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industries intended to meet the demands of the Bush Washington has no interest in the imposition of a administration? privatisation program on Iran as an "alternative" to an all- The Bretton Woods institutions are known to serve US __ out war. In fact, quite the opposite. There are indications interests directly. They are not only in liaison with Wall that the Bush administration's main objective is to stall the Street and the US Treasury, they are also in contact with __ privatisation program. the US State Department, the Pentagon and NATO. The Rather than being applauded by Washington as a move IMF and the World Bank are often consulted prior to the in the right direction, Tehran's privatisation program onslaught of a major war. In the war's aftermath, they are coincides with the launching (on 22 May 2008) of a far- involved in providing "post-conflict reconstruction" loans. _ reaching Resolution in the US Congress (H. Con. Res. In this regard, the World Bank is a key player in 362), calling for the imposition of worldwide financial channelling "foreign aid" to both Iraq and Afghanistan. sanctions directed against Iran: The privatisation measures suggest that Iran is prepared "[H. Con. Res. 362] urges the President, in the strongest to allow foreign capital to gain control over important key —_ of terms, to immediately use his existing authority to sectors of the Iranian economy. impose sanctions on the Central Bank of Iran ... According to the chairman of the Iranian Privatisation international banks which continue to conduct financial Organization (IPO), Gholamreza Kord-Zanganeh, some transactions with proscribed Iranian banks ... energy 230 state-run companies are slated to be privatised by end — companies that have invested $20,000,000 or more in the of the Iranian year (March 2009). The Tranian petroleum or natural gas sector shares of some 177 state companies in any given year since the enactment of were offered on the Tehran Stock the Iran Sanctions Act of 1996; and all Exchange in the last Iranian year Were these economic companies which continue to do (ending March 2008). 9 b ied business with Iran's Islamic According to Telegeography (30 June sanctions to be carrie Revolutionary Guard Corps." 2008), already the state-owned out and enforced, (Emphasis added.) Telecommunication Company of Iran The Resolution further "...demands (TCI) has indicated that "...a number of they would paralyse that the President initiate an foreign telcos have expressed an international effort to immediately and interest in acquiring its shares when the trade and monetary dramatically increase the economic, government sells off part of its interest transactions. political, and diplomatic pressure on in a month's time. Local press reports Tran to verifiably suspend its nuclear did not name the potential investors. [T]hey would also enrichment activities by...prohibiting TCI has a monopoly in Iran's fixed undermine Iran's the export to Iran of all refined line market and is also the country's largest cellular operator via its subsidiary MCI."* France's Alcatel, the MTN Group of South Africa and Germany's Siemens already have sizeable interests in Iran's telecom industry. Other key sectors of the economy including aluminium, copper, and the iron and steel industry have recently been put up for privatisation, with the shares of petroleum products; imposing stringent inspection requirements on all persons, vehicles, ships, planes, trains, and cargo entering or departing Iran; and prohibiting the international movement of all Tranian officials not involved in negotiating the suspension of Iran's nuclear program." (Emphasis added.) Were these economic sanctions to be carried out and enforced, they would paralyse trade and monetary privatisation program and foreclose the transfer of Iranian state assets into foreign hands. state companies floated on the Tehran Stock Exchange. transactions. Needless to say, they would also undermine Iran's privatisation program and foreclose the transfer of More than Meets the Eye Iranian state assets into foreign hands. Ta thin dnaiainn Ler Tahaan ta Teelawnnt 9 fan annchinn they would paralyse trade and monetary transactions. [T]hey would also undermine Iran's privatisation program and foreclose the More than Meets the Eye Is this decision by Tehran to implement a far-reaching privatisation program in any way connected with continuous US sabre-rattling and diplomatic arm-twisting? At first sight, it appears that Tehran is caving in to Washington's demands so as to avoid an all-out war. Iran's assets would be handed over on a silver platter to western foreign investors, without the need for America to conquer new economic frontiers through military means. But there is more than meets the eye. Economic Warfare Now why on Earth would the Bush administration be opposed to the adoption of a neoliberal-style divestment program, which would strip the Islamic Republic of Iran of some of its most profitable assets? If "economic conquest" is the ultimate objective of a profit-driven military agenda, what then is the purpose of bombing Iran, when Iran actually accepts to hand over its 12 ¢ NEXUS Were these economic sanctions to be carried out and enforced, transfer of Iranian state assets into foreign hands. www.nexusmagazine.com AUGUST — SEPTEMBER 2008