Wow

An incredible chart via FT Alphaville shows that the spreads on Iraqi bonds are narrower than those of Ohio, USA banks Keycorp and National City. That's right folks, Iraqi bonds are now safer investments than two major US regional banks.

Still further evidence that the credit crunch is far from over.

This also speaks to the truly remarkeable progress made in Iraq over the past 18 months. An Iraq in recovery is something we can all get behind.