Iraq oil output to double by 2020: IEA

CNN money ^ | Oct. 9, 2012 | By Mark Thompson

[BfloGuy]

Reportedly the Iraqi minister of finance is setting up a system to distribute 25 percent of oil profits directly to the Iraqi people.

It's not altogether different from what Alaska does, either. It strikes me, though, as a sort of welfare check [same as Alaska's.]

I'd have liked to see the Iraqis give ownership of the oil industry to the people. Create a private corporation and issue shares of stock to each citizen. That would have given everyone a stake in its performance and would have curtailed the government's ability to play shenanigans with oil money.

It is only through private ownership that countries can escape the oil "curse."

[Brad from Tennessee]

[Create a private corporation and issue shares of stock to each citizen.]

Good plan. If someone wanted to start a business or go to college they could sell the stock or use it as collateral.

When the new GM issued their IPO it was handled by financial entities close to the White House. The first day or so retail investors could not buy the stock.

What Obama could have done was to offer shares first to individuals and families and hype it like a war bond—”Own a Piece of American Prosperity” or something.

Like you said this would have given citizens a stake in GM’s future. Instead, half the population won't buy GM.