Iraq: International Cash Cow

Iraq is the most heavily indebted country in the world, but
while the U.S. and Britain have been publicly lobbying other
nations to forgive up to 95 percent of that debt, the two countries
have collected $37 million and $32.8 million in war reparations,
respectively. Seventy-eight percent of these payments have gone to
multinational corporations, the majority of whom are entitled to
payment not because they were directly harmed in Iraq, but because
they ‘lost profits’ during Saddam Hussein’s invasion of Kuwait in
1990. Over twenty-million dollars in reparations have gone to the
oil industry; $3.8 million was paid out to Pepsi, $321,000 to
Kentucky Fried Chicken, and $189,449 to…yes, Toys R Us. Even
James Baker, George Bush’s Iraqi debt envoy, is poised to get in on
the action with his connection to the Carlyle group, a huge
investment firm that has been contracted to facilitate the

With the bloodshed and suffering in Iraq increasing by the day,
more and more money is needed to provide humanitarian aid and
rebuild the country’s shattered infrastructure. Yet the money isn’t
coming into Iraq; it’s moving out. As a result, the United States
–and, by extension, allies such as Britain — is undercutting
their current justification for war: supposedly liberating the
people of Iraq from a cruel and tyrannical government.

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Bush Special Envoy Embroiled in Controversy Over Iraq Debt

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