Increased Iraqi oil revenues stemming from high prices and improved security are piling up in the Federal Reserve Bank of New York rather than being spent on needed reconstruction projects, a Washington Times study of Iraq's spending and revenue figures has shown.
U.S. officials and outside analysts blame the collapse of the country's political and physical infrastructure for Baghdad's failure to spend the money on projects considered vital to restoring stability in the country.
(Washington Times)
"Considered" is the operative word there. By the Bush administration.
Yeah, bunky, maybe those Iraqis are a whole lot smarter than we thought.
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