Iraq's Financial Surge
By California Yankee Posted in Iraq | War — Comments (2) / Email this page » / Leave a comment »
According to the not-quite-closed record book for 2007, Iraqi sovereign bonds, the Iraqi currency, and the Iraqi stock market have each logged astounding, not to mention politically provocative, gains.[. . .]
Since the subprime mortgage meltdown began in August, these evidences of indebtedness of the government in Baghdad have gained no less than 18.3%. With a salute to General Petraeus and the doughty GIs under his command, one might say they surged.
So has the dinar, up 10% against the dollar this year. Now the dollar, admittedly, is no monetary fortress, and the dinar is one of the few Middle Eastern currencies left free by its issuing government to float in value (the exchange rates of most of the region's scrip are lashed to the dollar). The price of a barrel of oil, of which Iraq is a leading producer, has had a pretty good year itself. Still, during the 2007 New Year prediction season, how many guessed that the dinar would outperform the communist Chinese renminbi (up 6.3%) or the Russian ruble (up 6.8%)? The name of no such monetary prophet jumps to mind.
As for the Iraqi stock market, it is as much a hope as an institution. Trading is spotty, financial information is scarce, and the state-of-the-art technology is a white board. Yet the prices scrawled in marking pen have been in a strong uptrend. At last report, they were ahead by 36.8% on the year.
I'm waiting for the Liberal/Progressives to suffer a momentary remission from their fatal cases of Bush Derangement Syndrome and admit to another epiphany. You know, like this or this.
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Iraq's Financial Surge 2 Comments (0 topical, 2 editorial, 0 hidden) Post a comment »
Our little capitalist-democratic brother in the Middle East did a lot of development this year. As soon as we can secure the country, I fully hope and expect that it will soar and be the beacon of hope and freedom in the Middle East that we always hoped it would be.
Bush may have set an early high watermark for this century in terms of how visionary he has been - and all presidents who come after him may well be judged against that mark.
I think they should all be placed in an insane asylum.
I personally couldn't be prouder of what the United States Military has done and what they have allowed to happen for the Iraqi's. I always said if the populace of Iraq were given a break from the day to day drama of what was their existance they would welcome normalcy and I was right ;-)
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