Where is Iraq's $80 Billion?
Money never sits in vaults. Bankers put deposits to work, because that’s how they make money. Would there be any possibility that the New York banks, which supposedly control Iraq's money, are controlled by George Bush’s fat cat cronies, who are making huge sums for their banks and paying their own multi-million dollar salaries by reinvesting Iraq’s money?
In the Criminal Law there is the concept of “Conversion,” a kind of theft. Is George Bush allowing $10 Billion per month to be taken from the American people, rather than from Iraq’s cash flow, and then letting the money set aside in New York be used by his big contributors? How much is being added to those deposits every month? Who gets to use them? Why do they get to use them? What are they doing with the money? When will Iraq get the money back? When will Iraq be asked to use the money to offset the costs to American taxpayers of the war?
Whisper who dares!
Clarification added September 10, 2008:
I stand corrected by Brian Neale in the sense that some % of money does, in fact, sit in vaults (or more accurately, certain electronic accounts) because of the reserve requirement, which applies to all banks. My issue relates to the rest of it! Brian further points out that there is a "multiplier effect," which makes the $80 Billion worth even more to the controlling bankers.
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Deborah C
Partner/Owner at Deborah Cummis Sandlaufer LLC
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This is an especially interesting question because Khoranic law would prohibit the bank from earning interest on the money. There are some banks who have what are deemed proper accounts for the money. The Saudi's are particularly adept at dealing with this issue via the Carlyle group and other financial advisers.
This posting is not legal advice and does not create an attorney-client relationship.
Bryan S
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Perhaps invested with his Dad's firm the Carlyle Group. Very good question, I was wondering the same thing. Someone is benefiting from those deposits, and it's not some random beneficiary. It's a friend of the family.
Marietta C
Executive Director, Friedman & Wexler, LLC - Collection Law Firm - Consumer/Commercial
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Well, what I'll say, simply, is that the Bush's and their Cronies have been using our dollar as a "weapon of class destruction" before, during and after 9/11.
But for a more cutting and candid answer, let me recommend an expert who will happily expound on the subject (smile) .. Richard SO enjoys these questions Skip .. you two should chat!
Best to you .. Marietta
Marietta C also suggests this expert on this topic:
Richard G
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The way I see the US Government using the greenback as leverage is as follows:
Bear in mind that we are talking printed cash money now, not deposits in US banks. It costs the US about 5 cents to print a $100 bill, that's a profit of $99.95 per sheet of paper, that's better than Bill Gates makes. Now everyone will state that if you just print money to get out of a problem then you precipitate raging inflation, that would be correct if it was injected into the US economy. But if you use that cash to bribe people or governments overseas and don't have it return into the US economy, then it's basically invisible to the domestic money supply figures.
There is more US cash floating around overseas than there is within the domestic US economy. The greenback is usually the currency of choice for terrorists, dictators, economies that are linked to the Fed (read Argentina) etc.
It's a very useful way if doing business on the cheap as long as the greenback remains the currency of choice.
Now in 2008 the Bushies have done their best to destroy the greenback by using it as the only tool to balance the current account deficit, which it is doing gradually. (they have no imagination for other ways of dealing with the deficit) The problem is that now even the Saudis are asking that oil be priced in both dollars and Euros. This could spell the end of the dollars preeminence.
I hear the pundits saying “don’t worry the dollar always comes back!” but that was before there was an alternative, i.e. the Euro.
So by the time the morons (and I apologize to the poor morons who can’t help being morons) are replaced by a new administration, the dollar will have been relegated to second place.
Now when it comes time to bribe all of those foreign players, they won’t want your 5 cent Franklin, they’ll want a Euro, which will cost the US Government about $1.50 each. Where does that leave the leverage for the future?
Why do they care? They'll probably be living in Bolivia on Dad's ranch.
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Jonathan H
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Why? Corruption is so much more easily accomplished using earmarks (beloved by both Republican and Democrat members of Congress).
Brian N
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Col. Conover,
Actually, money does sit in vaults...reserve requirements dictate that a percentage of deposits remain in the bank. In the case of $80 B, assuming it were held at one institution, the requirement would be 10%, or $8 B. However, based on the multiplier effect, and again assuming a 10% reserve req, this would result in an additional $720 B in monetary expansion. Just wanted to clarify that point, but I digress....
Dubba aside, I would keep in mind that perhaps the question should be posed from the perspective of the U.S. Government as a whole, not just the Executive Branch. The Legislative Branch of the U.S., which encompases the House and Senate, is composed of 535 individuals. Of these, 373 voted in the affirmative to go to war in Iraq, 3 abstained, and 156 voted no. I would further point out that neither Biden or McCain voted against the resolution (BO was not a U.S. Senator at the time, and Palin has never been a Senator or member of Congress).
I point this out, because without the expressed consent of the Congress and Senate, the President could not have taken this course of action...or continued to fund these efforts. This will continue to be the case regardless of who is in the White House next January. Still need the Legislature to sign off and approve.
I am trying to keep my own political and social beliefs absent from this response, but the point is that we need to hold our elected reps. accountable for their actions. It is far to easy to point the finger at one person, but the fact remains that we do not live under a system of tyranny (although the PATRIOT Act flies in the face of the Constitution)...countless individuals who made sacrifices over the past 200+ years have ensured that. However, as citizens, we do not have a terribly good record of letting our voices be heard to our elected officials. Simply put, apathy and ignorance (yeah, that's right, I said ignorance) of how the system works have allowed this Nation to evolve from "Of the People, for the People" to "Of the few elected by the People, for the desires and abuse of power by the few." But again, I digress....
I wish I had some of the answers to the questions you pose...I guess they (the answers) would most likely be found when we find the WMD's?
Brian
William D
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You've asked an interesting question, and received some interesting responses.
The banks holding these funds have a fiduciary responsibility to use these funds in a responsible manner, through investment, and probably in government insured or guaranteed securities. These funds do provide for profits to the bank in management fees, investment fees and transfer costs. Really it is not any different than your savings and checking accounts (demand deposits).
Some of these funds may also represent embargoed funds, or those funds that are on deposit from individuals and companies that US firms are not permitted to trade with see the Office of Foreign Assets Control of the US Treasury.
However, I will also agree that these funds should be used by the Iraqi government in rebuilding the country, or to offset the costs incurred by our government in rebuilding Iraq, but that is probably not going to happen no matter who is in office.
Ray M
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I think lots of these types of questions will be answered starting January 20, 2009
I understand that they are in bank accounts in New York, supporting our troubled banks.
Mark W. S
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I don't know the answers to any of those questions, but I do know that it would be foolish to assume this administration has handled unaccountable funds in a responsible way.
As for asking Iraq to pay for the war, no. Reparations ought to be paid in the other direction. Why should aggressors profit?
Sam B
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hard to say where it is, but this link explains where some of it came from.
its only $40 from every man, woman and child in the U.S., so nothing to get too excited about, right?
how do i get in on this???
Links:
Clarification added September 10, 2008:
the article states it was "their money", and came from oil sales and seized assets. until somebody provides the accounting for this (they won't), i'll remain unconvinced.
please, somebody send me some shrink-wrapped, palletized democracy... i could put it to good use...
;).
no idea.
