← Autodidact Archive · Original Dissent · Wayland
Thread ID: 5653 | Posts: 1 | Started: 2003-03-20
2003-03-20 01:07 | User Profile
Just heard mention on the tube that the US administration will be requesting $75 billion from congress for start of Iraq campaign, with rider that UN will be asked to spend $40 billion of Iraq oil wealth for reconstruction. I made some notes a few days ago while trying to figure out who was going to pay for the reconstruction and this is what I came up with:[list] [*]Iraq will be devastated by war; sanctions have already exacted a brutal toll on the people and war will push Iraq all the way back to a third-world, poverty-stricken, refugee-laden nation. Rebuilding the civilian infrastructure and avoiding humanitarian disaster will cost billions. Add on the cost of rebuilding damaged oil fields and refineries and add on new investment required to update and increase oil output.
[*]Nobody wants to pay for reconstruction. US and Britain should be on the hook for it but neither can really afford it and both will be looking for ways to avoid paying. The US economy is tanking and budget deficits are ballooning at both the state and federal level. Britian just doesn't have the economy to pay for anything like this.
[*]Iraqis will end up paying for their own reconstruction with debt financing using oil reserves as collateral. Everything will be added to a running tab.
[*]Iraqi people will very quickly find themselves many billions in debt. Revenue from oil wealth, when it comes on stream, will largely go to pay the interest on this debt.
[*]End result will be international bankers effectively owning and controlling the Iraqi oil. [/list]Same old scam, same tribe, just a different time and place.