Nobody doubts that the US has a responsibility to rebuild Iraq, but US taxpayers are paying six times more than Iraqis, while Iraq banks draw new wealth from rising oil prices. We hear about public—and private—investment. Is money to be made on amusement parks? Also, NATO scolds Russia while pledging to help Georgia rebuild, and a veteran of Olympic sports coverage talks about the most exciting moments so far in Beijing—and what's to come.
FROM THIS EPISODE
At the Black Sea port of Poti today, Russian forces detained 21 Georgian soldiers and took them away bound and blindfolded. At NATO's emergency meeting in Brussels, one diplomat said, "Yes, there is withdrawal of Russian forces, but there is also reinforcement." John Miller is there for the Wall Street Journal.
John Miller, Europe Reporter, Wall Street Journal
The high price of oil has Iraq rolling in money, but much of that new wealth stays in foreign bank accounts, while the US rebuilds the country. Americans are paying six times more than Iraqis for roads, schools and power plants, as well as the refineries and pipelines for oil production. That's according to the Government Accountability Office, an arm of the Congress. With a sagging economy, how long can the US afford that kind of money? Why isn’t it more effective? Will Iraq’s oil wealth mean future profits for private investors? We talk with an American entrepreneur who's building power plants and amusement parks.
All the world knows about Michael Phelps' eight Gold Medals, but he’s not the only story at the Summer Olympics. Individual achievements and team competitions at the Olympic Games are the products of years of training. Some rivalries are historic. Alan Abrahamson, who has covered the Olympics for nine years and is now chief columnist for NBC Olympics.com, has a rundown from Beijing.