Tuesday, June 21, 2011

Missing Iraqi billions 'probably stolen'

Paul Richter reports for the Sydney Morning Herald:

This month, the Pentagon and the Iraqi government are finally closing the books on the program that handled funding for reconstruction in postwar Iraq.


But despite years of investigations, US defence officials still cannot say what happened to $US6.6 billion ($6.3 billion) of the cash. Federal auditors are now suggesting that some or all of the cash may have been stolen, not just mislaid in an accounting error.


After the US-led invasion in March 2003, the Bush administration flooded Iraq with so much cash that a new unit of measurement was born.


Pentagon officials determined that one giant C-130 Hercules cargo plane could carry $US2.4 billion in shrink-wrapped bricks of $US100 bills. They sent an initial full planeload of cash followed by 20 other flights by May 2004 in a $US12 billion haul that US officials believe to be the biggest ever international cash airlift.


Stuart Bowen, special inspector-general for Iraq reconstruction, said the missing $US6.6 billion might be ''the largest theft of funds in national history''.


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13 Facts About Military Spending That Will Make Your Head Explode

The economy is tanking, schools are underfunded, people don't have jobs.

Let's spend more money on war!

Click here...

UK banks abandon eurozone over Greek default fears


UK banks abandon eurozone over Greek default fears. UK banks have pulled billions of pounds of funding from the eurozone as fears grow about the impact of a "Lehman-style" event connected to a Greek default.

http://www.telegraph.co.uk/finance/financialcrisis/8584442/UK-banks-abandon-eurozone-over-Greek-default-fears.html


The Chaos Of A Currency Collapse
"Revolution is always more likely when the population are starving.
The consequences of a collapse. Shelves quickly emptied of food and any "tangible asset" that would hold value better than their currency. Wide spread panic broke out as the economy effectively became paralyzed and people suddenly realised their currency was of diminishing worth. Shops were quickly emptied of everything that could be bought. Everyday food was snapped up at "luxury" style prices as people thought of survival but also they also bought electric goods like toasters, microwaves, canned goods and virtually anything that was for sale as they rushed to convert their currency into "any tangible assets" that were not losing value."

http://www.bestmetalresearch.com/wordpress/?p=1800