Things keep popping off from behind the curtains in Iraq. This is major breaking news, more than any other news we have received recently. This news suggests that the US is pushing Iraq to implement certain financial standards or else…Iraq is taking desperate steps to meet its financial obligations using escrow funds from the Federal Reserve Bank of New York to pay the salaries of its private sector workers. These funds…were originally established after the 2003 invasion to protect Iraq’s income from foreign claims and lawsuits…The use of these protected funds signals how critical Iraq’s economic situation has become and how deeply it depends on cooperation with U.S. financial authorities.
