Sovereign.
When I think of the word "sovereignty," I can only really think of the British monarchy and The Sovereign Principality of Sealand. With those two associations, there are scant resources in the hollow pits of my psyche to not consider America's transfer of power sovereignty to Iraq as much of a joke as Sealand.

Don't get me wrong, I heart Sealand, what with it's "struggle for liberty" and damn-the-man-entrepreneurial spirit and all.