US Attack On Iraq Would Blow Up World Economy

More criticism is building up against US’ planned attack on Iraq.

According to the AFP, a researcher at a French government-funded research institute warned on August 8th, “Large-scale attack on Iraq will freeze the international financial market and send a devastating blow to the world economy. It means the world economy, which has already been damaged by the illegal accounting by US companies, will be worse off if US attacks Iraq.

In addition, in a recent report released by BNP Paribas Bank, it was predicted, “The price of oil per barrel will be shot up from $25 to $40 with a short-term war equal to the ’90 Gulf War in size. The growth rate of the world economy will be 0.5% in the first year of the war and 0.3% in the following year.”

The AFP analyzed, “Some say the oil price would not be affected since many countries produce it. But the mainstream opinion has it that a war in the Gulf area will severely hurt the world economy since the economic trust is to be damaged.”

Some further argue that the anti-Iraq war will put the whole Middle East into chaos.

The Secretary General of the Arab League opined on August 9, in an interview with an Austria’s daily “The Standard,” “US’ blinded support for Israel has caused all the violence and resistance by the Palestinians. If US attacks Iraq, the Middle East will be bogged down into instability and violence.”

The Independence, a British daily, cited British military and diplomatic officials in its August 9th issue. In that report, British officials said that they are also opposed to the attack on Iraq. They warned that any US attack would worsen the conflicts in Afghanistan, Israel and Kashmir.

But Shariff Ali the spokesman for the INC, an Iraqi opposing party, commented, “If US attacks Iraq, none of the Iraqi people will defend Saddam Hussein. US military operation against Iraq does not seem to last long.”

Sung-Kyu Kim kimsk@donga.com