Australian billionaire to build Titanic II

As a sign of peak irrational exuberance in the bubble economies of Australia and China, the BBC reports that Clive Palmer, one of Australia's richest men, has commissioned a Chinese state-owned company to build a 21st Century version of the Titanic.

"It will be every bit as luxurious as the original Titanic but of course it will have state-of-the-art 21st Century technology and the latest navigation and safety systems," he said in a statement.

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