October 5, 2012

ON THE OTHER HAND, WE CAN CAUSE INFLATION ABROAD:

As Iran's Currency Keeps Tumbling, Anxiety Is Rising (THOMAS ERDBRINK, 10/05/12, NY Times)

For months, since the imposition of harsh, American-led sanctions over Iran's nuclear program, the country's leaders have sworn they would never succumb to Western pressures, and they scoffed at the idea that the measures were having any serious impact. But after a week in which the Iranian currency, the rial, fell by a shocking 40 percent and protests began to rumble through the capital, no one is making light of the mounting costs of confrontation.

In the Iranian capital, all anyone can talk about is the rial, and how lives have been turned upside down in one terrible week. Every elevator ride, office visit or quick run to the supermarket brings new gossip about the currency's drop and a swirl of speculation about who is to blame.
Posted by at October 5, 2012 8:56 PM
  
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