The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
With the liberation of Mosul in July, Iraq again finds itself at a crossroads. The Islamic State (or ISIS) has lost its crown jewel, the seat from which it declared its so-called caliphate in 2014. For that, the credit goes to Iraqi government forces, the militias that make up the Popular Mobilization Forces (PMF), and the Kurdish peshmerga. A side effect of the peshmerga victories in the war against ISIS, however, has been an increase in the territory held by the Kurdistan Regional Government (KRG) by around 40 percent since 2014. And, in turn, the Kurds have been further empowered to challenge the territorial integrity of Iraq.
Legally, the KRG continues to operate as a federal unit of the Iraqi national government, but a September 25 referendum for independence could set the Kurds on a trajectory toward sovereignty, something Iraqi Kurds overwhelmingly wanted in an unofficial referendum held in 2005. Both the upcoming referendum and