Second and Third World Nations Should Have Resources Owned by the Citizens in Private Stock Issuance

The Alaska Permanent Fund is a bad model for a second and third world nation to follow. It is simply an investment fund that the state legislature puts some oil royalties into occassionally for the people. The people are thus at the mercy of the politicians perennially.

Although Senator Biden supported an Alaska Permanent Fund style policy for Iraq several years ago, I was then advocating that the people own the oil fields directly, and that the Iraqi government have just a ten percent share of the oil stock in order to fund itself. The Alaska Permanent Fund model is used to deceive the people about owning their own oil or natural resources.

Afghanistan should create a public corporation to own all of the oil fields oil resources and have a board operate it like BP or Exxon, or instead of BP and Exxon in the case of oil. Their would be an initial stock issuance to all Afghan citizens, and they could buy, sell or trade the stock after a decade or two. The Afghan mineral resources would be privately held, and popular support for the government that issued the stock would result--its very, very simple and necessary if second and third world countries are not to be run by dictators, corrupt politicians and global resource extraction corporate bribing as in Nigeria perhaps, or maybe Venezuela before the dubiously progress Chavez government took over.

Even Mexico would be a better place if the oil resources of PEMEX were reallocated to being owned by the people of Iraq--they might be able to resist drug traffickers better. Russia is another country that needs to have the public directly own all of its oil through a one-time stock issue to all Russian citizens.