Phantom WMDs

The more I hear about Saddam's lack of WMD, the more I wonder: Did he try to keep inspectors out because of what they would find, or for what they wouldn't find?

Saddam's power lay in worldwide fear of him. Would people be afraid if they knew he was blowing all his money on palaces and hookers, rather than nuclear material and anthrax? In other words, was he bluffing all along?