In September of 2003 we published a largely speculative assessment of Iraq's money and banking system¹. We concluded that central banking in Iraq would be inadvisable, if not infeasible, should our expectations prove correct. We anticipated that there would be fundamental problems with human capital and knowledge: official and private sector personnel would have to adapt to business in a market economy, and economic data would be scarce, if not irrelevant. There were reasons to worry about the