Finally we have conclusive evidence that our free market friends on the right would never dispute. The Surge has failed.
Michael Greenstone, MIT economist, writes:
This paper shows how data from world financial markets can be used to shed light on the central question of whether the Surge has increased or diminished the prospect of today's
Iraq surviving into the future. In particular, I examine the price of Iraqi state bonds, which the Iraqi government is currently servicing, on world financial markets. After the Surge, there is a sharp decline in the price of those bonds, relative to alternative bonds. The decline signaled a 40% increase in the market's expectation that Iraq will default. This finding suggests that to date the Surge is failing to pave the way toward a stable Iraq and may in fact be undermining it.
Undoubtedly candidate Giuliani will rethink his support for the surge. Steve Forbes wrote that he's the leader of the free market in the GOP" and of course Rudi himself said that the "free market is the best thing we have going for us."
(thnks to memeorandum)
emphasis added
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