The only place unaffected by financial turmoil: Iraq

[cal04]

http://news.yahoo.com/s/mcclatchy/20081006/wl_mcclatchy/3065233

Fear and uncertainty were hot commodities in global markets Monday.

Stocks plummeted and currencies fell as shock waves from the Wall Street meltdown continued to reverberate across financial capitals.

(snip)
Apparently immune to all the turbulence was Iraq . The government has little if any investments in the institutions affected by the crisis and a barely functioning stock market. Most Iraqis keep their money in their homes rather than trust banks.

"We don't believe it will affect our bank balance," said Minister of Industry Fawzi Hariri . "In the short term we'll be one of the least affected nations."

The Iraqi government has more than $25 billion in cash reserves. Even with oil prices dropping below $90 a barrel, the Iraqis forecast oil revenues to be in the neighborhood of $80 billion .

[liberal N proud]

1. That is because we sent all our money over there