Wanting to Dispel Questions In The Back of My Mind
By definition, a Sovereign Bond can be denominated in a currency other than that of the Sovereign. This appears to be what Iraq is doing.
If they can manage their debt in USD, why bother re-instating the IQD as a tradable currency? The politicians are fat and happy and are
still as separatist as ever. They can keep bickering for another millennium or two, elevating "kicking-the-can-down-the-road" to an art form.
Why not simply maintain this status quo of an upper management cozy versus workers, business-owners and the rank and file chasing guys
in black-ninja outfits with their AK-47s? It is not like this scenario is new to History.
If "green-lights" continue to revert to "yellow" who really loses? Both BBG and Poppy have stated many times that the real "enemy" here is
the status-quo. And, who can possibly dispute this accurate assessment? Iraq appears to be mirroring Greece. The Greek people elected
a candidate who promised (“change”) to throw the bums out and return Greece to its glory. So, where have all of the election promises gone?
Taking and extending loans -- following all the other cans skipping down the road.
Denominating their bonds in the dollar, for me, is an indication with whatever a priori memos-of-understanding they are following, that the GOI
and the CBI do not have full faith and trust in their own country's ability to transform rhetoric into action (laws are not action until they are implemented).
To add yet another analogy: how long can this game of horse-shoes (points for almost-but-not-quite) continue?
I want nothing more than to dispel these questions. It is my hope that clear heads always prevail...