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January 10, 2007
There's something happening here
The Iraqi dinar continues its sharp move upward to its current record valuation (the new dinar was introduced in October 2003). And now, as cen be seen from the data on the website for the Central Bank of Iraq, the volume of dollars traded at these prices has surged(scroll down to the bottom). In the last three days, volume traded in US dollars has been: $9 million, $14 million, $44 million. The $44 million is the highest volume since November, with the exception of one day in December. A tile in the Iraq mosaic. We don't want to panic now (a) based on an insufficient appreciation of what may be happening in Iraq in terms of an improving economy and (b) at what may be a critical turning point. John McCain offers an impassioned plea for more troops (see Powerline) and outlines their mission.