AMERICA’s elder statesman of finance, Alan Greenspan, has shaken the White House by declaring that the prime motive for the war in Iraq was oil.In his long-awaited memoir, to be published tomorrow, Greenspan, a Republican whose 18-year tenure as head of the US Federal Reserve was widely admired, will also deliver a stinging critique of President George W Bush’s economic policies.

However, it is his view on the motive for the 2003 Iraq invasion that is likely to provoke the most controversy. “I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil,” he says.

Greenspan, 81, is understood to believe that Saddam Hussein posed a threat to the security of oil supplies in the Middle East.

The Sunday Times

So how will the Bush Administration spin this one? I don’t know that I really agree with the whole war for oil mantra, but I never believed that the primary reason we were going into Iraq was to stop Saddam before he posed an eminent threat. Personally, I think Bush had every intention of invading Iraq before he even won the 2000 election so he could finish off what his father didn’t. 9-11 made it all the more easier.

It’s going to be interesting now to see how Greenspan gets treated by fellow Republicans. He’s been a well respected member of the party for decades. Will he have his character assassinated? Will he now be mocked and ridiculed? This is quite damaging to be coming from his mouth. That doesn’t mean it’s true and should not be taken as gospel, but damaging nonetheless. Ron Paul is one of the only real conservatives in Congress and he has been treated like a bastard at a family reunion by many conservatives ever since he publicly differed with the GOP on the war.

Bush took an opportunity that Republicans hadn’t had in decades, the White House and control of both chambers of Congress, and flushed it down the crapper with out of control spending, with the biggest expansion in the Federal Government ever, and by taking us into an unnecessary war that has cost America thousands of lives and billions and billions of dollars. He could have taken this rare opportunity to cut government and advance Federalism, but instead he chose to slowly bankrupt us with increasing debt and restrict more of our freedoms, not expand them.

Regardless, we are in Iraq like it or not, and we must also be victorious for the sake of the people living there, but ultimately, at what price?