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Old 10-03-2012, 07:42 PM   #1
ADK
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Iran Currency Collapse

Regardless of the reason, I think that the response and civil unrest is an important lesson here:

http://www.aljazeera.com/news/middle...527747494.html

"He added that many people were keeping stashes of foreign currency and gold at home, "which is having a negative effect on the economy"."

Keep on stacking, my friends!

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Old 10-04-2012, 07:52 AM   #2
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I just spotted a related article:
http://www.cato-at-liberty.org/hyper...rived-in-iran/

In 2 years, the IRR/USD has moved from 10,000:1 to 35,000:1, Ouch!

"Indeed, using new data from Iran’s foreign-exchange black market, I estimate that Iran’s monthly inflation rate has reached 69.6%."

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Old 10-04-2012, 08:23 AM   #3
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Nadeem Walayat of Market Oracle is of the opinion that the controllers have done the numbers for likely results of an attack on Iran and they do not stack up.

So the cyberwar and currency destruction would be their chosen weapons.

http://www.marketoracle.co.uk/Article36832.html
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Old 11-01-2012, 08:57 AM   #4
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Quote :
The West's attempts to destroy the Iranian economy through heightened sanctions—including most imports, oil exports and use of banks for trade operations—is having its affect. According to Johns Hopkins University Professor Steve Hanke, Iran is facing hyperinflation, with a monthly inflation rate of nearly 70% per month and its national currency, the rial, plummeting in value against western currencies. Iran is the latest casualty to be placed on his Hanke-Krus Hyperinflation Index, which includes France (1795), Germany (1922), Chile (1973), Nicaragua (1986), Argentina (1990), Russia (1992), Ecuador (1999) and Zimbabwe (2007), countries which experienced price-level increases of at least 50% per month.

Hanke, relishing his role as the world’s expert on this nightmarish phenomenon, has "played a significant role in stopping more hyperinflations than any living economist, including 10 of the 57 episodes" on his Index. He writes that Iran has three options:
  • spontaneous dollarization (people unloading rials on the blackmarket for dollars, as happened in Zimbabwe),
  • official dollarization (the government withdrawing the currency in favor of dollars, as in Ecuador), or
  • a currency board issuing a new domestic currency backed 100% by—you guessed it—dollars.
Hanke insists that the foreign currency doesn't have to be US dollars. Pitcairn Island, for instance, uses New Zealand dollars.
...
Those ‘options’ all amount to one: accept US-dollar dictatorship. ...
More: http://www.thepeoplesvoice.org/TPV3/...atio#more23055

What Hanke cannot see (blind spot in his world-view): http://www.pmbug.com/forum/f4/petrod...545/#post15123
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