As Ukraine faces the Herculean task of rebuilding from the ruins of war, financial behemoths BlackRock and JPMorgan Chase are poised to transform this adversity into a trillion-dollar golden opportunity, according to recent reports. These corporations, long associated with financing and indirectly prolonging the conflict, have been granted no-bid contracts by the Biden administration to orchestrate the reconstruction, a move reminiscent of Halliburton’s lucrative involvement in Iraq.
Under the altruistic guise of a “humanitarian effort,” these financial juggernauts are spearheading the creation of the Ukraine Development Fund, a reconstruction bank designed to channel public seed capital into projects. The aim? To draw hundreds of billions in private investment, according to reports by TFTP. But the echoes of Halliburton’s billion-dollar contracts during the Iraq war are a grim reminder of the potential fallout.
Experts at the World Bank estimate the rebuilding process to cost a staggering $411 billion, creating a fertile ground for BlackRock and JPMorgan Chase to profit immensely from the nation’s trauma. Indeed, the chance to leverage taxpayer funds, combined with their expertise, may deliver an unparalleled return on investment, far outweighing any purportedly “donated” services.
History is laced with examples of corporations exploiting such tumultuous scenarios. The recent war in Iraq offers a glaring parallel where Halliburton garnered billions from reconstruction contracts following a war that resulted in massive destruction and loss of life. As Ukraine grapples with its aftermath, the prospective profits for BlackRock and other corporations stand starkly against the backdrop of human suffering.
These unsettling scenarios highlight the transformation of war into a lucrative business venture, wherein the devastation caused becomes a wellspring for substantial corporate profits. This grim dynamic perpetuates a system that thrives on conflict, and in doing so, incentivizes war and prolongs human suffering. It embodies Major General Smedley Butler’s infamous assertion that “war is a racket,” a lucrative endeavor for corporations like BlackRock, JPMorgan, and others involved in the military-industrial complex.
The dichotomy between the altruistic narrative and the harsh reality of profiteering necessitates a critical evaluation of those claiming to assist in reconstruction efforts. Are these entities the benevolent benefactors they claim to be, helping nations rise from the ashes of conflict? Or are they shrewd racketeers, capitalizing on the chaotic aftermath of war? The bleak aftermath of battlefields worldwide presents a compelling argument for the latter.
Indeed, war is often a racket, one played all too effectively by BlackRock, JPMorgan, and their peers. As Ukraine enters a phase of rebuilding, it becomes evident that addressing the visible scars of war is only half the battle. The underlying, systemic rot that festers beneath such conflict — one that allows corporations to profit from prolonged conflict — demands urgent attention. As long as war remains a profitable venture, the cycle of destruction and reconstruction, and the human suffering that it entails, is doomed to persist.
