I can't think of any asset that has caused so much conflict or misery. First time round the kdeive couldn't pay for its debts and had to hand over the government (at the point of a gun) of Egypt from 1882 to the French and English to pay for it. The economic pillage of Egypt followed.
Everyone knows that the nationalization in 1956 was done to fund the dam and that it led, in a much more direct way than any chaos Tony Blair did in Iraq, to the Franco-English-Israeli invasion.
The UN had provided for nationalization and the dreadful Nassr agreed to pay full compensation. So what was the problem either legal or financial?
This was not enough and the former imperial powers wanted control again. Indeed the English army had never left.
As the war turned out the US required that they should all go home and this is one of the high points of US diplomacy and the cause of French, English and Israeli shame. It was a good time.
The BBC version - entirely sanitized - is at: http://news.bbc.co.uk/onthisday/hi/date ... 701603.stm.
What it chooses to omit, but a recent BBC drama pointed out, was that the Israeli (pre-planned with the others) invasion was to be 'defeated' by the French and English. They had all worked it out before. The Israeli's would attack and France and England would save Egypt by occupying the canal. The major effect would be that the former imperial powers would be back in control in Egypt with a couple of hundred thousand troops on the canal and east of Alex. With such military power in Egypt and controlling their major economic asset a government in Cairo by Egyptians would be a (French) farce.
The French and English lied to their own people about all of it. They said they had been inspired on the spur of the moment to save Egypt from Israel.
Thank god their silly game was exposed and thank god both French and English governments fell because of their lies.
Australia has a particularly shameful role in this whole fiasco but we comfort ourselves that our current historical consensus, unlike others, is that our imperialist Prime Minister, who was sent to negotiate, was one of our worst and little more than an English lickspittle. He was. His reputation on this and other matters is irremediable. Unlike the hapless English PM who organized all this (and who was rewarded for his disgrace with an hereditary earldom) not even his current political supporters will talk aloud about him. His whole approach to empire, in this matter and others, is a national shame and embarrassment. Only the US came out of this with any integrity.
Others have yet to make a full confession.
