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I don't like the restriction on oil investment, but it was probably politically necessary to prevent the "it's all about oooooil" chorus from starting up again. It's very unfortunate, because reduced foreign investment in oil means people in Iraq will be poorer than they otherwise would have been. I wonder what proportion of the oil chorus realizes this, and if they care.
A state-run petroleum industry bothers me a lot, but I don't know how it could be realistically converted to private ownership. If Iraq had mature financial markets I'd say distribute stock to everyone, but it doesn't. (It isn't clear that the people would know what to do with the stock, anyway.) I think it would be a mistake to just hand over the industry to the people currently running it, because many of those people got into their positions by political favor from the Hussein regime. The oil industry is important and difficult and it will be interesting to see what develops over the next few months.
Thankfully, outside of oil, foreign investment won't be strangled by politics:
Also, taxes in Iraq are now lower than they are in the United States:
These are my favorite lines:
Yes! Yes yes yes! To those who blame the Bush administration for not having a plan to rebuild Iraq, I counter that they shouldn't have a plan beyond providing security — a socialist system in Iraq is incompatible with our goal of making it a prosperous state. What Iraq needs is capitalism, and here it comes!
I'm suddenly very optimistic.