Whilst unemployment worsens, Dubai's economy crumbles and a double-dip recession looms, it appears that the frivolous and extravagant spirit of capitalism has not completely died, as the news that an iPhone worth £1.98 million has been created proves.
Designed by some bloke from Liverpool, crafted over ten months and destined for the palm of an Australian millionaire, who is unquestionably on the eccentric side, the iPhone 3G Supreme spec sheet reads like the inventory of a Sheik's safe deposit box.
Nearly 300 grams of solid gold and 136 flawless diamonds sit winking like tiny, exceptionally smug stars on the exterior of the Supreme. It is being delivered to the loaded Aussie in a case made of solid granite and lined with leather.
But before you gag on the sheer opulence of the phone, let us consider what he has actually bought. This is a 3G, not a 3Gs, so it is really an outdated, overweight eyesore with a name that sounds more appropriate for a fast food menu than a million pound mobile phone.
Most people would pick a plain old iPhone 3Gs any day and prefer their Supremes to be made out of meat, so perhaps we should actually pity the flamboyant owner for his lack of foresight and indeed taste. Or does that sound a little jaundiced?