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Originally posted by shanti23
3 trillion? pffft, 105 billion is a drop in the ocean, quite a nice profit margin.
By failing to address the root cause of the war on Iraq (the expansion of neo-liberalism)
...before the fires from the “shock and awe” military onslaught were even extinguished, Bremer unleashed his shock therapy, pushing through more wrenching changes in one sweltering summer than the International Monetary Fund has managed to enact over three decades in Latin America.”
...In his first major act on the job, Bremer "fired 500,000 state workers, most of them soldiers, but also doctors, nurses, teachers, publishers, and printers. Next, he flung open the country’s borders to absolutely unrestricted imports: no tariffs, no duties, no inspections, no taxes. Iraq, Bremer declared was "open for business," "
Before the war, Iraq’s non-oil-related economy consisted of 200 state-owned companies, that produced everything from cement to paper to washing machines. In June, Bremer attended an economic summit in Jordan and announced that the firms would be privatized immediately. “Getting inefficient state enterprises into private hands,” he said, “is essential for Iraq’s economic recovery,"
In September, to entice investors to buy the state-owned companies, Bremer enacted a new set of laws. For example, Order 37 lowered Iraq’s corporate tax rate from roughly 40% to a flat 15%. Order 39 allowed foreign companies to own 100% of Iraqi assets outside of the natural-resource sector.
Investors could take 100% of the profits they made in Iraq out of the country. They would not be required to reinvest and would not be taxed. Under Order 39, they could sign leases and contracts that would last for forty years. Order 40 welcomed foreign banks to Iraq under the same favorable terms