FacebookTwitterGoogle+RedditEmail

Iraq’s IMF Loan

by JOSHUA FRANK

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 along.

“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 that 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 by the IMF, the institution 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 playing ground 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.

JOSHUA FRANK is the author of the brand new book, Left Out!: How Liberals Helped Reelect George W. Bush, which has just been published by Common Courage Press. You can order a copy at a discounted rate at www.brickburner.org. Joshua can be reached at Joshua@brickburner.org.

 

JOSHUA FRANK is managing editor of CounterPunch. His latest book, edited with Jeffrey St. Clair is  Hopeless: Barack Obama and the Politics of Illusion. He can be reached at brickburner@gmail.com. You can follow him on Twitter @brickburner

Weekend Edition
February 5-7, 2016
Jeffrey St. Clair
When Chivalry Fails: St. Bernard and the Machine
John Pilger
Freeing Julian Assange: the Final Chapter
Garry Leech
Terrifying Ted and His Ultra-Conservative Vision for America
Andrew Levine
Smash Clintonism: Why Democrats, Not Republicans, are the Problem
William Blum
Is Bernie Sanders a “Socialist”?
Daniel Raventós - Julie Wark
We Can’t Afford These Billionaires
Jonathan Cook
The Liberal Hounding of Julian Assange: From Alex Gibney to The Guardian
George Wuerthner
How the Bundy Gang Won
Mike Whitney
Peace Talks “Paused” After Putin’s Triumph in Aleppo 
Ted Rall
Hillary Clinton: the Good, the Bad and the Ugly
Gary Leupp
Is a “Socialist” Really Unelectable? The Potential Significance of the Sanders Campaign
Vijay Prashad
The Fault Line of Race in America
Eoin Higgins
Please Clap: the Jeb Bush Campaign Pre-Mortem
Joseph Mangano – Janette D. Sherman
The Invisible Epidemic: Radiation and Rising Rates of Thyroid Cancer
Andre Vltchek
Europe is Built on Corpses and Plunder
Jack Smith
Obama Readies to Fight in Libya, Again
Robert Fantina
As Goes Iowa, So Goes the Nation?
Dean Baker
Market Turmoil, the Fed and the Presidential Election
John Wight
Who Was Cecil Rhodes?
David Macaray
Will There Ever Be Anyone Better Than Bernie Sanders?
Christopher Brauchli
Suffer Little Children: From Brazil to Flint
JP Sottile
Did Fox News Help the GOP Establishment Get Its Groove Back?
Binoy Kampmark
Legalizing Cruelties: the Australian High Court and Indefinite Offshore Detention
John Feffer
Wrestling With Iran
Rob Prince – Ibrahim Kazerooni
Syria Again
Louisa Willcox
Park Service Finally Stands Up for Grizzlies and Us
Farzana Versey
Of Beyoncé, Trudeau and Culture Predators
Pete Dolack
Fanaticism and Fantasy Drive Purported TPP ‘Benefits’
Murray Dobbin
Canada and the TPP
Steve Horn
Army of Lobbyists Push LNG Exports, Methane Hydrates, Coal in Senate Energy Bill
Colin Todhunter
“Lies, Lies and More Lies” – GMOs, Poisoned Agriculture and Toxic Rants
Franklin Lamb
ISIS Erasing Our Cultural Heritage in Syria
David Mihalyfy
#realacademicbios Deserve Real Reform
Graham Peebles
Unjust and Dysfunctional: Asylum in the UK
John Grant
Israel Moves to Check Its Artists
Yves Engler
On Unions and Class Struggle
Alfredo Lopez
The ‘Bern’ and the Internet
Missy Comley Beattie
Super Propaganda
Ed Rampell
Great Caesar’s Ghost!: A Specter Haunts Hollywood in the Coen’s Anti-Anti-Commie Goofball Comedy
Cesar Chelala
The Public Health Impact of Domestic Violence
Ron Jacobs
Cold Weather Comforts of a Certain Sort
Charles Komanoff
On the Passing of the Jefferson Airplane
Charles R. Larson
Can One Survive the Holocaust?
David Yearsley
Reading Room Blues
February 04, 2016
Scott McLarty
Political Revolution and the Third-Party Imperative
FacebookTwitterGoogle+RedditEmail