Wednesday, July 22, and the loudest thing Iraq did this week made no noise at all. It happened in a conference room in Geneva, where Iraq's trade delegation worked its accession to the World Trade Organization after 16 years locked outside the door.

While the regime next door is emptied out account by account, with Treasury naming the money man for the Ayatollah and tracking Khamenei's properties around the world, Baghdad spent the week asking to be let into the club that decides whether a currency is worth trading.

Here is the part most people get backwards. The dinar does not have to wait for Geneva to finish. The rate is not the thing trapped behind the WTO. It waits on a budget parliament has to write and a cabinet it has to seat, and those are the pieces with a real date on them.

That is the shape we teach in today's briefing, and why the room nobody filmed this week matters more than the strikes on the wire.