Senator Levin was on TV Sunday (3-9-08) talking about The Democratic primaries when he should have been talking about his Iraq investigation. His and Sen. Warner’s' concern was why Iraq wasn't spending its oil money on Iraqi reconstruction and providing services. As you know the majority of Iraqi reconstruction is being paid for with US Government deficit spending. The question is why Iraqi oil money is sitting in non Iraqi banks while the US continues to sponsor the reconstruction? This after now famous promises made by US officials in 2003 that Iraqi oil money would be used for reconstruction.
Iraqis are pumping lots of oil and getting premium prices for it. Estimates put their oil take near $100 billion for 07 & 08. So why indeed is the money sitting in banks while the US continues to sponsor the reconstruction with debt? I don't know, but it seems obvious that this is working out very well for the banks. The banks of course remain anonymous but why do I suspect that these same banks are also the ones making money fees from financing the Treasury debt? Using good old fiat debt money while the oil money piles up and the US consumer gets hit by inflation and speculator profits. And you scoff when I say that America is being taken down fiscally by a Global conspiracy of banking elites.
War has never been this good for the bank business, or has it always been this way? I don't know, but I sure hope Senator Levin got the important stuff settled today on TV. I'm sure the voters in Michigan care much more about participating in this charade circus of electing our next Corporate care taker, affectionately called the Commander-in-Chief, than they do about the Iraqi oil money and the banking shenanigans with US debt and the hoarding of Iraqi Oil profits. Just who's running this war?
click here for CNN report