Economic Hit Man Series

Confessions of an Economic Hit Man by John Perkins, 2004, Excerpts

It hardly mattered that Saddam was pathological tyrant, that he had the blood of mass murders on his hands, or that his mannerisms and brutal actions conjured images of Adolph Hitler. The United States had tolerated and even supported such men many times before. We would be happy to offer him U.S. government securities in exchange for petrodollars, for the promise of continued oil supplies, and for a deal whereby the interest on those securities was used to hire U.S. companies to improve infrastructure systems throughout Iraq, to create new cities, and to turn the deserts into oases. We would be willing to sell him tanks and fighter planes and to build him chemical and nuclear power plants, as we had done in so many other countries, even if these technologies cold conceivably be used to produce advanced weaponry.

Iraq presented a vast market for American technology and engineering expertise. The fact that it sits atop one of the world’s most extensive oil fields assured that it was in a position to finance huge infrastructure and industrialization programs. All the major players – engineering and construction companies; computer systems suppliers; aircraft, missile, and tank manufacturers; and pharmaceutical and chemical companies – were focused on Iraq.

In August 1990, the U.S. invaded the oil-rich sheikdom of Kuwait. Bush responded with a denunciation of Saddam for violation international law, even though it had been less that a year since Bush himself had staged the illegal and unilateral invasion of Panama. It was no surprise when the president finally ordered an all-out military attack. Five hundred thousand U.S. troops were sent in as part of an international force.

Wikipedia Saddam Hussein

Saddam actively fostered the modernization of the Iraqi economy along with the creation of a strong security apparatus to prevent coups within the power structure and insurrections apart from it. Ever concerned with broadening his base of support among the diverse elements of Iraqi society and mobilizing mass support, he closely followed the administration of state welfare and development programs.

At the center of this strategy was Iraq's oil. On June 1, 1972, Saddam oversaw the seizure of international oil interests, which, at the time, dominated the country's oil sector. A year later, world oil prices rose dramatically as a result of the 1973 energy crisis, and skyrocketing revenues enabled Saddam to expand his agenda.

Thanks for the Memories