The Iraq War, and the furious scramble for contracts which both preceded it and continued throughout, shows the confluence of private and public interests on a scale rarely seen. While the idea of Iraq as simply a war for oil may be reductive, the Chilcot Report and its accompanying documents show that money and financial interests lined many layers of the path to the Iraq War.
Faced with a choice between saving the “real” economy by writing down its debt burden or reimbursing the banks (and ultimately their bondholders and counterparties) for losses and defaults on loans gone bad, the policy response of the US and European governments and their central banks was to save the banks and bondholders (who incidentally are the largest class of political campaign contributors). This policy choice preserved the remarkable gains that the “One Percent” had made, while keeping the debts in place for the “99 Percent.” This accelerated the polarization that already was gaining momentum between creditors and debtors. The political consequence was to subsidize the emerging financial oligarchy.