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If it was established as a co-operative then all citizens
would own it, all shares would be equal, and shares could not be sold to anyone
except back to the co-op and that should not be allowed unless the citizen was
moving out of the country. Any and all citizens, rich or poor, could stand
for a position on the board of directors.
The people should also own the Central Bank, not as a
co-op but through the government.
It must be understood that Iraq is different than Alaska
in that Iraq is a sovereign jurisdiction and Alaska is not. What can be
accomplished by Iraq is totally different than what can be accomplished by
Alaska. The Central Bank in Iraq can pay dividends created by new money
but Alaska can only pay dividends from earned income, that is unless the system
is changed to allow it.
Chick
----- Original Message -----
Sent: Friday, May 02, 2003 12:18 PM
Subject: Re: OWNERSHIP: Alaska dividend
model for Iraq
The problem with privatising the Iraqi National Oil Company
and then giving the shares out equally to all Iraqi citizens is that the
poorer ones will frequently be hard up and will find it tempting to sell their
shares. The better off will be able to hang on to their existing shares or
even by more shares from those selling them.
In the end, as usual, the rich will end up owning
everything. The only scheme that might work in the long run is for the oil
business to be owned by some, hopefully, independent mutual type body owned
equally by every Iraqi citizen.
John Florentin
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