Re: Iraq: an economic problem

From: Les Cargill (lcargill_at_bellsouth.net)
Date: 07/03/04 

Date: Sat, 03 Jul 2004 15:00:23 -0400

Mason A. Clark wrote:

> On October 10, 2003 I posted the following. Now, nine months later,
> it still looks right. Give the new "interim" Iraqi government that
> $18 billion. They should abbrogate all debts of the criminal Hussein
> government. *They* not us should spend the $18 billion by putting
> *Iraqis* to work rebuilding their infrastructure. Solve unemployment
> and get the work done.
>
> ==================
> Quote:
>
> Show me I'm wrong.
>
> People (men) in Iraq are rioting for jobs. The whole army was sent
> home jobless. The former police are mostly unemployed. The bureaucrats
> who did the government are unemployed. Most of the electric and sewer
> workers are unemployed.
>
> Why? The Iraqi government doesn't have money to hire them -- to put
> them to useful work. They're forced to wait for U.S. money.
>
> Why? Because economic theory says the government musn't print
> money because that would cause inflation.
>
> I say the hell with economic theory. The Iraqi government should
> print (literally print) money -- as much as needed to put everybody to
> work. Lord knows there's lots of work needing to be done and done
> NOW -- before the Iraqi hell melts down
>

But doing this would simply replace the
previous kleptocracy with another.

> Of course there would be bad corruption. Of course some bad guys
> would get themselves hired so as to cause bad trouble. But the
> result would be far better than obeying bad economics theory.
>

Until you get a cultural shift towards respect for law
and order, nothing else will make much difference.

I have heard reports ( from the Times reporter who
calls into Charlie Rose on occassion ) that this idea
is taking root.

Iraq will need significant levels of value added
industry of some sort to compete globally. That will
take a long time. It took a while in Japan, Germany,
S. Korea and Vietnam.

> Mason C 

--
Les Cargill

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