Banking on Baghdad chronicles the dramatic and tragic history of a land long the center of world commerce and conflict. Tracing the involvement of Western governments and militaries, as well as oil, banking, and other corporate interests, Black pinpoints why today, just as throughout modern history, the world needs Iraq's resources—and remains determined to acquire and protect them. Banking on Baghdad almost painfully documents the many ways Iraq's recent history mirrors its tumultuous past.

The International Society for Sephardic Progress awarded Edwin the 2004 Doña Gracia Medal for Best Book of The Year for Banking on Baghdad. After reading this book, no reader will ever see Iraq the same way. Edwin discussed Banking on Baghdad on Book TV in November 2004.