Personal Investment as Commitment
AP says that a "safer Iraq" is needed for US investment. D'oh.
But this article reminds me of all the politicians (of both major parties) and bloggers who keep saying that things are just fine in Iraq and that the bad news is exaggerated by the "liberal media" (oh mythic phoenix!).
And, I think we ought to hold their feet to the fire. Every time someone says that in reality things are just fine in Iraq, we should ask them how much of their own, personal money they have invested in a private business enterprise in Iraq. The Iraqi-American Chamber of Commerce can help them with specific investment opportunities.
I think we should exclude buying real estate or investing in mercen . . . I mean US contracting. Also, it has to be an investment in Arab Iraq, not the Kurdistan Regional confederacy. But, if things are going so great, then surely this is the time to put $100,000 into, say, a textile factory in . . . I don't know, Baquba. Most of these politicians and bloggers on the Right could afford such an investment, and most wouldn't even be too badly off if they lost the whole wad.
So, Fox Cable News anchors, rightwing bloggers, smug pundits, etc., etc.-- Pony up. How much have you put on the line here to back up your Dr. Pangloss-style rose colored glasses? And, if you haven't put at least a few tens of thousands of dollars into a private Iraqi business, then you do not have a leg to stand on.
posted by Juan Cole @ 6/28/2006 12:15:00 AM
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I haven't asked any investors, but I sometimes ask telemarketers about Iraq.
ME: "Do you have any vacations in Iraq?"
TMKTR: "Sir, if we did I would not sell one to you."
ME: "Can I get a mortgage on a house in Iraq?"
TMKTR: "Thank you and have a good evening"
Paul Wolfowitz, dean of the Iraq optimists, heads the World Bank, which ranks Iraq as one of the 10 worst places to do business. It runs its Iraq program from an office in Jordan and employs some Iraqis. It approved a $385 million Trust Fund to help Iraq, but has managed to disburse only $55 million, mainly to the GOVERNMENT for emergency relief and security. However, there are plans for infrascture and education projects. The bank's IFC venture capital unit does report has advanced a $90 million loan and put $8 million in equity into a cement plant project in Kurdistan.
Most "investment" in Iraq has consisted of debt forgiveness or modest amounts of multilateral aid. US expenditures for security and related contracting dwarf everything else. Projects in Kurdistan have featured multilateral and regional donor assistance. In 2003, there was some talk of venture capital groups setting up private funds to invest in Iraq, but little materialized. Mr. Murdoch may pray for success in Iraq, if for no other reason than to prevent a need to increase taxes, but his 2005 News Corporation Corpration report mentions only one Iraq venture:
"Soon after the end of the fiscal year, FX launched its fourth original drama series – Over There, which is based on the lives of a U.S. Army unit in present-day
Iraq – to outstanding ratings and enormous critical acclaim."
Evidently, Fox is prepared to invest in PR for the cause, but not a penny in Iraq itself outside the Green Zone studio. Local stringers perhaps, but no real bucks in Iraq's communications sector.
Heh.
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does this guy really think that by investing in iraq (arab iraq) we will make that part of the country safe? safe for who? the situation is getting worse everyday. the only postitive news coming out of iraq these days is from kurdish regions. did you hear? shiite insurgent promised today that they would target americans. they have vowed to drive the americans out.
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