unsecured bank loans to speculate in the markets. Most will now presumably default on these loans.

Secondly: GCC nationals aren't used to losing money. They're used to the government bailing them out if they don't have enough money or don't save any money. They're used to the courts bailing them out with favourable verdicts if they can't pay their bank loans, or if they have a dispute with their foreign partner. They're not used to having access to things like gambling, since that's banned in most Islamic countries. Hence the fever - to the point of violent stampedes - that broke out over many recent IPOs, with the markets effectively becoming a legitimised casino.

What will the outcome be? Disillusionment, resentment, shame, anger. Hospitals in Saudi are already treating hordes of hysterical, distressed investors. Saudi's shoura council wants the government to intervene to prevent a crash: it won't. Kuwaiti investors are demanding their government bail out the bourse: it's refusing. Even independent analysts are recommending an emergency freeze on all IPOs. Increasing fury and bitterness against governments seem likely; all the more dangerous in a region with no real popular enfranchisement.

Either way, futures in worry-beads seem an extremely safe punt right now.