"To date we have a program which each year sends a check to each and every Alaskan ... that gives them a sense of ownership. It also inclines them to promote healthy development and to ensure that the maximum benefit from that natural resource development is equitably distributed. 

 "In many instances, states and nations that have had enormous amounts of oil wealth flow through their country have found themselves worse off. The reason being that a few people at the top of the heap reap the harvest and the little guy ... sees virtually nothing. Also, there's an inclination on the part of politicians ... to spend every dollar they can get their fingers on. The dividend program has created ... a militant ring of defense that surrounds the Permanent Fund. Whenever the politicians wish to invade it, the shareholders rise up in outrage, in protest."

 The struggle in Iraq is "... evidence of the frustration and difficulty in coming up with any method and means to effectively offset the terrorism that is going on in that country today."

 Hammond said "... there is another approach that I would much prefer ... that in Iraq, they adopt a program similar to what we have done in Alaska. Use their oil wealth to invest in spin-off dividends that would impact each and every Iraqi."

 With an Iraq dividend, "there appeared to be the potential of establishing in Iraq, a democratic, capitalistic mindset on the part of the people. If they perceived it as our pipeline ... and that every time they interrupted oil flow, it was money out of their individual pockets, there would be a resistance to the type of thing that is occurring over there today."