Chevron does not gamble…and does not pre-pay. Its entire business is deciding which countries can be trusted to deliver barrels against dollars. It has priced that question in Iraq at no for two decades. This week its answer changed…on the strength of books that years of audits, seizures and teller training have made readable…The most reliable verdicts on a country never come from its politicians. They come from the people whose own money is at stake. Washington rebuilt Baghdad’s vault with a cash airlift…and now private capital…is paying in advance. Each one is a wager placed with real money that Baghdad delivers what it has scheduled. Why the currency underneath those wagers sits where it sits is…the case for revaluation. That schedule is short now…
