Victory in Iraq won't clarify the outlook for world markets

There are few universal truths in the markets. Do not go to work for Goldman Sachs Group if you want to get out of the office early is one. Do not sink your pension fund into emerging market currencies is another. Currently, there is a third: the markets will not recover until the situation in Iraq becomes clear. John Snow, the US Treasury secretary, endorses this view, as does Wim Duisenberg, president of the European Central Bank, Sir Edward George, governor of the Bank of England, and Antonio Fazio, governor of the Bank of Italy. Here is how Snow put it recently: 'There is a recognit...