Another take on Gaddafi

See in the video how Gaddafi is cheered and applauded in the streets of Tripoli as he had – amongst other things – pledged to dismantle the government and turn the oil wealth (just north of $10 billion) to the 5 million citizens of Libya.  This was apparently because he was fed up with corruption that prevented oil wealth from flowing to the people. Other government officials and the oil elites were, understandably, not happy with this proposal.

Of course, it’s one thing depositing government savings directly into people’s bank accounts – as it really is rightfully their money, or setting up a framework that would distribute these tax payments from oil majors directly to the people going forward.  It’s another thing for Gaddafi to nationalise privately owned oil resources and hand those over the people.   Respect for property rights are the cornerstone of a free and libertarian society.

This does, however, fit one more piece into the puzzle of how the so-called ‘rebels’ were able to set up a new central bank within a week of the offense against Gaddafi, as well as set up another national oil company to compete with Gaddafi so quickly.  At the same time, the US government released a statement saying it would be willing to trade with the rebels the minute it started exporting oil. The ‘rebels’ were part of the Libyan government and had acted with NATO to protect either sides’ mutual interests.

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