Iranian Currency Dives, Ahmadinejad in Hot Water

Arutz Sheva ^ | 2/10/12 | Tzvi Ben Gedalyahu

[Eleutheria5]

Iranian President Mahmoud Ahmadinejad faces parliamentary questioning as Western sanctions help sink the “rial” currency by 20 percent in two days and Iranians run scared.

The rial took a nosedive of 2-to-6 percent Tuesday following a dizzying 17 percent fall on Sunday in the wake of the threat of even tougher sanctions by the United States and Western allies.

An almost certain sigh that the Iranian government is afraid of an economic catastrophe, which is exactly President Barack Obama’s game plan against the threat of a nuclear-armed Iran, is the government-controlled media ignoring the fall of the rial.

The local currency has los more that 80 percent of its value in a year.

One Iranian legislator said he has collected enough signatures to force questioning of Ahmadinejad, who also was under the parliamentary gun earlier this year for his public feud with the country’s highest ranking leader, Ayatollah Ali Khamenei.

Ordinary Iranians are increasingly struggling with the resulting inflation, which was officially put at 23 percent even before the latest plunge of the rial.

"Prices are rising every day and it just doesn't stop," said Khosro, a retiree who gave AFP only his first name. He said he was forced to work as a taxi driver to boost his diminishing pension.

The rial was quoted by currency traders at 34,500 to a dollar on Tuesday, compared with 29,500 on Sunday.

However, traders in Tehran's money-changing district said they were selling one dollar for 37,000 rials -- a six percent decline over Monday's close.

.....

[Eleutheria5]

We have toilet paper worth more than the Rial. What's another plunge?

[oldbrowser]

However, traders in Tehran's money-changing district said they were selling one dollar for 37,000 rials -- a six percent decline over Monday's close.

All of this while the dollar itself is almost worthless .

[vet7279]

President Barack Obama’s game plan

Yeah, right!

[ImJustAnotherOkie]

Beats an EMP attack. I for one don’t want that genie out of the bottle any time soon.

[null and void]

We will find
Sooner or later
If Achmed’ll pray
To a glowing crater

[VanShuyten]

Pres. Obama is taking credit for this, but in fact, due to waivers he granted to China, India, Pakistan, et al, Iran's oil production has gone down only about 30%, to about 2.5 million bps. The US government says it's only 1 million bps, but who believes them anymore?

In any case, the inflation there is more likely due to the Iranian government using its foreign currencies to purchase equipment for its nuclear bomb project, funding foreign radical groups, and paying off the corrupt mullahs and their friends, leaving only the local debased currency for businesses.

[jonno]

Sounds to me like like more wag the dog...

[Eleutheria5]

Exactly. Now they’re trying to hype up how people have suffered because of these “sanctions,” and how Iran is supposedly on the ropes. Bull-s@#%$. Monopoly money is worth more than the Rial, and now we’re supposed to believe that it lost value. It has no value. It makes the Ruble and the Krugerrand look good. It makes the Weinmar era Reichsmark look good. So instead of half a wheelbarrow of currency, now they have to bring in 3/4 of a wheelbarrow to do grocery shopping. Big deal. Pure propaganda.

[Eleutheria5]

This won’t stop it. They have oil, whatever their currency is worth. You can trade oil for uranium. You can enrich uranium, or process it into plutonium.

[MarMema]

It seems to me that sanctions just cause suffering of the most weak, infants, etc, in a country.

The lunatics in charge make sure they eat well and continue their delusional plans.

[Eleutheria5]

And that’s win/win, because then they can show the suffering of the innocent little infants as proof of the cruelty of the US, even while they embezzle the aid meant for them.