Despite the languishing poor on the streets, however, Baghdad's stock exchange is doing a vibrant business. Shares in more than 90 companies are traded twice a week, though the currency collapse has left some shares almost worthless.

Investors in suits and ties line up in the new stock-exchange building, and sometimes use opera glasses to keep tabs on share prices that cover a gamut of companies. Brokers charge around the floor, wiping prices off white boards with ink-stained hands, and writing in new bids.

The activity here, with a modest volume that can reach $67,000 each session, contrasts with the lethargy on the streets.

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I was wondering how the Iraq stock market was doing. Sounds like they are having a rally!

For Iraq's Educated Elite: Tales of Stock Market, Kitsch Market