Last night I saw pictures of the Iraqi Ministry of Economic Planning in Baghdad burning, set alight by ‘looters’.
Memo to the Iraqi People:
If you want liberty, prosperity and a rational economic future, you now have a golden opportunity that you must not squander… DO NOT REBUILD THAT BUILDING!.
Apparently the US Fed asked the Pentagon to avoid bombing the Iraqi Central Bank.
The argument being that it may be needed to re-issue currency and control monetary affairs. Think Greenspan was wrong here, they could just dollarize the economy and dispense with an Iraqi Central Bank altogether.