Category: Iraq’s Odious Debts

The West, quietly, is pillaging Iraq

(December 10, 2005) When Saddam Hussein grabbed power in 1979, Iraq had no long-term foreign debt. Cash reserves were $36 billion. Iraq had high literacy and public universities; it had extensive socialized health care. It was becoming a "first world" nation. Soon, however, this violent, cunning despot began squandering that wealth.