As I've pointed out in previous posts, essayist Naomi Klein has parsed the documents that the US-dominated Iraqi Governing Council has signed, and has found that the "turnover of sovereignty" is hardly that. Through clever clauses, the US retains control over virtually everything, from military to commercial, long after 6/31. The turnover, it turns out, is a fiction.
Now this fact has been formally acknowledged, by no less an authority than Colin Powell. All that the Iraqis will control is agriculture.