Iraq's Odious Debts

President Bush told cheering Iraqi Americans Monday that the United States would defeat not just Saddam Hussein but "the dictator's legacy." In Baghdad, Iraqis meeting to discuss the formation of a new government agreed that one of the worst parts of that legacy would be Iraqi debt.

When the populace has absolutely no power over its leader, it shouldn't incur responsibility. Those loans were essentially personal loans directly to Saddam and the governments who lent him money as he built arsenals and palaces knew the money wasn't reaching the Iraqi people.

Hm. I've never heard of the 'Odious Debt' concept, it sounds quite valid.

I would dare to say that just because Saddam is a despot doesn't mean everything Iraq purchased would fall into that 'Odious' categore.

If the debt was for something which violated a UN sanction, not that I'm a big fan of the UN, mind you; then I would say that it should not be paid.

If the debt, however, was for somethign which was allowed, such as permitted weapons systems, construction projectts, etc., then the debt would be valid.

After all, Iraq, regardless of who is gonna run it, is still going to need roads, electrical power stations, food, water, and even a military. Hey, if the Russians loaned a billion for part of some big infrastrucutre job, they ought to be allowed to collect. If the French sold Saddam a restricted anti-aircraft missile platform, they should be stiffed.

One thing is for sure, though; the US should -not- be looked to as the one to pick up the tab. Let the new Iraqui government pay for the legitimate debts. Let 'em pump some oil and pay off their bills. After all, if the purchases were for legitimate purposes, and hopefully they wern't destroyed during the war, then the Iraquis should be willing to pay. I dont' think that is unreasonable.

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This concept may actually be good in the long-term. When you loan money to petty tyrants, you run the risk of losing that money when the tyrant gets pushed off his throne, from within or without. It will certainly make creditors think twice about who they loan money to.

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