Kicking The Iraqis When They're Down

By, Chris Rossini

U.S. foreign policy has produced such a disaster in Iraq, that U.S. State and its mainstream media probably relish in the fact that Iraq isn't "newsworthy" compared to Syria, Turkey and Egypt.

But let's not send Iraq down the memory-hole just yet.

Ron Paul recently reminded America about Iraq:

It becomes more obvious that the US invasion delivered none of the promised peace or stability that proponents of the attack promised.

Millions live in constant fear, refugees do not return home, and the economy is destroyed. The Christian community, some 1.2 million persons before 2003, has been nearly wiped off the Iraqi map. Other minorities have likewise disappeared...

The invasion of Iraq opened the door to Al-Qaeda in Iraq, which did not exist beforehand, while simultaneously strengthening the hand of Iran in the region.

As if that weren't bad enough...in comes the uppercut.

Michael Rubin is pleased to announce:

Finally, some good news from Iraq. Citigroup has announced that it will open an office in Baghdad, the first major U.S. bank to enter Iraq.

Here's the funny part (my emphasis):

While terrorism remains a threat in Iraq—and, alas, it may get worse as sectarian winds continue to blow through the region—the biggest obstacle to the country remains corruption. The victims of terrorism may number in the thousands, but corruption affects millions. Modern banking is essential to the fight against corruption.

Yes, the Hamiltonians are moving in, and they're bearing the gifts of "Modern Banking". Those gifts include: Inflation, Credit Expansion, Business Cycles (Booms/Busts), bailouts, and broken financial lives.

Iraqis can probably expect to see ads for some sweet and exotic loan packages in their future. And if they're lucky, perhaps some American mathematical "economists" will fly over to teach them about the advantages of a 4% inflation rate over a 2% rate.

If Iraqis are really lucky, they'll learn the time-tested secrets that "deficits don't matter" and "debts never have to be repaid". Modern Banking is tricky like that; it takes some time to learn, and makes you rethink the obvious.

Yes, the corrupt days in Iraq are about to wind down for sure.

Here's a life-vest that I'd like to toss out there for the poor Iraqi people:

There are Mises Institute's cropping up all over the world. One is yet to be formed in Iraq. With the Hamiltonians moving in, Iraq needs one now more than ever.

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