The International Monetary Fund (IMF) approved a $685 million loan
for Iraq on December 24. Now the country’s war torn economy will be fully
integrated into the global economy -- indefinitely. The reconstruction of Iraq
will soon be open to even more industrialized nations and interests.
Iraq will not be sovereign or independent in the near future, even
if President Bush says so. The country’s financial future will instead
be dictated by a new colossal economic occupation, complete with ground forces,
tanks, foreign military bases and the like -- all thanks to the United States,
Britain and the IMF.
The new loans will soon be the focus of Iraq's future "economic stability."
Of course, the desire to capitalize on war’s misfortunes is at the heart
of this occupation, as well as the IMF’s gracious assistance. This is
undoubtedly what the Bush administration and their allies have wished for all
"This arrangement will underpin economic stability and help lay the foundation
for an open and prosperous economy in Iraq," Treasury Secretary John Snow
said in an announcement shortly after the loan was approved. Translation: Iraq
will soon be open for business.
Now the IMF will be able to dictate how best Iraq can pay back its ever increasing
debt, putting its recovery in the hands of others, while the US reaps the benefits.
If it's to pump millions more barrels of oil every year, Iraq will be forced
to do it. And in fact, increased oil production is at the heart of the IMF’s
plan for Iraq.
In a statement released last week, the IMF reported that Iraq’s new government
planned to allocate resources next year to expanding oil production as part
of a broad economic scheme put forward by the IMF, with the hope of putting
Iraq’s economy on an upward trajectory. In other words, Iraq will be forced
to start drilling for more oil.
And of course democracy will never be truly attainable or even really wished
for by the IMF and their wealthy investors -- the country will just become another
playground for imperial endeavors and capitalist greed. So much for independence,
for no country is truly free and democratic when placed under the boot of the
industrialized world. Markets consistently undermine democracy when motivated
by self-interests, and Iraqi citizens are not likely to benefit in any real
terms under the IMF’s new loan package, which will be divvied out over
the next 15 months.
Don’t believe for a minute that Iraq will be able to shake off globalism's
ravenous greed anytime soon -- even if US troops are redeployed. Capitalism's
tentacles are now fully attached to Babylon, as if they weren’t already,
and the oil will be flowing shortly. Even if US troops are redeployed, or god
forbid, brought home, the occupation of Iraq will nonetheless continue.
Imposing economic guidelines by the use of force may now be globalization’s
new motto. Iraqis have had no say in whether or not they wanted to be invaded,
occupied, or forced to succumb to the IMF’s every whim.
Joshua Frank is the author of Left Out!: How Liberals
Helped Reelect George W. Bush, just published by Common Courage Press. You can
order a copy at a discounted through Josh’s radical news blog at: www.brickburner.org.