Velociworld

ODIOUS DEBTS

Tom Feeney and Stephen Moore have penned a great article on the rebuilding of Iraq, and how 50% of the oil revenue should go to the U.S. to repay our war debts. Of course, the price in blood can never be repaid, but here's hoping the Iraqis spend the next fifty years kissing our asses and trying to repay it.

There is no reason for the American taxpayer to absorb the cost of this liberation without some recompense. Iraq will have the second largest proven reserves of oil on full pipeline. Payback time.
Feeney and Moore also resurrect the Doctrine of Odious Debt. This was first espoused by Alexander Sack in 1927. The gist? Debts incurred in the process of doing business with a despot are the sole province of the despot, not his nation. And those debts perish with the despot. In other words, France, Russia, and Germany are owed between $100 billion and $150 billion by Iraq. Correction: by Saddam. They chose to do business with a dictator. They funded this cruel tyrant's mad schemes. Now they should get in the back of the line. When America has recouped her costs of liberation, and the Iraqi people are solvent and prosperous, then perhaps we can give these countries a dime on the dollar, or something.