Alan Greenspan: Iraq War was Really for Oil

Politics | September 16, 2007, Sunday // 00:00| Views: | Comments: 0
Alan Greenspan: Iraq War was Really for Oil Alan Greenspan's long-awaited memoir "The Age of Turbulence: Adventures in a New World" is scheduled for release Monday. Photo by cnn.com

Former Federal Reserve Chairman Alan Greenspan has shocked the White House by saying the prime motive for the war in Iraq was oil.

"I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil," Greenspan says in his long-awaited memoir, as cited by Sunday Times.

Britain and America have always insisted the war had nothing to do with oil. Bush said the aim was to disarm Iraq of weapons of mass destruction and end Saddam's support for terrorism, Sunday Times stresses.

The articles claims that the White House has been "shaken" by Greenspan's declaration.

Greenspan, 81, a Republican whose 18-year tenure as head of the US Federal Reserve was widely admired, also delivers a stinging critique of President George W Bush's economic policies.

"My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," Greenspan wrote.

Bush took office in 2001, the last time the government produced a budget surplus. Every year after that, the government has been in the red. In 2004, the deficit swelled to a record USD 413 B.

"The Republicans in Congress lost their way," Greenspan wrote. "They swapped principle for power. They ended up with neither. They deserved to lose."

"The Age of Turbulence: Adventures in a New World" is scheduled for release Monday.
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