Disgusting LA Times Propaganda

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The headline says that “Kadafi’s Hidden Riches Astound.” It mentions more than $200 billion. Much further down, it mentions Libya’s sovereign wealth funds, but it still insinuates that these investments were for personal purposes. This is ridiculous, since these investment authorities and the investments were quite well known. This was not wealth locked up in a secret Swiss bank account. It was funds invested in properties and enterprises, many across Africa. Indeed, seizure of this wealth has been one of the war aims. This was covered last April in detail in an article titled “Financial Heist of the Century: Confiscating Libya’s Sovereign Wealth Funds.” This article says “The Libyan Investment Authority (LIA) manages sovereign wealth funds estimated at about $70 billion U.S., rising to more than $150 billion if you include foreign investments of the Central Bank and other bodies. But it might be more. Even if they are lower than those of Saudi Arabia or Kuwait, Libyan sovereign wealth funds have been characterized by their rapid growth. When LIA was established in 2006, it had $40 billion at its disposal. In just five years, LIA has invested over one hundred companies in North Africa, Asia, Europe, the U.S. and South America: holding, banking, real estate, industries, oil companies and others.”

This was one of the means by which Gaddafi sought to achieve political aims, including an African union and independence of Africa from western finance. These funds and this independence are one of the very reasons that Gaddafi has been overthrown. It is not enough for the West to have murdered him and wrecked the country, possibly initiating a long period of trial, turmoil, hardship, lower living standards, bloody retribution, and civil violence; no, his persona and character must also be discredited in propaganda stories such as this.

7:02 pm on October 26, 2011
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