Iraq Press Roundup

Iraqi newspapers discussed Wednesday the issue of the U.S. financial bailout and its impact on the situation in Iraq. Kitabat newspaper said the U.S. financial bailout has repercussions for the economy of regional oil-exporting countries.

Could the financial bailout create a global economic system?

As many Arabs hold financial interests in U.S. markets, the economic bailout could have a major impact on the fiscal relationship between Arab countries and the United States.

Several Middle Eastern and Gulf countries are dependent on oil revenue to support their economies, leaving them vulnerable to the spillover from the U.S. financial crisis.

The United States once again has ignored history by failing to develop emergency plans to deal with financial catastrophes. Washington may have eased the economic fallout from past crises, but never managed to find a permanent solution. Meanwhile, U.S. officials continue to funnel American taxpayer money for its military efforts overseas.

Though Iraq is relatively safeguarded against the downturn in the global economy because of its relationship with the Federal Reserve Bank of New York, Baghdad should take heed to avoid an economic calamity at home, the newspaper said.

The liberal al-Ahali newspaper said Wednesday the U.S. empire eventually will come to an end because of its mismanaged economy and failed policies.

Is the end of the America near?

Washington's behavior, from its spending on the Iraqi war effort to a failure to address the economic challenges facing middle- and lower-class Americans, raises concerns across the globe. The U.S. empire will meet the same fate as others in the past, the newspaper said.

The United States, by leading the invasion of Iraq in 2003, planned to rob the country of its oil. Washington just as easily could invade any other oil-rich country and control world markets to bring oil wealth into the hands of the greedy officials in the White House, the newspaper said.

Therefore, any step Washington takes in alleviating the global economic crisis will be met with resistance, because the United States is now no different from any other country in the world.

The end of America is on the horizon, the newspaper said. When the U.S. forces leave the Middle East, the Israelis will emerge as the dominant power and assume full control over Palestine. However, by surrounding itself with countries whose objective it is to eliminate the Jewish state, Israel will meet the fate of similar empires as history repeats itself.

Al-Taakhi newspaper Wednesday said the United States, in the midst of the economic crisis, no longer can convince its people they can live the "American Dream."

The challenges that confront the next administration

Diminishing the use of oil is one of the solutions offered to alleviate the economic crisis. The next U.S. president must recognize that the economic power of oil-producing countries is tantamount to political power.

However, this political power, especially in the hands of countries like Iran, is of no interest to the United States. Iran, as one of the world's major oil-producing countries, could play a huge role in the U.S. economy. Much work is needed in the diplomatic realm in order to avoid the disastrous consequences if Tehran cuts off access to its oil reserves in defiance of Washington.

The relationship between Washington and the governments of Iran, Iraq, Afghanistan, Turkey and Pakistan is in decline, leaving their economies in turmoil. The United States, therefore, needs to maintain a positive relationship with oil-producing countries.

Oil-producing countries, for their part, need to exploit the high demand for natural resources in the United States, especially as oil prices continue to decline. Either that or these countries need to build their relationship with Washington on a foundation apart from oil, a source of wealth that will continue to decline in the near future.