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| Iraq |
| Jweili outlines effect of war on Iraq against Arab economies |
| 2003-08-06 |
| Secretary General of the Arab Economic Unity Council, Ahmad Jweili has stressed that the US-British war on Iraq affected negatively on the whole Arab economy particularly on Arab and foreign investments in the region, Arab workers movement and agreements relevant to the free trade among the Arab states. He clarified that the council put a plan for returning the Arab capitals from abroad amounting to a trillion dollars and employing them in investment projects in the Arab region. investment projects... you mean like jihad? He called on the Arab states to work on preventing the US works of stealing the Iraqi assets stressing the necessity of the Arab companies participation in rebuilding Iraq. Oh that’s so precious... |
| Posted by:Raphael |
| #7 I'd like to know what they're using for money in Iraq... and who's in control of the money supply. If I remember my economics correctly (which I probably don't) the rate of growth of the money supply and the demand for money affect inflation. So you're right Dar, if Iraq is flooded with money, you can expect inflation. However I don't think every Iraqi is going to become suddenly rich with money any time soon. |
| Posted by: Raphael 2003-8-6 6:14:28 PM |
| #6 Myself, I'm going to be curious how the whole Iraqi oil wealth distribution process is going to affect Iraq's economy down the line. After all, if everybody in the country is getting "free" money, then wouldn't inflation rise to compensate for it? Wages will be low; internal inflation will rise; there'll be a large trade deficit because Iraqis will import trade goods... I'm not an economist, but it just seems to me that if everybody has money, prices will rise to soak up that extra pocket change everybody has. |
| Posted by: Dar 2003-8-6 5:44:10 PM |
| #5 Jweili's comments actually have a bin Ladenite tinge to them. If the Arab countries pulled the trillions of petrodollars out of kafr's banks, what would they do with it? What meaning would all that wealth have in countries without the rule of law, no compound interest, and no competent middle class or technical class to increase its value? It would swiftly be stolen or become worthless: palatial estates surrounded by poverty and mere scraps of paper with numbers on them, crumbling to dust. |
| Posted by: 11A5S 2003-8-6 4:03:42 PM |
| #4 Jweili's right: it's been a long time since I've bought any Arab washing machines, coffeepots, garden spades, fanbelts, button-down shirts, sushi kits, lightbulbs, pencils, alarm clocks, coffee mugs, plate glass, microprocessors, vodka, chocolate, associate degrees in gun repair, luggage, cappucino makers, or heavy industrial equipment. And man, I useta buy tons of that Arab shit. |
| Posted by: (lowercase) matt 2003-8-6 3:49:23 PM |
| #3 'Arab' and 'economy' are mutually exclusive terms. Kinda like 'Rosie O'Donnell' and 'hot babe.' I never thought there could be a bigger circle jerk than the UN but the 'Arab Economic Unity Council' sounds like it has the potential to be #1! |
| Posted by: Ned 2003-8-6 2:24:40 PM |
| #2 Right, Raphael. The whole article is precious with its improper/imprecise language (Does "worker movements" refer to unions or workers going from one country to another in order to work? "returning the Arab capitals"? Yeah, just where did Riyadh and Tunis go?) plus the fantasy ideology threaded throughout. |
| Posted by: Michael 2003-8-6 1:11:57 PM |
| #1 Well, gee, the war sure has been good for the Israeli brewing industry. Maybe if the Arabs produced something other than oil they could export something people would actually buy. What am I saying? The monarchs will continue to export oil and buy luxury items and weapons, while the poverty-stricken serfs will continue to be encouraged to blame all their problems on the Jooos. |
| Posted by: Dar 2003-8-6 8:32:47 AM |