THIS SEEMS LIKE A GOOD IDEA TO ME:

The Pentagon has barred French, German and Russian companies from competing for $18.6 billion in contracts for the reconstruction of Iraq, saying the step “is necessary for the protection of the essential security interests of the United States.”

The directive, which was issued by the deputy defense secretary, Paul D. Wolfowitz, represents perhaps the most substantive retaliation to date by the Bush administration against American allies who opposed its decision to go to war in Iraq.

The next question is whether Iraq will repudiate its odious debts contracted under Saddam. I’m guessing that it will. Check out this statement from President Bush, on James Baker’s appointment to deal with this matter:

The future of the Iraqi people should not be mortgaged to the enormous burden of debt incurred to enrich Saddam Hussein’s regime. This debt endangers Iraq’s long-term prospects for political health and economic prosperity. The issue of Iraq debt must be resolved in a manner that is fair and that does not unjustly burden a struggling nation at its moment of hope and promise.

Call me crazy, but I think that French, Russian and German holders of Iraqi paper should be more than a little worried.