November 20, 2008

THE POOR GUY OUGHT TO CANCEL HIS SUBSCRIPTIONS TO MOTHER JONES AND THE NATION:

The party's over (The Economist, 11/20/08)

MAHMOUD AHMADINEJAD, Iran’s president, predicted in March that Barack Obama would never reach America’s highest office. “They will find a way of keeping him out of the White House, even if the entire American nation votes for him,” he said. In July Mr Ahmadinejad ventured another prediction. The price of oil, he declared, would never fall below $100 a barrel. [...]

[T]he failure of both of Mr Ahmadinejad’s predictions now presents a double dilemma. Even before the plunge in oil prices, from a midsummer high of $147 a barrel to the current $50 or so, Iranian economists had raised alarms about spendthrift policies that helped push inflation close to 30%. With only perhaps $25 billion still in hand, out of some $200 billion in oil earnings over three years, the government faces stark choices. Its current budget is based on a price of $80 a barrel.


Not that American leaders have understood Iran any better.

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Posted by Orrin Judd at November 20, 2008 1:08 PM
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