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Jay Currie

One Damn Thing After Another

10/15/2004

A Smart Idea

As vicious as the struggle for power in Iraq is, the new government has a war-winning weapon that could, at a stroke, undercut the insurgency, enrich the Iraqi people and create a powerful, long-term force for democracy, national unity and economic development. That weapon is oil.

To deploy it, Prime Minister Ayad Allawi's government should announce that as of a date certain, a new national investment fund -- call it The Iraqi People's Freedom Trust -- will be credited with a major share of all future Iraqi oil earnings. Revenues directed to the Trust would be invested in government bonds, with a small cash reserve to cover withdrawals by individual Iraqis.
techcentralstation
This really is a very good idea. Not just to end the insurgency but to change the dynamic of clan/tribal and religious relationships and dependencies in Iraq. And what a threat to the Saudis and the other Gulf State leader who see their nation's oil weath as their personal rather than the nation's fortune.