Iraq in the modern ages!!

Back in 1975, Iraq was a very successful developing country. The economy at that time was worth 100 billion dollars, but in the year 2003 it is worth at best, 25 billion dollars.

In the late 1970’s under the influence of the dictatorship of Saddam Hussein the economy started to go downhill fast. It is estimated that the current debt of the Iraqi government is $386 billion dollars. Foreign debt is $127 billion dollars, unpaid bills are $57 billion dollars and Gulf War 1, compensation totals $199 billion dollars. It will take at lease $100 billion dollars to reconstruct the inter-structure and oil wells of Iraq and then maybe the bills will begun to be paid. Saddam had not made a debt payment to creditors for 12 years.

All laws and institutions were subject to Saddam’s rules and had nothing to do with the rule of law or any common sense. While the people of Iraq were starving, Saddam was building over 70 palaces, including gold plated AK-47’S and 300 old and special cars, some of them worth over a million dollars each. Special race horses, gold plated faucets in the bath rooms and all of these palaces had to be staffed and even meals were prepared each and every day, even though there were not any of the regime’s people at a given palace. The average person was being paid 2-4 dollars a month. But it was possible to make at lease five to 100 times as much money, through bribes, if a person had ambitions.