Common Dreams - August 17, 2021
As the hawks who have been lying about the U.S. invasion and occupation of Afghanistan for two decades continue to peddle fantasies in the midst of a Taliban takeover and American evacuation of Kabul, progressive critics on Tuesday reminded the world who has benefited from the "endless war."
"Entrenching U.S. forces in Afghanistan was the military-industrial complex's business plan for 20+ years," declared the Washington, D.C.-based advocacy group Public Citizen.
"Hawks and defense contractors co-opted the needs of the Afghan people in order to line their own pockets," the group added. "Never has it been more important to end war profiteering."
In a Tuesday morning tweet, Public Citizen highlighted returns on defense stocks over the past 20 years—as calculated in a "jaw-dropping" analysis by The Intercept—and asserted that "the military-industrial complex got exactly what it wanted out of this war."
Public Citizen Tweeted
Defense stocks during the Afghanistan War:
Lockheed Martin: 1,236% return
Northrop Grumman: 1,196% return
Boeing: 975% return
General Dynamics: 625% return
Raytheon: 331% return
The military-industrial complex got exactly what it wanted out of this war.
The Intercept's Jon Schwarz examined returns on stocks of the five biggest defense contractors: Boeing, Raytheon, Lockheed Martin, Northrop Grumman, and General Dynamics.
Schwarz found that a $10,000 investment in stock evenly split across those five companies on the day in 2001 that then-President Georg W. Bush signed the authorization preceding the U.S. invasion would be worth $97,295 this week, not adjusted for inflation, taxes, or fees.
According to The Intercept:
This is a far greater return than was available in the overall stock market over the same period. $10,000 invested in an S&P 500 index fund on September 18, 2001, would now be worth $61,613.
That is, defense stocks outperformed the stock market overall by 58% during the Afghanistan War.
"These numbers suggest that it is incorrect to conclude that the Taliban's immediate takeover of Afghanistan upon the U.S.'s departure means that the Afghanistan War was a failure," Schwarz added. "On the contrary, from the perspective of some of the most powerful people in the U.S., it may have been an extraordinary success. Notably, the boards of directors of all five defense contractors include retired top-level military officers." ...
Read full report at Common Dreams