text:
The very difficult circumstances of the last seven years in Iraq – which caused a tremendous human suffering, and inflicted huge material and financial loss to the Iraqis, as well as to the United States and its main ally Britain – have shown the strength of the Iraqis in bearing the burden of these damaging events, their high spirit for defending their liberties, and their determination to establish a new politically liberal and democratic state. Also, the experience of the Gulf and Middle East region – rich in oil and gas and characterized by inter-states conflicts, especially with the recent rise of Iran's ambitions as a nuclear power – confirm Iraq's strategic importance and the need for its stability.
However, its success in establishing a liberal and democratic political system depends to a large extent on Iraq's capacity for building the national economy where the private and public sectors play complementary roles in a more liberalized market for utilizing its abundant human and natural resources – especially oil and gas – for improving living standards in terms of income, consumption, public health and education services, and provision of public utilities. Also, policies and measures for market liberalization should consider the strategic importance of developing non-oil industrial sectors and diversifying national income sources.
A side issue, nonetheless relevant, is the examination of the suggested economic remedy in this article may prove useful in debating whether the objectives of the U.S. military presence in the Middle East are to maintain stability of the region, the management of the regional power balance, or as an instrument to help in the establishment of democracy and civil societies.[1]
Last year, Iraq achieved significant success in combating terrorism and limiting violence and sectarian conflict, as well as fairly improving the national reconciliation process. However, economic failure continues to prevail despite high public expenditures and the availability of financial resources. The vast majority of people are still living in hardship conditions or remain poor.
Significantly, in recent months, the government has signed new investment agreements with the oil foreign companies that aim at increasing the crude oil production from its existing rich oil fields as of 2016/2017.[2] The successful implementation of these agreements will have strategic economic and political importance far exceeding their financial outcome, just as Iraq's history has shown in 1951 when oil revenues substantially increased as a result of the 50/50 profit sharing agreement signed with foreign oil companies, and the subsequent increase in world oil prices in 1973.[3] The impact of increasing oil production to 12 million barrels per day (b/d) and a parallel increase in exports would greatly influence the world oil and energy markets.
The aim of this article is to analyze reasonably – albeit a personal vision – the expected impact of the "targeted success" of these agreements on the economy and the likely change in the positions of the country driving forces in the coming years. It highlights that if the government continues not to have economic direction as the last seven years experienced, the "targeted" financial benefits from the new oil agreements would restrict the required far-reaching economic, social, and political development of the country.
Based on earlier conclusions, the implication of having additional oil power has two main contradictory possibilities:[4]
a. Rational utilization of the "excessive" oil revenues in building the national economy and alleviating the related social problems. This objective can only be realized by applying the economic diversification strategy that reduce the State (governments) high dependence, and consequently the people reliance, on oil exports for financing public and private expenditures and imports.
b. Or the other possibility; exploiting the oil revenues for serving the interests of small economic and social groups and the ruling political elite that lead to limiting the democratic process, and might encourage the rise of a new dictatorial regime. The structural economic crisis will then be perpetuated while the society enjoys a substantial increase of the public and private consumption.
Also, if not rationally utilized, additional huge oil power might invite the future government to engage in the power-game, or even worse to be involved in the ideological and political conflicts among the region's countries.[5]
Since the establishment of modern Iraq in the early 1920's until the end of 1960's, the country has been a pioneer among the Middle East in enjoying a variety of liberties of the then semi-liberal regimes. Also, the experience showed that the accumulated misuse of oil revenues since the 1950's has been a major factor behind its present problems.[6] This explains why the Iraqis have always been keen in expressing their interest and awareness of the oil wealth prosperity and adversities, especially there has been no record of fairly economic progress made by the governments for a long time.
Since 2003, the experience showed that the ruling parties and the governments have no national future vision and economic and social development programs supported by clear political commitments for dealing with the prevailing amounting problems.[7] And when the prominent politicians publicly confess that the government's shortcoming extends beyond maintaining a stable political system to include the failure in alleviating the socio-economic problems, then the conclusion that there exist serious political, economic, and social crises becomes a nation-wide priority issue.[8]
The experience revealed that the governments and the main parties have vague understanding of the required economic policies and institutions. More important, among the ruling parties, there is no coherent vision or concrete views that outline the essential features of Iraq's modern State; i.e. Iraq's long-term objectives and the political, economic, and social strategies, which make the task of implementing integrated economic policies extremely difficult.
In reality, insufficient recognition of Iraq's real economic problems has been reflected by the current flawed policy that mix up between the need for liberalizing the market from the State's intervention and the necessity to appreciate two important facts:
1. The collective interests such as the public education and health services cannot be realized by the individual and self-interests.
2. The public ownership of oil wealth (revenues).
At present, the following political economy features are observed:
1. The people are widely involved in public politics as have been reflected by their interest in the general and the governorates' elections, while there is a downwards trend in the popularity of the Shiite and Sunni parties. Also, the liberal and democratic parties, including the ruling parties in Kurdistan Federal Region (KFR), are losing their popularity and effectiveness.[9]
2. The failure of the dominant parties in protecting the individual and public liberties, maintain political stability, and promoting democracy. This is also observed in KFR which has enjoyed a stable and secured situation after the occupation in April 2003.[10]
3. The early failure of the liberal national conference party, the royal constituency movement, and to a less degree al-wifaq movement reflect how Iraqis react in a sensitive way to the socially and politically privileged personalities who did not share their hardship in the past.
4. The apparent governments' failure in providing the people's basic needs, essential public services, reconstruction the infrastructure, and reviving the economy.
5. The increasing disparity in income and wealth between the few wealthy war and occupation beneficiaries and the prominent politicians and their privileged close supporters on one side, and the people's majority whom living standards have been deteriorating, unemployment among active population is increasing, and more are falling into the poverty trap. The disparity also exists among the governorates.[11]
6. Lack of public services, bad housing conditions, and increasing prices of the real estate, are causing a growing social and political concern.
7. Widespread and serious financial and administrative corruption in all the government institutions, especially among the ruling political elite.[12]
8. The influence of public sector enterprises is receding, the weakness of the middle class continues, and the private sector remain small, while a wealthy small groups of traders and contractors, as well as the emergence of wealthy professional politicians are dominating the public scene.[13]
9. While unemployment rate is high, the number of employee in the government departments and public entities, including the army and the security forces, has substantially increased.[14] The problem of over-employment is particularly acute in KFR[15].
10. Neither the present government nor the main political parties have wide and effective relationships with the citizens that would help them to understand the people real problems.[16]
In addition to its strategic geopolitical advantages, the successful implementation of the new oil agreements would improve Iraq's opportunity to be one of the most developed countries in the Middle East, as well as being an influential, if not playing the swinging role, in affecting the policies of the "Organization of Petroleum Exporting Countries" (OPEC). Adding (6-9) million b/d to the world's crude oil supply would drastically affect the trends and prices in the crude oil and energy markets, as well as causing a far-reaching shift in the power balance in the Middle East region.
Since the 1950's, the Iraqi regimes; the semi-liberal, the Arab nationalist, the Arab socialist, the dictatorial, and the present mixed inhomogeneous regime led by the Islamic governments dominated by the Shiite and the Sunni, have experienced, in different degrees, the adversities of high dependence on oil revenues.[17] At present, however, Iraq faces the challenge of fundamental inquest; how can the national economy be built as part of the liberal, democratic, and socially progressive State that would be pioneer in the Middle East?
The experience showed that any attempt for designing the required economic strategy and policies cannot be effective enough without a framework of national future vision in which the oil wealth considered as a strategic factor.[18] In fact, oil revenues continue to play a key role in keeping Iraq's State intact after the fall of the former dictatorial regime by financing the military and security forces, increasing public expenditures, providing public services, and even financing, directly or indirectly, the political parties and groups. Indeed, the State viability has been largely maintained during the last seven years by the revenues of producing and exporting the crude oil at the average of 1.650, 2.000, 1.750, 1.930, 2.000, 2.340, and 2.400 million b/d in the years 2003 to 2009.[19] This is why the citizens and the political parties have raised their concern and demand for increasing investments in the rehabilitation of the depleted infrastructure of the oil industry by the government. Indeed, demand for increasing oil revenues has always been a matter of necessity. Since early 1980's, the call for increasing oil production and exports escalated as a result of the devastating and costly Iraq-Iran war. The catastrophic consequences of the UN economic and trade sanctions (August 1990-April 2003) which was imposed on Iraq after the invasion of Kuwait revealed how important it is for Iraq to maintain high level of oil production and exports.[20]
After occupation, the domestic and foreign interests in oil policies have been widely varied; the rehabilitation of the infrastructure of the oil industry and maximization of oil production and exports were popular, the foreign concerns advised the privatization of the oil industry, some advocate the "fantasy" of distributing oil revenues in cash among the citizens, others suggest that rehabilitation of the industry should be done by the public enterprises, and some preferred service contracts rather than direct investment agreements with the oil foreign companies. Nevertheless, within the prevailing political economy framework, maintaining the public ownership of the all activities of the industry; i.e. exploration, extraction, exports, and industrialization have been the major concern of the people.
Significantly, however, all these views and related policy suggestions, have not tackled the problematic relationship between the way of utilizing the oil revenues and the objectives of economic strategy and the macroeconomic policies. In fact, the interests of all concerned parties were centered on the financial outcome.
At present, since the government has signed the new oil agreements with the foreign companies regardless of its cost-benefit assessment, it is essential to analyze its likely future implication in view of the country's long-term strategies that should be guided by national future vision. The agreements have confirmed the prevailing dominant perception since 1970's that Iraq has the potential of producing up to 10 million b/d of crude oil and hence have the capacity to maintain a strategic position in the Middle East. Let us remember that Saddam Hussein and the Baath party have such ambitions in order to build a strong State of Iraq. They had a future vision for Iraq, but, unfortunately, it was wrong vision.
Iraqi views have been different in assessing the financial and economic cost-benefit and legality of these agreements; while some views were preferable,[21] others question its legality[22] or highlight the negative implication of having foreign companies controlling the oil wealth, and there is a question whether the "targeted" increase of public financial resources has urgent economic need. Such differences are similar to those views hindering the approval of the proposed "oil and gas law 2007" which was authorized by the government but rejected by the parliament,[23] as well as the views that deny the tendency of the government of KFR to dispute the centralization of public oil purse and allocation.
According to these agreements, crude oil production will be increased to an average of 12 million b/d as from 2016.[24] I.e. the new investment will add 9 million b/d to the present production of 2.4 million b/d. Such new reality would radically change the future trends in the energy markets by adding about 38% to the OPEC oil supply in 2016 and 18% in 2030.[25] As for the world oil demand, the expected exports' increase of about 9 million b/d, shall constitute about 9.4% and 8.5% of the estimated world's demand in 2016 and 2030 respectively.[26] But most important, it puts Iraq at a new historical economic and political transfer stage ample with contradicting possibilities similar, if not more radical, to the 1970's period. In particular, the direction and effectiveness of the economic policies of the coming governments might be affected.
In spite of the skeptical views that reduce the high expectation of the "targeted" increase of oil production due to the country's limited export capacities,[27] or casting doubts on the economic viability and the risk of producing more than 6 million b/d,[28] the psychological impact of the new oil agreements starts to influence the domestic political economy, and also the region where some observers refer to the likely change of the political and economic power balance among the Middle East countries in favor of Iraq.[29]
Undoubtedly, the expected increase of crude oil production to 12 million b/d is a new strategic factor that will reshape the future of Iraq's State.
The immediate and likely longer-term effects of these agreements on the present economic and political reality, and its adversity if the required radical changes are not carried out in due time, can be perceived as follows:
1. The principle of giving priority to the economic strategy and policies leading the oil policy has already been violated. In fact, neither there is a well-defined economic strategy and policies, nor the new oil agreements considered the prevailing economic conditions.[30] Such a situation would sustain the government's short-term economic approach and most probably relax the efforts for dealing with the chronic structural economic problems.
2. It is expected that the governments and public enterprises expenditures would increase substantially, especially for financing the physical, social, and environmental infrastructure projects, and consequently accelerate the process of contracting hastily with the foreign companies for their implementation. Such situation highlights that the existing problem of the State's limited administrative absorptive capacities would be worsened.
3. The availability of "excessive" oil revenues would provide the coming governments with the opportunity for concealing their failure in dealing with the existing socio-economic problems. This expectation is based on the inefficient economic management of the country on one side, and the political parties' tendency for gaining popular support by promising the continuation of the current wrong-medication, morally subdued, and financially costly the "food ration system", as well as the provision of the oil products at subsidized low prices on the other.[31]
4. As the oil economic and political power grows, the demand of the citizens and the liberal reforms groups for the rationalization of the public spending would be increased; i.e. the issue of likely "exorbitant" public spending of the "excessive" oil revenues would rule the political economy activities.
5. Given the seven years lax governance of the country, the efforts for increasing the capacities and efficiency of the government's economic, financial and monetary departments and public agencies, as well as the tasks of re-evaluation of the public enterprises would be relaxed even more.
6. As a result of high public expectation of speedy economic recovery, the reliance on the government expenditures would be increased, and the demand for economic liberalization would be amounted.
7. On the foreign policy, the confidence in the State having a higher bargaining political, financial, economic, and military power vis-à-vis the neighbour countries, shall increase significantly.
At present, it is unfortunate that there is a perception among most of the politicians, and the public too, assumes that the abundant oil revenues are sufficient requirement for raising economic growth and improving the living standards. Oil revenues, however, are necessary, but they are not sufficient for increasing production, productivity, and employment, as well as indigenizing the modern industries and advanced technologies. In reality, the existence of market distortions; namely, lack of physical infrastructure, shortage of skill labor, immobile labor force and other factors of production, the price and in-kind income subsidies, institutional barriers, and some social values and traditions, reduces substantially the practical value of such trouble-free optimistic suggestion.
Given the existence of market failure conditions, the prevailing main economic facts and issues can be generally identified as follows:
1. Sluggish non-oil production, high unemployment, low level of individual income and consumption, low level of investment and exports, especially non-oil products, and high dependence on oil revenues for financing the government expenditures and imports. Non-oil revenues of the government's annual budget are insignificant. Against these realities, the World Bank's estimation of the macroeconomic indicators showed that GDP grew in real terms by 4.6% during the period 2004-2009 and the growth rate is expected to be 5.8% in 2010 and 6.8% in 2014.[32] Regardless how realistic these office-desk simple arithmetic estimations are, they failed to show how much the oil and non-oil sectors contribute to GDP in the past and the future.
2. Increasing disparities between the few "new wealthy" groups and the majority of people with low income and living standards which create social discontent among them.
3. The structural economic problems constitute the main challenge facing the nation. The challenge needs a strong political will, administrative skill, and persuasive public debate in order to compromise the need for efficient utilization of oil revenues and the reduction of dependence on crude oil exports by the expansion of production capacities in industry, agriculture, and services to increase their contribution to GDP and exports. The economic criteria for assessing the performance in meeting this challenge are; the expansion of the production capacities of the non-oil economic sectors, especially industry and agriculture, that would increase their share to GDP by at least 80 percent, increasing the share of non-oil exports to total exports to at least 70 percent, increasing the non-oil revenues of the government annual budgets to at least 50 percent of total public expenditures, and increasing the contribution of private sector to 70 percent of GDP[33].
4. The total government expenditures, which were documented by the International and Monitoring Board for Iraq (IAMB) and the Development Fund for Iraq (DFI) amounted to $178,276,134 million during the period (13th May 2003- 31 July 2009). And total public oil revenues were amounted to $169,472,004 million during the same period. Oil revenues constituted 90.58 percent of the total received cash during this period.[34] Also, Iraq total foreign reserves reached $49.530 billion in 17th December 2009, including 2.692 billion gold assets and SDR.[35] It is also expected that oil revenues will be increased in 2010 due to expected increase of the crude oil exports volume and its prices. This would eventually lead to a parallel increase in government expenditures as well as in the country's foreign currency reserves.
5. In pursuing its economic policies, the governments relied on the annual "three years rolling" budget that has to be revised annually. The new system, which is a copy of the US budget system and implemented since 2003, was based on the principle of reducing the State's economic role in favour of promoting the investment activities of the private sector in a free market. It replaced the former two-tier system which was applied since the 1950's; i.e. the annual budget for financing the government and public expenditures, and the second, the economic and social development plan and programmes which were prepared for financing the economic (physical) and social public infrastructure projects. The implementations of those plans were regulated by the execution of annual investment programs. As the actual experience showed, the new system misidentified the relevancy of the country's prevailing salient economic and social features and the domestic market conditions.
6. Iraq's new experience has been characterized by the absence of clear governments' economic policies and the limited role of the professional indigenous economists in the decision-making processes. Coupled with the political centralization of the country's governance and the dominant economic and political role of the oil revenues, active economic problem-solving and strategic thinking have been lacking.[36]
While it is always possible to shed doubt on the practical value of the given views and propositions in this paper, Iraq's economic experience during the three decades before 1980 confirm that it is possible to apply them by Iraqi institutions and professionals with their available expertise provided that there are political commitments and strong will to undertake the required change and modernization.[37]
To increase economic growth and employment as well as improving the living standards, government efforts should be intensified to increase public and private, indigenous and foreign, investment. Most of oil revenues should be allocated to the domestic public investment. However, these efforts as represented by the actual public investment expenditures and the issued of the "investment law" have very limited impact. The "investment law", even if modified to cope with the more liberalized investment regulations applied in the region's countries, would not be effective in increasing domestic investment and indigenizing the foreign investment. The reason simply is that there exists insufficient infrastructure for big investments.
Following the widely practiced investment promotion conferences in the oil-rentier economies in the Gulf region, Iraq arranged many similar conferences with the collaboration of the U.S., the WB and the IMF, in the last seven years to attract foreign investment in utilizing the available opportunities in industry, agriculture, trade, housing, transport and communication, financial and personal services sectors. However, the outcome was not successful. It is obvious that Iraq has many attractive investment opportunities, but their utilization is still restricted not only by the unsettled government economic policies, but also by the lack of the physical infrastructure and skill labor as well as the existing institutional barriers. Unfortunately, those constraints cannot be removed in the short-term, especially for the indigenizing foreign investment in industry.
For Iraq, it is necessary to distinguish between the foreign contractors companies that have advance technology needed for building the required public physical infrastructure and the expansion of the production of electricity and construction materials in the public sector enterprises, and the foreign companies that have the potential in indigenizing modern industries, advance financial services, advance agriculture production technology, and other productive economic activities. The first group of foreign companies needs no particular incentives in order to work as long as the State has enough financial resources to finance the public projects. The second group, which is more important for building the national economy and sustaining economic growth, needs careful and longer-term economic, institutional, legal, and spatial preparations to attract them. Otherwise, foreign investment would be very limited to financial investment and real estate or in the owning the public strategic industries when privatized.
In Iraq, effective economic policies cannot be achieved without prior knowledge of the State economic strategy that requires at least two conditions:
i. Understanding the dynamics of Iraq's oil-rentier economy under imperfect market conditions.
ii. Political commitment to the objectives of the State's future vision.
If these conditions are not satisfied, the government claims of being capable in dealing with the mounting economic problems are worthless. Unfortunately, this is the case where neither the government's economic advisors nor the politicians have enough knowledge to define their economic strategy and policies. The lack of the government oil policy has also prevailed.[38] Moreover, there is no coherent national vision on the objectives of the targeted modern State of Iraq. In this respect, one should mention that while such perception and knowledge are part of the government's responsibilities, the citizens are only interested in their economic and welfare conditions. The private sector, though always interested in knowing how the economy works, is not responsible for the economy's efficiency or dealing with its existing problems.
Evidently, there is no significant difference between the absence of the concept of economic policies during 1920s, 1930s, and 1940s on one side, and the chaotic management of the national economy in the last seven years on the other. In the early times, there have been general governments' statements in which some financial measures and a limited number of public development projects were included and presented in the annual budget and in separate public works programs covering a number of years. In the last few years, however, many new laws have been approved and many government's documents, statements, and promises have been issued, but they were either ineffective or incoherent and impractical. In reality, there were many unrelated financial decisions and measures applied within the framework of the annual budget with a rigid monetary policy.[39] In practice, the government frequently made statements promoting the role of the private sector which proved to have no solid base to materialize. In addition, there is no effective coordination between the economic, financial, and monetary institutions.
Also, the fiscal policy that encourages non-productive expenditures on the pretext of economic expansion and increasing employment in the government departments and public agencies, as well as the rigid "independent" monetary policy that suppose to maintain economic stability; controlling inflation and the fixed exchange rate of the Iraqi Dinar vis-à-vis $US, both of them are irrelevant. These policies were wrong simply because the government expenditures constitute the major share of the aggregate effective demand that generate the consumption and investment and their multipliers, and ultimately stimulate economic growth.
As for the monetary policy, the effects of the interest rates and the bank credits are very limited, while the exchange rates regime is basically determined by the availability of the foreign currency from the crude oil exports which are enough to maintain the required imports. As a matter of fact, the rigidity of the foreign exchange regime contribute to the hidden economic structural problem; i.e. sustaining the economy dependence on oil revenues.[40] As for the increase of the foreign currency reserves, the monetary policy has nothing to do with it. The practice showed that once the annual budget expenditures are determined by the government ministries and agencies, the IDF that is still under the international control, allocates the required money for it. Also, since the total budget allocations exceeded the actual expenditures; i.e. the absorptive economic and institutional capacities are limited, the surplus balance of oil revenues and actual expenditures were added to the foreign currency reserves. Hence, against the actual practice, there is an urgent need for close coordination between the fiscal policy and the monetary policy rather than the false claim that the independent monetary policy helps to curb inflation and stabilize the exchange rates and accumulate the country's foreign currency reserves. One aspect of the monetary policy dilemma was publicly exposed in the suggestion that Iraq has to have a new "foreign currency budget" in which lower and upper limits of the foreign currency reserves have to be annually determined and certain amounts of it should be allocated to the private sector.[41]
In addition, the authorities followed the ill-advised economic reform policy of the IMF that encourage the unconditional and hasty economic liberalization and borrowing foreign loans – while the country has huge reserves – instead of adopting the strategy for economic diversification and gradual market liberalization coupled with the application of moderate social welfare program.
On the reconstruction of the public physical, social, and environmental infrastructure, the government failure is apparent.
As for the oil policy, after settling the major issues of investment in the industry by the new oil agreements, it shall continue to perform two main usual tasks:
i. Maintain the oil exports at preferable prices. This function provides adequate estimates of the annual oil revenues, but adds nothing to the economic policies.
ii. Increasing efforts for the industrialization of the crude oil; the petrochemicals, oil refining, and oil products.
An attempt to assess the likely future change of positions of the driving economic, social, and political forces by traditional social class analysis is not fully applicable. The Iraqi case is simpler. Out of the total population, there are about 24 percent of poor people and the majority of the rest can be classified as lower middle class in term of income, consumption, education, housing, and other criteria. Most of those people have the purpose to link with the dominant political power hoping for improving their daily living conditions. Also, the economic and financial interests of the private companies and business individuals and communities as well as of political parties rely substantially on the government and public expenditures. The State, on the other side, depends heavily on oil revenues in running its normal functions. The people contribute nothing to the public finance; i.e. different forms of taxes, and, therefore, the pressure on the governments from the tax-payers is nil. Hence, the ruling authority plays the key role in influencing the country's economic and political activities, but not the social class or the groups of traders, the contractors, the industrialists, the rich farmers, or the business men. In Iraq, the major power is the oil wealth, which has been held and used by the ruling authority.
However, there is also the social power of the Shiite religious establishment, represented by the Grand Ayatollah Ali Sistani that exerts its important influence on the dominant Shiite communities. Significantly, the establishment is financially independent from government expenditures. Thus, it has the power to shape the future political events.
It is not a new experience that the high increase or the sharp decrease of oil revenues had a huge impact, mostly negative, on the social values and traditions of the oil-rentier countries. Similar change has happened in other oil-rentier society earlier.[42] In Iraq's case, when oil revenues suddenly and sharply dropped, it led to the catastrophic deterioration in the living standards and changed some of the good values and traditions of the society during the period (1990-2003).[43] During the last seven years, the negative impacts of the wastefulness of public expenditures financed by the high increase of oil revenues have magnified the corruption and accelerated the deterioration of the civil service and political ethics to the extent it became apparent phenomenon.
Hence, it is most likely that the expected increase of oil revenues would lead to a wide and deep change in the power position and influence of the political, economic, and social driving forces, especially the ruling parties and the civil society's organizations. Indeed, such changes have already appeared in KFR as a result of the increase of the region government's oil revenues and spending.
The perception is that the following main developments would arise as a result of the new oil agreements:
1. More dominance of the ruling authority.
2. Growing role of the private sector, especially in construction (contractors) and related industries, small and medium industries, and few corporation companies. However, profit and income taxes remain insignificant.
3. Receding importance of the public sector in manufacturing industries, agriculture, and services enterprises, but it shall retain significant role in financing and running the strategic infrastructure projects.
4. Increasing influence of the financiers, the industrialists, the traders, the rich farmers, and the professionals in the financial services sector.
5. Increasing role of the banks, the financial market, the insurance companies, and the financial services.
6. Increasing importance of the middle class in the political, economic, culture, and scientific activities.
7. Rising role of the private entrepreneurship, technology, and the management efficiency of the companies and enterprises.
8. The importance of social security and welfare system would be increased to maintain the benefits of the unemployed, elderly, pensioners, and poor people.
Remarkably, the dynamics and the outcome crisis of the "anticipated exorbitant" government spending of the "excessive" oil revenues in the oil-rentier economies have similarity with the widening divergence of the unlimited banks credits flow in the financial system and the flow of products and commodities in the production system in the developed economies that caused the recent global financial crisis.[44]
Oil has been, and will continue to be, a major driving force in shaping the political economy of Iraq. The "targeted" excessive and fast increase of oil revenues from the new oil agreements would either open the space for the regime to establish a new system that maintain individual and public liberties, liberalizing the economy and domestic politics from the high dependence on them, providing the basic services and material needs to the citizens, or the other possibility; deepening the prevailing overall crisis that is tied with the "silky ribbon" restrictions of "exorbitant" increase of consumption financed mainly by the "excessive" oil revenues.
Iraq must, therefore, seize immediately this new strategic development by taking the following policies and measures;
1. Pursuing the process of economic liberalization gradually in parallel with the performance made in increasing the share of non-oil industrial and economic activities to GDP, public revenues, and exports.
2. Politically, the ruling parties and the civil communities must embark on a nation-wide public debate on the objectives of the "national future vision" and to give rise to a strong, visionary, unified, and popular liberal leadership. The weakness and indecisiveness of the coalition governments' experience should be concluded.
3. Institutionally, the government should initiate radical changes in the functions, the organization, and the interrelationships of the State's economic, financial, and monetary departments and institutions, as well as its social development agencies. The need is apparent for the Ministry of Finance and the Central Bank of Iraq. Also, the "Iraqi Council for Reconstruction and Development" should be established as an independent entity in order to assume the tasks of identifying and implementing a comprehensive program for the construction of the infrastructure priority projects, and coordinate the efforts of the KFG and other Governorates. The tasks of the Ministry of Planning and International Cooperation should be redefined to assume the responsibility of designing "Iraq's future vision", the "long-term economic strategy", the "sectoral development strategies", the "economic reform program", and advice on the "macroeconomic policies". Also, a highly qualified unit should be established and attached to the Prime Minister Office in order to implement the "privatization program" that should include a comprehensive re-evaluation and rehabilitation of the public enterprises.
4. Most important, all these political and institutional and technical requirements should be coupled with a binding State's Law in which 40% of total oil revenues in the years 2011-2015, and at least 70% in 2016 and onward, must be annually allocated to finance public investments in building and modernizing the country's physical, social, and environmental projects.
If the coming governments continue to be without economic direction and fail in utilizing the "targeted" additional oil power for performing the required economic tasks in due time, the risk of enveloping Iraq's bright future for a long time is real.
1. James Russell raises this question in his discussion on the aims of the US's strategy in the Gulf and Middle East region. See, James A. Russell, "Extended Deterrence, Security Guarantees, and Nuclear weapons: U.S. strategic and Policy Conundrums in the Gulf," Strategic Insights 8, no. 5 (December 2009).
2. Details of these agreements and an argument on its likely implication on OPEC was given in: Ruba Husari, "The Rush for Oil: Iraq's Oil Capacity Potential and Regional Geopolitics", MEES 52, no. 45 (9 November 2009).
3. A historical assessment of the economic impact of the oil revenues was given in: Sabri Zire Al-Saadi, "al-tajruba al-iqtisadiya fi al-iraq al-hadeeth: al-naft, wa aldimouqratiya, wa al-mashroea al-iqtisadi al-watani (1950-2006)", (the economic experience of modern iraq: oil, democracy, and the national economic project (1950-2006)), Dar-Almada Publishers, Baghdad, Damascus, and Beirut, January, 2009.
4. The conclusion has been mentioned in my writings over the last two decades; e.g. Sabri Zire Al-Saadi, "The Economic Revival of Iraq," MEES 46, no. 35 (1 September 2003); "Success Conditions for Iraq's Oil- Rentier Economy: Special Theory of Economic- Rent and Free Market Efficiency, Strategic Insights 6, no. 6 (December 2007); "Liberalization Strategy for Iraq's Oil-Hostage Economy: Alternative to Oil Power Dominance and Neo-Liberal Subordinate Economic Policy", Part 1&2, MEES 49, nos. 42 & 43 (16 and 23 October 2006), "al-tajruba al-iqtisadiya fi al-iraq al-hadeeth (1950-2006), (the economic experience of modern iraq (1950-2006)," Op. Cit.
5. See, Sabri Zire Al-Saadi, "Oil Power and Adversity in Iraq's Experience: Case History of the Middle East," Strategic Insights 7, No. 2 (April 2008), republished in Arabic in "al-mustaqbal al-arabi", a monthly journal issued by the Centre of Arab Unity Studies, Beirut, Lebanon, no. 255, September 2008. Also republished in an Arabic collection of essays, "Iraq under Occupation," issued by the Centre of Arab Unity Studies, Beirut, Lebanon, October 2008.
6. See, "al-tajruba al-iqtisadiya fi al-iraq al-hadeeth (1950-2006): the economic experience of modern iraq (1950-2006)," Op. Cit.
7. See: Sabri Zire Al-Saadi, "Iraq's National Vision, Economic Strategy, and Policies," Strategic Insights 5, No. 3 (March 2006), and also "Iraq Needs a Radical Change in Economic Strategy, and a Political Commitment to National Criteria for Oil Wealth Utilization," Strategic Insights 6, no. 1 (January 2007).
8. E.g., Iraqi Vice President, Dr. Adel Abdul Mahdi, also one of the leaders of the ruling "Iraqi Islamic Supreme Council," was quoted in an interview with the well-known Arab electronic journal "Elaph" on 28th of December 2009, as saying, "the failure includes improving the services, security setbacks – especially recently – high disguised and real unemployment, continuous economic deterioration in real sectors; agriculture, industry, infrastructure, electricity and water, housing, militarization of the society, politicized the military, unclear (political) partnerships and institutions, disrespect of the law … this needs urgent reform of the perception and practices."
9. Many Iraqi writers have continuously raised their concerns about these problems in the media.
10. E.g., Dr. Kadhim Habib, a veteran Iraqi politician and economist and a well-known Kurdish rights supporter who has long had close relations with the Kurdish leaders and people, addressed those alarming negative developments in many published and unpublished letters. The latest one, sent to Dr. Barham Salih, the Prime Minister of the KFG, was dated 21 January 2010.
11. An interesting recent assessment of the deterioration of the socio-economic indicators was made by Dr. Ahmed Ibrahi Al-Ali, in which the following indicators were mentioned: in 2007, 24 percent of total population estimated at about 30 million - and about 30.8 million in 2009 - are below poverty line, only 26 percent of total population are economically effective, 32 percent of the population spend less than ID 100,000.0 ($83.0) a month per person, 38.2 percent spend more than 100,000.0 and less than ID180,000.0 ($83.0-150.0), while 29.2 percent spend more than ID180,000.0 ($150.0) per person per month. The overall average was estimated at ID145,800.0 ($121.5). The average individual spending in KFR is almost twice the average in the rest of the country. See, Ahmed Ibrahim Al-Ali, "maeishat al-usra wa rafah al-am fi thaoue al-masih al-iqtisadi wa al-ijtimaie lil-iraq" (the family living and general welfare in view of the economic and social survey of Iraq"), paper in private circulation, Baghdad, 2009.
12. Ample corruption cases have been reported in the daily media by "the integrity committee of the parliament." According to the Transparency International, Iraq's Corruption Perceptions Index of 2009 has put the country at the bottom rank of 176 among the 180 countries. See: www.transparency.org.
13. E.g., it was reported that the annual salary of a member of the parliament is about $300,000, while the average annual salary of a university graduate in the civil service is about $4000.
14. In a press release published in Al-Sabah newspaper on May 26, 2009, Mr. Baqir Jabur Al-Zubaidi, the Minister of Finance, said " the state is responsible for financing more than 20 million citizens including 1.25 million families entitled to the salary of the social safety net, about 2.5 million employees in the civil services, and 2 million retirees. In all, the state allocated $45 billion in the annual budget of 2009."
15. Unconfirmed estimate; note that the number of the government employees was more 25 percent of total population of the region.
16. All the prominent politicians are isolated from direct contacts with the ordinary people. They are either living within the highly protected "green zone" neighborhood, or under the protection of heavily-armed security guards elsewhere.
17. See, "al-tajruba al-iqtisadiya fi al-iraq al-hadeeth (1950-2006): the economic experience of modern iraq (1950-2006)," Op Cit.
18. See: "Success Conditions for Iraq's Oil- Rentier Economy," Op. Cit.
19. See, MEES estimates, OPEC crude oil production for the period April 2003- October 2009, www.mees.com.
20. See Sabri Zire Al-Saadi, "Oil Wealth and Poverty in Iraq: Statistical Adjustment of Government GDP Estimates (1980-2001)," MEES 46, No. 19 (12 May 2003).
21. See: Ali Hussein, "Is Iraq's Oil Production Increase Necessary?" MEES 52, no.51/52(21/28 December 2009).
22. See: Ahmed Mousa Jiyad, "The Legality of Iraqi Oil Contracts Remains Questionable," MEES 52, no. 2, 11 January 2010.
23. E.g., See: "Open Letter to Iraqi Parliament on Hydrocarbon Law" signed by 108 Iraqi oil professionals and legal and financial advisors, MEES 50, no. 30 (23 July 2007); also, Tariq Shafiq, "Iraq's Petroleum Law: Politicized Management vis-à-vis Optimal Resource Management," MEES 50, no.18 (30 April 2007); and, Sabri Zire Al-Saadi, "Iraq's Vicious Circles of Economic Priorities Distortion, Misuse of Oil Wealth, and Political Weakness," MEES 50, no.16 (16 April 2007).
24. See, "The Rush for Oil," Op. Cit.
25. According to OPEC estimates, the oil supply from OPEC countries shall increase from 38.1 million b/d in 2015 to 49.6 million b/d in 2030. See: OPEC, "World Oil Outlook 2009," 2009.
26. See: International Energy Agency, "The World Energy Outlook 2009," 2009.
27. See: Issam Al-Chalabi, "Iraq's Oil Export Outlets," MEES 52, no.48 (30 November 2009).
28. See, Fadhil Chalabi, "Iraq Capacity Expansion Relative to World oil Market Trends," MEES 52, no. 51/52 (21/28 December 2009).
29. On the role of oil in the politics of Middle East countries, see: "Oil Power and Adversity in Iraq's Experience," Op. Cit.
30. On the aspects of the oil policy, see; Walid Khadduri, "Iraq Oil Development: Lack of Direction and Decision – Making," MEES 51, no.34 (25 August 2009).
31. See footnote 14 above.
32. See World Bank, "World Development Report 2010," 2009.
33. In actual practice, the economic diversification performance's criteria should not be limited to the given macroeconomic indicators that serve only the purpose of this article. The analysis must include the structure of the economy, especially the inter-industry, the trade components, and public finance. For the given macroeconomic indicators, see: "Liberalization Strategy for Iraq's Oil-Hostage Economy," Op. Cit., and: "Success Conditions for Iraq's Oil - Rentier Economy," Op. Cit.
34. See: IAMB DFI audit reports for the years 2003, 2004, 2005, 2006, 2007, 2008, and 2009, www.iamb.info.
35. See: Central Bank of Iraq, www.cbi.iq.
36. On the role of Iraqi economists in government development planning institutions, see: "al-tajruba al-iqtisadiya fi al-iraq al-hadeeth: the economic experience of modern iraq," Op. Cit.
37. A detailed assessment of the Iraqi economic development planning efforts during the last six decades was given in: "al-tajruba al-iqtisadiya fi al-iraq al-hadeeth (1950-2006)" ("the economic experience in modern iraq (1950-2006))," Op. Cit.
38. See: "Iraq Oil Development: Lack of Direction and Decision – Making," Op. Cit.
39. An earlier assessment was given in: Sabri Zire Al-Saadi, "Oil and Foreign Exchange Regime in Iraq," MEES 47, no. 36 (6 September 2004).
40. See: "Oil and Foreign Exchange Regime in Iraq," Op. Cit.
41. See: Ahmed Ibrahi Al-Ali, Deputy Governor of the CBI; the proposal was published in Al-Sabah Newspaper, 9 December 2009.
42. The following pioneer assessment of such influence on the then human values and the good traditions of Saudi Arabia's society was given in 1954 by the journalist, adventure traveler, and writer Muhammad Asad (Leopold Weiss), "The Arabia depicted in the following pages no longer exists. Its solitude and integrity have crumbled under a strong gush of oil and the gold that the oil has brought. Its great simplicity has vanished and, with it, much that was humanly unique. It is with the pain one feels for something precious, now irretrievably lost, that I remember that last, long desert trek, when we rode, rode, two men on two dromedaries, through swimming light…" See: Muhammad Asad, The Road to Mecca (London: The Muslim Academic Trust Edition, 1998).
43. See: "Oil and Foreign Exchange Regime in Iraq," Op. Cit.
44. See: Sabri Zire Al-Saadi, "The Global Financial and Economic Crises and the Hidden Crisis of Oil-Rentier Economies: Back to Basics," Strategic Insights 8, no.1 (January 2009), and "Crucial Challenges to Global and Oil-Rentier Economies," Contemporary Arab Affairs 2, no. 2 (April 2009) issued by the Centre of Arab Unity Studies and published by Routledge: Taylor & Francis Group Ltd., London.


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2 Corinthians 6:14-18 can guide us in making a decision as to whether we need to separate ourselves from worldly influences or try to blend in. We are called to be witnesses unto Christ. Can Christians effectively witness by blending in?
Witnessing is about being an influence on others by the way we live. If Christians are always trying to blend in with the world then how are they showing a different lifestyle? How are Christians showing a better way to live in Christ if they are trying to live like the world? Of what value is their life and testimony to the Lord?
Followers of Christ are not called to compromise their lifestyle but separate it from the things of the world. This does not mean isolating ourselves from unbelievers but it does mean living a lifestyle that testifies of Christ and glorifies Him.
2 Corinthians 6:17 states the idea (actually a command) that we need to come out from among them (meaning the world and its influence) and be separate. Can we pick and choose where that applies in our lives? Has God given us the authority to decide what to separate from and what to blend in with?
Apparently many have taken it upon themselves to decide these matters for God. Yet 2 Corinthians 6:14-18 seems to make it pretty clear that believers are to separate from all worldly ways and influence. What does that mean? It means we need to think about whether or not our lifestyle caters to the sins of the world or illustrates the righteousness of God.
What about the way we dress and the thoughts our attire creates? Are they good thoughts or sinful thoughts? What about our conversations and the jokes we tell or listen too? Do they bring honor to God? What about the places we go and the atmosphere that surrounds those places? Do these places allow you to blend in more to worldly ideas and pleasures or stand out as a believer in Christ and His Word?
We can make all the excuses we want as to why we dress the way we do, why we listen to the jokes that are told and why we go to certain places to have fun. However will those excuses be acceptable to the Lord when we stand before Him to give an account of our lives?
Christians have been called to separate from the world and its influence. To be a proper witness of Christ we need this separation to show a difference. Without this separation we are just blending in. What value does blending have to the Lord? Absolutely none!
Where do you stand today? Are you separating or are you blending?

subset: commoncrawl


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The O Heroes and fraternities and sororities teamed up Tuesday, October 12 to help raise funds for United Way on campus. There was an excellent turn-out of about 160 volunteers for the day and while the totals have not been submitted yet, there is hope that over a thousand dollars were raised for United Way's fall campaign.
The event saw support from Athletic Director, Rob Mullens, who came out in the morning to support the cause, and the Duck mascot also did a few trips up and down 13th avenue collecting donations with a few football players.
We'll be sure to keep you updated when the numbers are released and we would also like to thank all the student-athletes and fraternity and sorority members who came and gave their time and efforts in this years' United Challenge.


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The fashion blogger and creative researcher here at Free People is a little pixie with amazing style. Using her sharp British eye she blends rich colors and details, and always knows how to style vintage pieces in a way that strays from dowdy. She's one of those select few who can pull of a vintage (…) Read more
Tagged: boots
October Catalog Behind the Scenes with Julia StegnerOct 06, 2011
Shop the October Catalog. (…) Read more
Office Style: ShoozeSep 22, 2011
This week's office style is dedicated to every girl's number one fetish – shoes. There's no shortage of killer kicks around this office. Every day I'm in awe of all the amazing shoes that appear. Some are so unique you can't help but stop and stare while others have a chic that is equally paralyzing. (…) Read more
Thursday Poll: High-Heeled Ankle BootsSep 15, 2011
I can't help but notice all of the great new ankle boots we have up on the Free People site. I'm especially loving a bunch of the heeled/wedged styles. I think that my wardrobe could benefit from one or two pairs of the following. What do you all think? Any favorites? Avila Ankle Boot Darla Platform (…) Read more
Festival Fashion at Outside Lands – Day TwoAug 14, 2011
The weather could not have been better today at Outside Lands! Uncharacteristically, the sun was shining all day and burned through the San Francisco fog. Also? Free People was everywhere! We ran into so many girls wearing FP duds and carrying our tote bags. Here's a look at the fashion on day two shot by (…) Read more
Festival Fashion at Outside Lands – Day OneAug 13, 2011
Outside Lands kicked off today in Golden Gate Park and attendees were definitely rocking their best festival fashion! Everywhere we looked there was amazing style, with lots of maxis, boots, braids, funky accessories and of course Free People! (…) Read more
mad love for western bootsJul 06, 2011
when i first saw the product assortment for our july catalog, in a rare turn of events my eyes went straight to the boots. i'm really not a shoe person, and typically stick to flip flops or moccasins. but the boots in this catalog are incredible, and we have two different styles that i'm particularly (…) Read more
brand we love: hollywood tradingApr 28, 2011
i couldn't help myself, i had to do a post about these amazing pieces that we are carrying by hollywood trading. born out of a love for vintage handmade american leather belts, the company has evolved to carry accessories and apparel for men and women with an aesthetic that is heavily vintage inspired, handmade and (…) Read more
new vintage lovesSep 21, 2010
we have some really cool new additions to our vintage loves collection this week! our vintage buyer took ten pairs of 1970s and 80s round-toe western boots to upstate new york, where she worked with woodstock artisans to transform the boots into these one-of-a-kind works of art. our buyer loved these boots because the round (…) Read more
fp loves…Jan 27, 2010
another new feature on the blog! "fp loves" will take a look at an item we're really excited about and get word from the buyer on why they love it so much! first up: the beryll vintage artisan asphalt boots… hand-distressed from restored leather sourced from the 60's and 70s. and, it turns out vogue (…) Read more


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They costumes have a charm to them that are perfect for sports events and kids' parties, but they can absolutely be used for pranking and spooking people on Halloween quite effectively. One of our other popular animal costumes are the bunnies, which are ideal for Easter. With that in mind, the costumes are designed to express the season with bright colors. Regardless of your needs for one of these costumes, they are designed with the utmost attention and care to be a great quality and bargain. Men's mascot costumes are durable and can be used for several occasions for a long time.
If you want a fun way to show your support for your local team or to creep people out this Halloween or at other costume parties then this is the right collection of costumes to browse through. The Mascots costumes are mostly full-bodied suits that transform you into various animals. Sports teams often use some kind of animal as their symbol, so chances are good your team's may be available. You can choose to be a lion, an eagle, a bumblebee, a bear, and several other cute animal mascots. Every costume is made of a plush material and features a zipper in the back. You are completely covered head to toe, even the hands are mittens. The oversized head masks have a place with concealed eye holes in order to offer you good vision clarity when wearing them.


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By participating in the 2009 TP52 Audi MedCup, Flavio Marazzi ventures to tackle the biggest Swiss sailing project since Alinghi. He is supported by the most successful Olympic sailor of the past years, the German sailing legend Jochen Schümann.
Outdoor photographer with some book making expirience
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Claudya Moreira Published September 17, 2014
Saphire 27 Pure Sailing Published September 14, 2014
Qingdao - Weymouth Published December 11, 2013
BOUCHRA Published October 25, 2013
JAGODA Published March 05, 2013
Swiss Olympic Sailing Team London 2012 Published December 15, 2012
InLeYa Published December 10, 2012
Dossina Published May 13, 2011


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ATLANTA, Ga.- For the third year in a row, University of Arizona women's basketball player Shawntinice Polk has been selected as a preseason candidate for the State Farm Wade trophy, given to the Division I Player of the Year. Polk is one of 25 student-athletes on the prestigious list and one of 11 who were on the list last year.
A three-time All-Pac-10 selection, Polk is the league's active leading career scorer (1,467) and rebounder (914). Hampered with a knee injury much of last season, she still managed to finish third in the conference in rebounding (8.0 rpg) and eighth in scoring (12.7 ppg).
The candidates were selected by a vote of the national awards committee, which is comprised of leading basketball coaches, journalists, and basketball administrators. Players are selected based on game and season statistics, leadership, character, effect on their team and overall playing ability.
"The 2005-2006 State Farm Wade Trophy preseason list is an example of the top-notch athletes that contribute to making each collegiate basketball game an exciting new experience," said Jeanne Lenti Ponsetto, Chair of the State Farm Wade Trophy Committee and Athletic Director at DePaul University. "These 25 student-athletes represent the most outstanding players on and off the court and we look forward to another outstanding year of women's basketball."
The State Farm Wade Trophy, now in its 28th year, is named after the late, legendary three-time national champion Delta State University coach, Lily Margaret Wade. The award debuted in 1978 as the first-ever women's national player of the year award in college basketball.
This most prestigious award, regarded as "The Heisman of women's basketball," is organized by the Women's Basketball Coaches Association (WBCA), in conjunction with the National Association for Girls and Women in Sport (NAGWS).
The 2006 State Farm Wade Trophy winner will be announced during the WBCA National Convention held in conjunction with the NCAA Women's Final Four in Boston, Mass., March 31-April 4, 2006.
The preseason candidates for The State Farm Wade Trophy, listed in alphabetical order, are:
Name Yr. Pos. Institution
Seimone Augustus Sr. G Louisiana State
Nikki Blue Sr. G UCLA
Monique Currie Sr. G/F Duke
Jessica Davenport Jr. C Ohio State
Shay Doron Jr. G Maryland
Megan Duffy Sr. G Notre Dame
Candice Dupree Sr. F/C Temple
Sylvia Fowles So. C Louisiana State
Erin Grant Sr. G Texas Tech
Tasha Humphrey So. F Georgia
Tiffany Jackson Jr. F Texas
Tamara James Sr. G/F Miami
Crystal Langhorne So. C/F Maryland
Erlana Larkins So. F North Carolina
Ivory Latta Jr. G North Carolina
Shawntinice Polk Sr. C Arizona
Cappie Pondexter Sr. G Rutgers
Liz Shimek Sr. F Michigan State
Khara Smith Sr. F DePaul
Kim Smith Sr. F Utah
Tiffany Stansbury Sr. F North Carolina State
Ann Strother Sr. G/F Connecticut
Candice Wiggins So. G Stanford
Sophia Young Sr. F Baylor
Shanna Zolman Sr. G Tennessee


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History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government.
Ludwig von Mises
Source: Human Action: A Treatise on Economics (Scholars Edition), Pages: 847
Contributed by: peter
The history of mankind is the history of ideas. For it is ideas, theories, and doctrines that guide human action, determine the ultimate ends men aim at, and the choice of the means employed for the attainment of these ends.
Source: PLANNED CHAOS
Thus, the isolated interference with one or a few prices of consumer goods always bring about effects--and this is important to realize--which are even less satisfactory than the conditions that prevailed before.
Source: Economic Policy: Thoughts for Today and Tomorrow, Pages: 45
Contributed by: Brian
These people talk of a "middle-of-the-road" policy. What they do not see is that the isolated interference, which means the interference with only one small part of the economic system, brings about a situation which the governement itself--and the people who are asking for government interference--find worse than the conditions they wish to abolish: the people who are asking for rent control are very angry when they discover there is a shortage of apartments and a shortage of housing.
Source: Economic Policy: Thoughts for Today and Tomorrow, Pages: 51
...this remedy is the power of the citizens; they have to prevent the establishment of such an autocratic regime that arrogates to itself a higher wisdom than that of the average citizen. This is the fundamental difference between freedom and serfdom.
Source: Economic Policy: Thoughts for Today and Tomorrow, Pages: 54
The so-called liberals of today have the very popular idea that freedom of speech, of thought, of the press, freedom of religion, freedom from imprisonment without trial--that all these freedoms can be preserved in the absence of what is called economic freedom. They do not realize that, in a system where there is no market, where the government directs everything, all those other freedoms are illusory, even if they are made into laws and written up in constitutions.
Source: Economic Policy: Thoughts for Today and Tomorrow, Pages: 18
If you give the government the right to determine the consumption of the human body, to determine whether one should smoke or not smoke, drink or not drink, there is no good reply you can give to people who say, "More important than the body is the mind and the soul, and man hurts himself much more by reading bad books, by listening to bad music and looking at bad movies. Therefore it is the duty of the government to prevent people from committing those faults.
And, as you know, for many hundreds of years governments and authorities velieved that it was their duty.
Source: Economic Policy: Thoughts for Today and Tomorrow, Pages: 22
Freedom really means the freedom to make mistakes.
The socialist system, however, forbids this fundamental freedom to choose one's own career. Under socialist conditions, there is only one economic authority, and it has the right to determine all matters concerning production.
Source: Economic Policy: Thoughts for Today and Tomorrow, Pages: 28
Copyright © 2016 Gaiam, Inc.


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May 09
Posts: 554
lorelle2009 says:
ive started to create a bond with a horse i no is for sale and is kept on our farm.. he is very beautiful a 2 year old gypsy cob pieballed and about 14.1hh already he is the sweetest thing ever...dilemma is i already have three 2 deffinetly for keeps but i have a youngster who we bred ourselfs hes a 3 year old and not going to make the height i want but really dont want to get shot of him because ive put so much effort into him really so stuck on what to do!! HELP
Nov 09
Posts: 617
alrees says:
hard decisions.. But you could loan your youngster out... or do you really need to buy this other youngster? we all see something that we would really love to have but know we can't have it.. hope that helps xx
~Beauty is in the eye of the beholder~
~Never judge a horse by its past,always look at what it can do for you in the future~
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Managing Editor
Mustang Public Schools continue to make headlines all over the country about their new Bible history curriculum, which was approved by its school board in April. However, one article recently published by the Associated Press has school officials concerned.
The Associated Press published an article on May 21, claiming that Mustang school board members 'broke into small groups with the program's chief backer, the president of Hobby Lobby, to get around an Oklahoma law that requires government bodies to be open to the public.'
The course, entitled 'The Book, the Bible's History, Narrative and Impact of the World's Best Selling Book,' will be offered as an elective to students next school year. Steve Green, president and CEO of Hobby Lobby, visited the school board in November to tell them of the new curriculum that he worked on. He and his family own over 40,000 Bibles and he now oversees 'The Green Collection,' which has grown to be the world's largest private collection of rare biblical texts and artifacts.
Since then, the Mustang School District has received numerous open-records requests from media outlets and organizations, such as the Freedom From Religion Foundation. The Associated Press was one of the media outlets who obtained Emails that contained correspondence from McDaniel and school board members and recently published an article entitled 'School board members met privately on Bible class.'
Mustang Superintendent Sean McDaniel responded to the article, saying it shed a bad light on Mustang and was far from the truth.
"The article was so far from the truth, it was laughable," McDaniel said.
The article discussed possible violations of the Mustang school board for meeting at Hobby Lobby's headquarters on April 14, before the night of their regular meeting where the approved the new curriculum.
"The April 14 meetings with Steve Green and other members of the Bible curriculum team occurred just hours before the Mustang School Board approved the course as an elective for the fall," said the article, written by Bailey Elise McBride. "The Mustang superintendent acknowledged insisting on separate presentations so the public wouldn't have to be invited, and did so at the direction of Green and his public relations representatives."
McDaniel said the board intended to hold a special meeting to review the digital component of the curriculum.
"We had every intention to hold a special meeting in front of the public, but the schedules of the board members conflicted and we were not able to have a quorum present," McDaniel said. "So instead, we invited all five board members to come to Hobby Lobby's headquarters to see a presentation on the digital aspect of the curriculum."
McDaniel said two board members, Jeff Landrith and Mike Kessler were unable to attend, leaving three members. Board member Amanda Strassle attended a presentation by herself in the morning of April 14 and Dr. Jim Davis and Chad Fulton attended a presentation together later in the afternoon, McDaniel said.
"We had already reviewed the textbook version of the curriculum but we wanted to review the digital portion of it before voting on it," he said. "The law is clear on open meetings and one of the things it says is that you cannot have a quorum without having the meeting posted and in public. There was never a quorum at any time. All we did was eat sandwiches, watch a video and went home."
McDaniel also said no decisions were made.
"The article by the Associated Press mentions that Steve Green and myself were present at both of the meetings with the board members, and that doesn't violate any law because neither of us are board members," he said. "None of the board members were at both presentations."
McDaniel said he spoke with Oklahoma County District Attorney David Prater, who was quoted in the AP article.
"He confirmed my thought that there was no violation of the Open Meeting Act and that there is no investigation being conducted," he said.
Since the board received the first draft of the Bible history curriculum, it has gone through several revisions.
"Since the rough draft, there have been 12 revisions made in the last six weeks," McDaniel said.
McDaniel said new curriculum at Mustang Public Schools goes through two committees before going before the school board before approval.
"We have a curriculum committee that reviews any new curriculum and that committee is made up of teachers, parents and administrators," he said. "We also have a textbook committee that looks at the textbooks that would be used in the new curriculum."
McDaniel said he invites anyone to come to review the curriculum and textbooks for the course.
"It is unfortunate that the Associated Press published this article because they are all over the globe and this puts a dim view on Mustang and misrepresents what we are doing," he said. "We have been open to the public since day one. Anyone is more than welcome to come ask us questions and review everything we have for the curriculum for this course."
Over 170 have already signed up to take the course next year.
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Frequently Asked Questions about the Big Y Silver Savings Club®
WHAT is the Silver Savings Club?
The Big Y Silver Savings Club is a new way to save even more money at Big Y. Club members can purchase up to five (5)* of any individual item that has a special price with a silver coin, without the need to present actual coins. As a Silver Savings Club member you will continue to receive your gold coin rewards and Express Savings Club discounts.
HOW does it work?
Our computer recognizes a member's scanned Silver Savings Club card. It will then automatically charge the lower silver coin price for ALL silver coin items purchased*. Silver coins will no longer be issued to the member since they are not needed for future purchases.
WHY is Big Y introducing it?
Many of our customers have expressed their appreciation for the great deals available with our Express Rewards silver coins. These same customers have explained that sometimes they forget to bring their coins to the store or don't have enough coins to buy all the items they want. The Silver Savings Club card eliminates the need to carry silver coins to the store or to participating gas stations.
HOW do I join?
Just present your current Big Y Express Savings Club card to your cashier and tell her that you want to join the Silver Savings Club. Your annual membership fee ($20) will be added to the total of your grocery purchase. You will instantly receive your new Silver Savings Club card, which replaces your existing Express Savings Club card. Your new card will also automatically give you Express Savings Club discounts in addition to your silver coin savings. You won't miss out on any of the benefits. It's that easy!


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We are confident that your affiliation with CLUB VACASIA will provide you with many wonderful vacation memories at all of our beautiful resorts and spas. Should you choose to try a different vacation, take advantage of the exclusive travel benefits and concierge vacation planning services your affiliation provides. Our concierge staff has been providing professional travel services exclusively for club members since 1994. Interested in a cruise, tour, or condominium vacation? Call one of our experts or simply browse the website.


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Ranked among the nation's most integrated healthcare systems, Community Health Network is Central Indiana's leader in providing convenient access to exceptional healthcare services, where and when patients need them—in hospitals, health pavilions, workplaces, schools and homes.
Before a treatment or rehabilitation protocol can be established, your child's physician must first determine the reason for, and source of, your child's condition. This typically involves a comprehensive physical examination and a detailed medical history. During this initial gathering of information, be sure to notify your child's physician of any other illnesses, injuries, or complaints that have been associated with the pain or condition, as well as any previous treatments or medications prescribed. Preliminary diagnostic tests may then follow, including:
Children who require further evaluation may undergo one or more of the following:
After the evaluative information is collected and reviewed, your child's orthopaedist will discuss with you all treatment options and help you select the best treatment plan to enable your child to live an active and functional life.
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Yesterday, author Alexandra Bracken released the cover for her new book, In the Afterlife, through her Facebook page. In the Afterlife is the third and final book in her NY Times best selling trilogy The Darkest Minds.
In an interview with Entertainment Weekly, Bracken talks about how much she loves the cover stating, "I love it more and more each time I see it."
And of course, Bracken doesn't talk about anything detailed in the final book, but she does hint, "The events of Never Fade (the 2nd book) have very much thrown Ruby off kilter, and she's forced to really confront who she is and what she wants for herself."
Anyone who has been reading the series know that there was quite the twist at the end of the book and it left fans anxiously awaiting when the third book would come out.
To read the interview in it's entirety, you can go here.
In the Afterlight is the final book in the series and is set to come out October 28th.
To get email alerts for articles you can subscribe to this page or you can follow Kris Duplisea on Twitter at @kaydup2989 or her blog
What did you think of the cover?


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The superior double rooms have wooden floors (except one that has a stone floor), some have a balcony, the other a four poster bed. All the superior double rooms have a separate dressing corner, some have shower, other with bath tub. Most of the superior double rooms are corner rooms, located on the street side. The surface is aproximately sqm. 32.
The deluxe double rooms have wooden flooring, one or two balconies (except for one which has an attic and no balcony but, having a double room interconnecting with a smaller room with two children's beds, it is ideal for a family). The bathrooms have double basins, bathtub and separate shower; they measure approximately 40m₂.
The junior suite are four: three have balcony and view to the Grand Paradiso glacier, the fourth is located on the last floor and have a canopy bed,a balcony and view to the village. All have a dressing room separated and bathroom with two washbasins, bath tube and separated shower. The surface is aproximately sqm. 45/48.
The rooms of this typology are seven: one, in the main building, without separate lounge, with jacuzzi, fire-place, balcony and view to the Grand Paradiso glacier; in the bathroom there is also a private sauna. Six are located in the new renovated area, wing that is connected internally to the central building. Certain rooms are suites with a separate lounge, others comprise one room only. All have hydro-massage bathtub, open fireplace, balcony and view over the Gran Paradiso – two of this rooms also have a private sauna. One is ideal for a family, because is composed by a main double room with king size bed and balcony, hydro-massage bathtub and open fire-place and, connecting by a door, a second smaller double room with two twin beds and sauna. The surface of this type of room is from smq. 40 to sqm. 70.
New panoramic suite with 180° view on the Sant'Orso fields and on the Gran Paradiso Glacier and on the Mont Blanc. Four posted bed, water fire-place, external bath tub.
The chalet with fire-place are located in front of main building and are three, each on two floors. La Cheminée (sqm. 90) is composed by two rooms, two bathrooms (one with jacuzzi king size) and a living room area with fire-place. Lou Beu and Lou Mayen (smq. 48) have one room with king size bed and bathroom at first floor and a living room area with fire-place at the ground floor. The bathroom have a shower.
All small double rooms have view on the village. Some have a balcony. The bathroom have two washbasin and bathtube. The surface is about smq. 21.
For the reservation of the special offers, you can send us an e-mail or call us directly.
Free stay for children under sixteen years old sleeping in the same rooms of the parents, as bed & breakfast. Valid for a minimum stay of five nights…
7 nights with dinner, bed&breakfast (dinner served at the gourmet restaurant, at the typical restaurant "Bar à Fromage" or…
4 nights at the price of 3, as bed & breakfast.
Availability: From April 24th to July 7th, from August 29th to October 7th, for a stay between Sunday to Thursday (excluding holidays,…


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New Discovery: A Spider That Eats Its Veggies
Spiders deserve their reputation as bloodthirsty critters. Up until now, all 40,000 species known to science seemed to eat by sucking the juices out of insects and other prey. But researchers have come across a spider that is a vegetarian, and is apparently the first example of a plant-eating spider.
Two scientists, working independently in Costa Rica and Mexico, noticed that the neotropical jumping spider feeds on acacia leaf tips. These yummy leaf tips are primarily eaten by ants, which in turn defend the plants from predators. But the spider, known as Bagheera kiplingi, has developed a taste for the leaf tips, too. The spider does occasionally eat ant larvae, but most of its calories come from its high-fiber vegetarian diet, according to a report in the journal Current Biology.
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At the recent National Association of Attorneys General meeting I caught up with Attorney General Roy Cooper from North Carolina. We talk about debt relief services and the attorney model of debt settlement services. General Cooper talks about how the money paid in advance for debt relief services hurts both the consumer and the creditor. He talks about how working ... Read More »
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Florida Turns Down Subsidy for Marlins Stadium
Although Florida lawmakers declined to provide financial assistance to the Florida Marlins Major League Baseball franchise, a proposed move of the team to San Antonio, Texas has been killed.
Florida's legislative session ended in May without a commitment of $60 million of state money for a new stadium for the Marlins. This marks the fifth time in six years Florida's lawmakers have declined a subsidy request from the Marlins. (The team did not request a subsidy in the other year.)
The Marlins and Miami-Dade County already have agreed to provide most of the money for the proposed stadium's $420 million financing. The state money is needed before the project can go forward.
Nevertheless, on May 15 Major League Baseball announced it could not guarantee the Marlins would move to San Antonio, killing plans for the construction of a $200 million stadium there.
-- John W. Skorburg


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Do you look back on the original Half-Life game with nostalgia and pleasant memories of blowing up aliens, squishing enemies with a crowbar and exploring the Black Mesa compound? You're not alone, and that means that the total conversion mod called Black Mesa will definitely be something you want to look into. It provides, completely →
Wunderlist 2 is on the way as Wunderkit is nixed
If you follow this blog you know that we are very fond of Wunderlist, the stylish, GTD-influenced task management app which saves your data in the cloud and can be used on mobile devices and for sharing tasks with your team. Not only did we award it (the coveted) Freewaregenius pick award, but we also →
Want the latest and greatest? Erli Bird connects new startups with early adopters
Erli Bird is a website system designed to allow people to be among the first to 'adopt' or start using new sites and programs. They provide news, as well as opportunities every week to get in on 'startups' that are companies or products and services that are just getting launched. When I first checked out →
Updated: How to embed a video into a PowerPoint presentation and end up with a SINGLE file
We just updated our previous post on this subject, so that it now has better screenshots and specific instructions for each version of PowerPoint (2003, 2007 and 2010), as embedding in PowerPoint 2010 is much easier than earlier versions. Check it out here.
AOMEI Partition Assistant Home Edition updated with cool new features (and FREE giveaway for the professional edition)
Quick: what is our favorite partition manager here at Freewaregenius? The answer, despite what we say in our Freeware Top 30 (which needs updating), is Aoemi Partition Assistant Home Edition, for three simple reasons (1) it's simple interface, which lacks inactive, 'paid' options, (2) it is free for both personal and COMMERCIAL use, and (3) →
How to get an invite to the DotA 2 Beta Tests and Tournaments
I've always enjoyed multiplayer gaming experiences far more than single player ones, with some few notable exceptions. It is therefore my custom to try and stay aware of the current gaming community, especially on the net, since that is where the best gossip eventually becomes information. So, when I heard that there was going to →
'Screenshot Captor' gets even better!
Ever used a program that was so great in so many ways, yet lacked one single, simple, seemingly insignificant feature that just frustrated and baffled you? Well, that was kind of how I felt about Screenshot Captor, a free screenshot-taking program which might well be the best of its kind, in that it didn't provide →
Support Donationcoder: 2012 fundraiser underway
If websites were judged on (a) the quality of their user-contributed content, (b) the extent to which their users were engaged in the topic, and (c) the likelihood that someone using the site was going to get value-added responses to their questions, then free software site DonationCoder would be ranked right up there. DC are →
Update Windows and other essential apps from one place with Patch My PC
Software updates through the internet are very convenient, but with the increasing number of programs on your machine they could become quite a time consuming or distracting affair. Which is precisely why this program can be so useful: Patch My PC is a free software that can manage the updates for a range of software →
Noteworthy Shareware turned Freeware – July 2011
A very interesting batch of programs this month; quality not quantity. Multi Commander: a powerful dual pane file management program. Gimpel 3D: converts 2D images or frame sequences into stereoscopic 3D, and AmazingMIDI: converts WAV music to MIDI You can find a listing of previous Shareware turned freeware posts here.
MachStudio Pro 2: realtime 3D graphics rendering, now 100% free
MachStudio Pro 2 is a powerful 3D visualization package that had hitherto cost $4000 but recently been released to the public absolutely free. Excellent news for anyone interested in architectural 3D graphics rendering or 3D animation. This software emphasizes real-time graphics processing that leverage the horsepower of powerful graphics GPU's (a 1 GB DirectX 11 →


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A collection of short stories both humourous and thought provoking.
After being raised all along the East Coast I have settled with my husband and two beautiful children on the West Coast. I work with adolescents and their parents and love to write, listen to music, engage in the children's activities and to read....lots!!!!
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QPJFC Kicks Off!!! Published August 17, 2008
Queens Park Junior Football Club Published August 17, 2008
Butterflies are Free... Published July 08, 2008
A Tale to Share... Published July 03, 2008
A Story to Tell... Published July 03, 2008
Reflections on a Younger Life Published July 03, 2008
Imagine If... Published July 03, 2008


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The Informational Role of Bond Analysts
Gus De Franco
University of Toronto - Rotman School of Management
Florin P. Vasvari
London Business School
Regina Wittenberg Moerman
University of Southern California
July 5, 2009
Journal of Accounting Research, Forthcoming
This study uses a large sample of sell-side bond analysts' reports to examine the properties of recommendations provided by bond analysts and the impact of these recommendations on bond securities. First, we document that the distribution of bond analysts' buy, hold, and sell recommendations is skewed positively, but less so than the distribution of equity analysts' recommendations. The positive skewness in bond analysts' recommendations is greater for low than for high credit quality bonds. Second, we find that bond analysts' reports generate bond trading and return reactions that are both economically significant and greater for low credit quality bonds. The bond market reaction is greater for bond analysts' reports than for equity analysts' reports. Finally, while both bond and equity analysts lead rating agency announcements, we find no evidence of a difference in timeliness between bond and equity analysts' reports. Overall, our results are consistent with bond analysts issuing more negative reports than equity analysts and providing more information about low credit quality bonds as a result of the asymmetric demand for negative information by bond investors.
Number of Pages in PDF File: 55
Keywords: bond analysts reports, bond analysts recommendations, bond market reactions
JEL Classification: G29, G33, G12
Date posted: March 20, 2008 ; Last revised: July 13, 2009
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Prairie Meadows in Altoona announced today that The Charlie Daniels Band and Kool & The Gang will be playing shows at the casino in April. Here are the details.
On April 18, soul/funk/R&B group Kool & The Gang will play Prairie Meadows at 8 p.m. The New Jersey group has collected two Grammy Awards, seven American Music Awards, twenty-five Top Ten R&B hits (including nine #1 singles), nine Top Ten Pop hits, and thirty-one gold and platinum albums over their 50 years together. The band is probably best known for their enduring hits "Celebrate", "Cherish", and "Ladies Night". Tickets for the show will go on sale on March 4 through Ticketmaster for $45, $55, or $65 (plus taxes and fees).
The Charlie Daniels Band will play the casino the following night at 8 p.m. Charlie Daniels is a country music icon. He has been inducted into the Grand Ole Opry, named a BMI Music Icon, inducted into the Musicians Hall of Fame and Museum, and won countless other awards. Daniels' Grammy-winning hit "The Devil Went Down to Georgia" (featured in the nearby video) is one country music's most enduring songs. Tickets for the April 19 show are $35, $45, or $55 through Ticketmaster when they go on sale on March 4.
Suggested Links
- Vaughan, Gary Puckett and The Union Gap, and Needtobreathe shows announced
- Kathy Mattea, King Buzzo, and Gross Domestic Product dates announced
- Chevelle, Halestorm, Florida Georgia Line added to 2014 Iowa State Fair lineup
- Styx and Foreigner announced for 2014 Iowa State Fair Grandstand today
- The Straits, Green Death, Snoball, Keen, Nash, Copland, and more make news


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Jan 3, 2013 8:00 AM
In the office, we have dream boards. On them, we place the items we can't afford, the men we want to go all Christian Grey on, and the seasons that we long to bring back immediately. This Avanti Lolita Sunglasses Beach Towel ($25) serves as our summer/Chris Hemsworth/Tory Burch sandal dream wall. Gotta do whatcha gotta do to get through these winter woes.
If you've got a product or service that you'd like to promote on Outblush, click here to find out about our advertising opportunities.
Outblush is a blog for girls who love to shop. Our staff digs up the best clothes, home stuff, beauty items, and more. New items are posted every day — bookmark us and check out:


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July 13, 2009
IOWA CITY, IA -- University of Iowa senior Hannah Roeder and sophomore McKenzie Melander were recently named to the 2009 United States Track and Field and Cross Country Coaches Association (USTFCCCA) Division I Women's All-Academic Track and Field team. A record total of 531 student-athletes representing 146 Division I institutions composed the women's 2009 all-academic team.
"This award recognizes academic and athletic excellence, and caps off a tremendous semester in the classroom and on the track for both Hannah and McKenzie," said Head Women's Cross Country and Track and Field Coach Layne Anderson. "This past year and the post-season recognition should springboard both into a great fall on the cross country trails."
Roeder led Iowa in the 3,000-meter steeplechase during the outdoor season, placing eighth at the Big Ten Championships (10:35.26) and 13th at the NCAA Midwest Regional (10:40.85). Her season-best time of 10:35.26 in that event ranks third all-time at Iowa. Roeder earned academic all-Big Ten honors in track, while both she and Melander were members of the 2008 Hawkeye cross country squad that earned USTFCCCA team all-academic honors.
Melander earned all-region honors in the 1,500 meters, and was a NCAA provisional qualifier as part of the team-leading distance medley relay during the indoor season. Her season-best times in the 1,500 meters (4:26.99) and mile (4:51.76) rank ninth and 10th, respectively, all-time at Iowa.
To qualify for the USTFCCCA All-Academic Track and Field Team, the student-athlete must have compiled a cumulative grade point average of 3.25 and have met either the NCAA Division I Indoor automatic or provisional qualifying standard or the NCAA Division I Outdoor regional or national qualifying standard in their respective event.
Click HERE for the full list of honorees.


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The match held between Dallas Mavericks and Utah jazz ended in a victory for the Jazz with a score of 123-121. The best performers of the game, from both the teams were Jefferson from the winning team and Nowitzki from the other. Jefferson himself scored 28 points fro his team and fueled the victory of his team.
After the match, Jefferson in his speech said, "We are trying our best to win all the upcoming games and we are going to fight for victory till the end". On the other hand, the Dallas team faced another loss just like their previous match with Los Angeles Lakers.
The coach of the Dallas team mentioned in his speech, "It was very disheartening to see my team lose. But now we are looking forward to the other upcoming matches and give our best efforts to compete and win games".� He also said that the players of the team must let past the trifles and silly issues.
On winning the match, Utah at last got past their long drought of victory. They have been losing seven consecutive matches but this win ensured their presence in the competition. Dirk Nowitzki of Dallas attained 40 points and 9 rebounds, but failed to aid his team to victory in the extra period.
Jefferson added in his speech, "We played pretty impressive during the overtime and took the advantage of the other team as their players were out of energy during that vital period". Again he said, "Since they played a match last day, even though they are more experienced, we were sure that we can outrun them".
Utah Jazz started well with a lead of 11 points. There were overtimes in the game when Utah maintained their upper hand on the Dallas Mavericks. At the near end of the game, Jefferson blocked shit by Mahinmi from the Dallas team and also hit a jumper himself.
Nowitzki mentioned in the interview, "the crowd was very cooperative and we it was a well fought match. We had a lot of chances to win but things went wrong at the end and we lost". Nowitzki also talked about DeMarre Carroll and expressed his liking for the player by saying, "he is an excellent defender and I have always respected him as a player even if we belong to rival teams".
Utah Jazz's coach Tyrone Corbin said after the match that the win was expected and well delivered. He also expressed his appreciation for Jefferson�s hunger for good performance.
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Instant Replay: Thompson's huge fourth lifts W's past Wolves
Highlights: Thompson leads W's to third straight victory
With 30 points Wednesday night, Klay Thompson is averaging 24 points through the first five games of the season. (USA TODAY IMAGES)
UPDATE: Following the win, the Warriors announced Stephen Curry sustained a left ankle sprain.
The Warriors say Curry is day-to-day with his left ankle injury, but Steph says he'll probably play Friday vs. SA.— Rusty Simmons (@Rusty_SFChron) November 7, 2013
Klay Thompson scored 30 points, including 19 in the fourth quarter, and the Warriors took charge in the fourth to post a 106-93 over the Timberwolves on Wednesday night at Target Center in downtown Minneapolis.
David Lee added 22 points and 15 rebounds, outplaying Minnesota star Kevin Love, as the Warriors won their third straight game and second in a row to begin a four-game swing.
The Warriors once again relied on defense, holding the Timberwolves to 38 percent shooting. Four of Golden State's first five opponents have been held below 40 percent.
STANDOUT PERFORMANCES: Thompson was the star of the evening, scoring 26 points in the second half, offsetting the absence of point guard Stephen Curry, who left late in the third quarter with a left foot bone bruise.
Andre Iguodala took over for Curry at the point and finished with 20 points, six assists and three steals.
The game marked the return of small forward Harrison Barnes, who came off the bench to score 14 points in 14 minutes. The Warriors bench, which had been struggling, outscored the Minnesota bench 27-10.
Marreese Speights registered eight points and eight rebounds in 16 minutes.
TURNING POINT: With the Warriors clinging to an 89-80 lead with 8:29 remaining, Thompson led a 13-5 run that pushed the lead to 17 (102-85) in less than four minutes. His burst was crucial, as in addition to the loss of Curry, Andrew Bogut eventually fouled out. He contributed just two points to go along with four assists, five rebounds and two blocks in 16 minutes of action.
INJURY REPORT: Curry left the game in the third quarter after sustaining what initially was diagnosed as a bone bruise to his left foot. Previously, after getting tangled up with Minnesota guard Ricky Rubio and limping away, Curry had his right knee examined. He briefly returned before leaving with the ankle issue.
WHAT'S NEXT: The Warriors on Friday will re-engage the San Antonio Spurs, who last postseason eliminated them in the Western Conference semifinals. The Warriors have lost 29 consecutive regular-season games in San Antonio and 48 of the last 56 overall against the Spurs.