Iraq Liberated, Iraqi Oil Priced In Dollars Again


US National debt $6,783,231,062,743.
Interest on debt $318,148,529,151.


On March 20 the US along with the UK and a few other nations invaded Iraq to find and destroy weapons of mass destruction. No weapons of mass destruction were ever found. The war then became a war of freedom and peace.

On April the Iraq provisional government (run by the US) re-denominated Iraq's oil-transaction currency from the Euro back to the dollar.


US National debt $7,379,052,696,330.
Interest on debt $321,566,323,971.


In May a feasibility study was undertaken to analyze the viability of an international oil bourse on Kish Island, a free-trade zone off Iran's southern coast. Iran subsequently announced that it would seek to open The Kish International Oil, Gas and Petrochemical Bourse (KIOB), originally scheduled to start with the Iranian New Year, March 21, 2006.


US National debt $7,932,709,661,723.
Interest on debt $321,566,323,971.


In November Professor Laurence J. Kotlikoff ( professor of Economics at Boston University) who has penned at least 355 papers published by the Federal Reserve over several years issued a 23 page report titled "Is the U.S. bankrupt". The report was posted on the public website of the St. Louis Federal Reserve Bank.

Judges for The Bankers Awards name JPMorgan Credit Derivatives House of the Year. The award was for pioneering new derivatives including the proposed, Managed Credit Synthetic Portfolio Insurance (SPI).

On November 10th 2005 just before the three day Veterans Day holiday after the credit markets closed the FED announced that it would cease publishing M3 effective March 23, 2006.

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