“Revulsion against the corruption” fed by the misuse of oil money. Mr. Soros said that this is the reason why Revolution is happening in Libya right now.
He added that there was a need for more transparency and accountability from other producers such as Russia and Saudi Arabia.
Iranian regime would be overthrown in the “bloodiest of the revolutions” Mr. Soros predicted.
The 17th largest producer of oil in the world that produces 1.6 billion barrels of oil per day is Libya. And the dependent hold on power of Colonel Gaddafi on the billions dollars in oil revenue pour into the country.
“What has caused the revolutions is a revulsion against a corruption that is fed by the misuse of natural resources like for instance in Libya” he said in connection with the wave of governments being challenged in North Africa and the Middle East.
People living in those countries benefits a lot on the natural resources therefore they need to have transparency and more accountability in using their natural resources.
He also said that Libya produced large amount of wealth through the oil in which Gaddafi took as his own that’s why people rebelled against it.
When Mr. Soros was asked whether there should be more transparency with what happened to oil incomes he answered “Very much so”. He also added that United States and Europe needs to support the revolution in Libya and elsewhere so that the new regimes will co-operate with the west.
He also said that what is happening right now in Libya is similar to what happened in Soviet Union in the year 1989 to 1991 but the regime hostile was destroyed by the revolution.
Mr. Soros also emphasizes that it is important that Europe and the United States should be in the front of the revolution rather than behind because if they are behind, they are going to lose the allegiance of the new regimes that are emerging and if they are properly supported they will surely changed to democratic regimes and it will give a tremendous improvement.
