EXIT STRATEGY

By David Podvin
February 26, 2007

When George W. Bush signed Executive Order 13303 that effectively transferred Iraqi oil into American custody it constituted history’s greatest acquisition of wealth. Iraq contains proven oil reserves of 115 billion barrels, and geological surveys indicate that a similar amount of unconfirmed petroleum deposits exist. At current prices, the oil that lies beneath the Iraqi sand is worth approximately fourteen trillion dollars.

If America were to leave Iraq it would constitute history’s greatest forfeiture of wealth, so America will not leave. Although the Democrats are saying the United States must withdraw sooner and the Republicans are saying the United States must withdraw later, it is performance art worthy of Oscar consideration. The American military isn’t going anywhere. Not sooner. Not later. Not ever. America’s exit strategy is to stay, which explains why hugely expensive military bases are being constructed throughout Iraq. The world’s only superpower did not build its financial juggernaut by being the type of impetuous nation that repudiates fourteen trillion dollars. continued →