Article

2012-10-03 Syria-Lebanon-Iran

The Iran Rial lost 60% of its value in the past 8 days

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by lord garth 2012-10-03 00:00|| || Front Page|| [9 views ] Top

#1 Problem is, it probably won't change the regime's behavior one iota. What's North Korea's currency worth? We've had economic sanctions on them for 60 years. Iran will just tough it out. I'm not aware of a case yet where economic sanctions resulted in a change in behavior.

Sure, it will make the regime less popular with the people, but they rose up once and we did nothing to support them. Iran farts in Obama's general direction.

Posted by crosspatch 2012-10-03 01:55|| 2012-10-03 01:55|| Front Page Top

#2 Iran is not North Korea.
They know all about the outside world. Look for Iran to do something rash or daring in the next few weeks.
Desperate people do desperate things.
The Persian people might just get mad enough this time...

Posted by Mikey Hunt 2012-10-03 02:00|| 2012-10-03 02:00|| Front Page Top

#3 How Does a Currency Drop 60% in 8 Days?

Just like the value of my pension dropped 40% over 10 years.

Posted by Besoeker 2012-10-03 02:03|| 2012-10-03 02:03|| Front Page Top

#4 Iran Import goods industrial raw materials and intermediate goods (46%), capital goods (35%), foodstuffs and other consumer goods (19%), technical services

Much of industry will grind to a halt and unemployment jump. Iran isn't a big food importer, so no bread riots in the short term.

Posted by phil_b 2012-10-03 03:49|| 2012-10-03 03:49|| Front Page Top

#5 Tehran's main bazaar has been closed as authorities tighten controls trying to halt the fall of Iran's currency after it hit a record low.

The semiofficial Mehr news agency says the bazaar - the traditional commercial hub in Iran's capital - was closed for security reasons on Wednesday.

Iranian officials have faced increasing public anger over the plummeting rial and rising prices, blamed partly on Western sanctions over Tehran's nuclear program.

The Mehr report quoted Ahmad Karimi Isfahani, a bazaar official, as denying reports that merchants staged a protest.

Posted by Frank G 2012-10-03 06:49|| 2012-10-03 06:49|| Front Page Top

#6 fwiw, back in 1979, the Shah became unpopular among the merchants for various reasons (e.g., beating up bazaar owners, stealing produce).

So far, the anti regime protests in the Mullahcracy era have involved students and to some extent workers. However, the merchants have remained on the sideline and many of the merchants have cousins in the Iran Republican guard. If the merchants go anti regime, it is, as Joe Biden would say, a big f g deal

Posted by lord garth 2012-10-03 09:15|| 2012-10-03 09:15|| Front Page Top

#7 The midget from Iran was in america last week; he must of stopped by Ben Berniekies office for financial advice.

Posted by airandee 2012-10-03 10:03|| 2012-10-03 10:03|| Front Page Top

#8 How Does a Currency Drop 60% in 8 Days?

I wonder what master currency manipulator George Soros has been up to lately.

Posted by Glenmore 2012-10-03 10:15|| 2012-10-03 10:15|| Front Page Top

#9 Brilliant!

Posted by Dellik Sdik365 2012-10-03 11:25|| 2012-10-03 11:25|| Front Page Top

#10 Al-Jizz: Iranian riot police have clashed with protesters in the capital Tehran over the collapse of the rial, the country's currency, which has lost a third of its value against the dollar in a week.

Police on Wednesday reportedly fired tear gas to disperse demonstrators, including currency exchange dealers.

It was the first sign of public unrest over the plunging currency.

Posted by Anguper Hupomosing9418 2012-10-03 13:35|| 2012-10-03 13:35|| Front Page Top

#11 i agree with the idea that this will make the Iranian regime desperate. They will interpret this as an act of war. there's bound to be a response.

Posted by Raider 2012-10-03 15:43|| 2012-10-03 15:43|| Front Page Top

#12 @crosspatch - Supposedly sanctions helped South Africa drop apartheid. Dunno if that's true but that's the typical example given for the potential of sanctions to reform a regime..

Posted by American Delight 2012-10-03 17:29|| http://moneyjihad.wordpress.com/ 2012-10-03 17:29|| Front Page Top

23:58 JosephMendiola
23:36 JosephMendiola
23:07 Broadhead6
23:04 Pliny Unese1004
22:58 SteveS
22:34 European Conservative
21:56 Perfesser
21:14 Perfesser
20:55 Frank G
20:51 JosephMendiola
20:42 Water Modem
20:30 Procopius2k
19:45 AlmostAnonymous5839
19:27 Angiting Snore1647
19:08 Iblis
18:57 tipper
18:36 Beavis
18:21 CrazyFool
18:18 CrazyFool
17:29 American Delight
17:27 g(r)omgoru
17:25 g(r)omgoru
17:21 Beavis
17:19 Mizzou Mafia