Sunday, September 21, 2003

Let the Looting Begin!

What a surprise that foreign banks will be permitted to come into Iraq and cherrypick Iraqi companies and industries. Perish the thought that Iraqi citizens might obtain financing to buy their own businesses.

A sweeping set of reforms will allow foreigners to take over businesses and industries that were previously state-controlled.

The finance minister in the interim Iraqi administration, Kamel al-Keylani, said the changes were important steps towards the reconstruction of Iraq.

They will allow foreign banks to buy Iraqi financial institutions, while the central bank itself will become independent.

The World Bank said on Saturday that a full assessment of Iraq's long-term economic needs should be ready within two to three weeks.

Yeah, I'll bet it will. The World Bank for years has simply been a way of raping and looting helpless countries without the unpleasant necessity of conquering them by force. For more on this truly sickening institution, read Greg Palast's The Best Democracy Money Can Buy, which goes into detail about the World Bank and IMF.


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