Largely attributable to the bonanza in oil prices, to new discoveries of oil since the eviction of Saddam Hussein, and to the increasing success of Iraqi exports via the pipelines to Turkey, this surplus could amount to as much as $79 billion by the end of this year. A good chunk of that money is sitting safely in a bank in New York. I would call this good news by any standard, though of course I understand the annoyance of Sen. Carl Levin, D-Mich., and others involved in the auditing of Iraq, who complain that all the unspent wealth is a bit much, given the heavy outlay from the U.S. treasury for the rebuilding of Mesopotamia.
Yes indeed, Iraq should pay for its own reconstruction. But, just before we all join hands on this obvious proposition, may we take a moment to apologize to Paul Wolfowitz? Of all the many slanders hurled at this advocate for Iraq's liberation, probably none was more gleefully bandied about than his congressional testimony that Iraq's recovery from decades of war and fascism could be self-financing. Now the opponents of the intervention are yelling that Iraq ought to be opening its bulging wallet right away.