On Thursday in Baghdad, parliament extended its own term by 30 days. Surprise level = zero. Every Iraqi cabinet formation since 2005 has missed its constitutional clock. The 2018 cycle ran eight months before key ministries were filled. The 2022 cycle ran more than a year before a government stood up…The room parliament walked back into is the one that matters. The 2026 budget is closed…Article 24 blocks new borrowing until a seated parliament passes a law. The oil-proceeds cash pallets through the Federal Reserve Bank of New York are halted. Reserves stress was signaled on Iraqi state television this week. That corners the CBI to two levers: draw down reserves, or reprice the dinar. One of those got a signal this week. The other did not. Well not yet anyway… :Reset Intelligence
