The Banker of Baghdad: How Tom Barrack Plans to Starve Iran’s Militia Machine

When President Donald Trump announced on 31 May that Tom Barrack would serve simultaneously as US Ambassador to Ankara, Special Presidential Envoy to Syria, and now Special Presidential Envoy to Iraq, the diplomatic community in Baghdad greeted the news with the mild interest one accords a routine reshuffling. They were wrong. Barrack is not arriving in the Iraqi capital with a briefing book and a handshake. He is arriving with a vault key — and the vault holds Baghdad’s oxygen. Since 2003, Iraq’s hydrocarbon revenues have been deposited into a dedicated account at the Federal Reserve Bank of New York. When Baghdad needs hard currency, the Treasury arranges for physical dollar banknotes — sometimes as much as $13 billion in […]