As vicious as the struggle for power in Iraq is, the new government has a war-winning weapon that could, at a stroke, undercut the insurgency, enrich the Iraqi people and create a powerful, long-term force for democracy, national unity and economic development. That weapon is oil.
To deploy it, Prime Minister Ayad Allawi's government should announce that as of a date certain, a new national investment fund -- call it The Iraqi People's Freedom Trust -- will be credited with a major share of all future Iraqi oil earnings. Revenues directed to the Trust would be invested in government bonds, with a small cash reserve to cover withdrawals by individual Iraqis.
All 27 million Iraqis -- men, women and children -- would to eligible to claim an equal, personal investment account in the Freedom Trust. All they need do is prove Iraqi birth and pledge allegiance to the government. Registration for shares in the Trust could go hand in hand with voter registration for the upcoming national elections. Adult citizens should be free, at any time, to ask for a calculation of their account's value and withdraw up to their full balance -- no questions asked. |