Iran's Currency Plunges 40 Percent, Arrests 16 'Main Players' In Currency Crisis

Most the world stopped trading in the Rial last year making it near worthless on the world market.

Without the currency circulating its value diminishes, business outside Iran stop taking it as payment because they have no way to spend it.

Now people in Iran cannot even spend their own currency in their own country because businesses cannot use the money to restock store good imported in to the country.

No one is counterfeiting it, it’s the fact no one outside Iran is accepting it as a form of payment due to the volatility of the Rial.

Death spiral continues and will continue because Iran relies on imported goods, they are not large enough to be self-sufficient.

Last Edited by Chrit on 10/04/2012 03:54 PM

why dont they set up a currency based on oil.

I wouldn't cry if you and those like you passed away sooner than later. You are a disease on Gaia.

Because you have no clue in understanding how economy works. Neither does majority of GLPtards.

OBAMA tries to suppress knowledge, kill this scientist who discovers what causes earthquakes - PATTERN earth leaves with quakes:

____s_____\______e____\______i_________\________s________\___​_____m_______\__________o______\_____._____\______i_______\__​____n__________\________f_______\_________o_______

Well that is a dumb statement... even economists don't seem to know how the economy works.. hence the vareious theories of them.

i'm sure USA and Iran can negotiate a deal where we get their oil and they get some nice ol' US currency and some other promises.

Oh, and you do fuck face?

war seems imminent

IRAN is COOL.

the old timers around here mention that when things get economically this bad, it only means one thing. War is coming.

Just look at what the cure for the great depression was.

no matter what they say, sanctions have never worked with dictators. They just let their people suffer and keep building their WMD's. It's just a lot of hooey. Sooner or later, they've got to bomb.

To anyone from outside the country that read this quote, I just want to say that this shill does not represent the majority of our population, and is actually an awful human being to say such a terrible thing.

Dam RIGHT!

Our sanctions are working!

Thank You Mr. President!!

So true. Plus things get "blown up" and "lost" in the chaos.

the Great Depression was a consequence of WWI - a rubber band effect of the joy and spending directly after the war catching up with an overspending economy - combined with severe drought that obliterated our heartland and crops. The United States was in a horribly compromised position when Pearl Harbor was bombed. We had already had a generation of young men wiped out in WWI. While it is true that the economy boomed due to some quick, successful strategic decisions and many of us believe - divine intervention - it was at a great cost: Over 406,000 deaths and over 670,000 wounded. It was also largely due to personal sacrifices from nearly every U.S. citizen. People rallied together to save milkweed pods for parachutes, save tinfoil balls for the military, they bought bonds and endured rations of their most basic supplies like sugar, butter, meat and bread. Things like candy bars and oranges were considered a rare treat in many communities. (Candy companies were making chocolate bars with Salt Peter in to send to servicemen overseas.) So...I wouldn't exactly call WWII a "cure" for the great depression. It was the kind of "cure" where they say they can save your life, but they have to amputate both your legs.

I would more likely think that the poster you are commenting to was pretending to mock those of who feel that Iran SHOULD be bombed ASAP and their leader is a Satanic tool threatening to kill millions and millions of people.

There are plenty of economists who know how the economy works, but they are ridiculed and shunned and called conspiracy theorists, etc, because their ideal system would not allow for the continual endless looting by the banks.

would you say the same thing about Ahmadinejad and his followers if they killed tens of thousands and Jews and Americans as they repeatedly say they want to do? Would your mythological god care about that?

Well, inflation is about to hit the western world as well will all the open ended quantiative easing going on.

However, Iran has the option of starting a gold backed currency to stave of inflation.
Sure there will be turmoil but as a bonus, almost all debts will be payed off since the current currency will go worthless. Same goes for foreign debt.
Then again, that will make the US attack for sure...

Damn right!

And people only use Gas to drive their cars, it can't effect anything else????Can it????????

Fuck you and your Mother Gaia hippy.

That's very interesting to hear. Thanks. I was under the impression that WWII brought the US out of the depression by boosting the industrial sector with arms manufacturing and machinery, but I never looked at the WWI angle. Thanks again for the history lesson.

Sounds like war on Iran has already started.


Thu Sept 7/19/12

If that were true, just imagine how great the economy should have been with constant war over the last 10 years.

and those numbers are staggering! Over 406,000 deaths and over 670,000 wounded.

I remember it being big news when Iraq war deaths reached 4,000 on the US side and now 2,000 in Afghanistan. (of course they don't mention the 1,000,000 Iraquis)

I think people have really lost perspective these days of what kind of havoc a big war can really have.