Courtesy of Mish.
The oil embargo against Iran has worked, assuming one defines “work” as a destruction of the Iranian riall which has fallen 33% in a week, 57% in three months and 75% in a year vs. the US dollar.
On Wednesday, the Tehran bazaar closed in turmoil and police used teargas and batons on demonstrators protesting the currency crisis.
Please consider Iran currency crisis sparks Tehran street clashes
Hundreds of demonstrators in the Iranian capital clashed with riot police on Wednesday, during protests against the crisis over the country’s currency. Police used batons and teargas to try to disperse the crowds.
The day after President Mahmoud Ahmadinejad appealed to the market to restore calm, the Grand Bazaar – the heartbeat of Tehran’s economy – went on strike, with various businesses shutting down and owners gathering in scattered groups chanting anti-government slogans in reaction to the plummeting value of the rial, which has hit an all-time low this week.
“Mahmoud [Ahmadinejad] the traitor … leave politics,” shouted some protesters, according to witnesses who spoke to the Guardian. Other slogans were “Leave Syria alone, instead think of us,” said opposition website Kaleme.com.
“The Bazaaris shouted ‘Allahu Akbar’ [God is great] as they closed down their shops in the morning,” said a witness. “It’s impossible to do business in the current situation.” Amateur videos posted on YouTube which appeared to have been taken from Wednesday’s protests, showed demonstrators encouraging Bazaaris to close down shops in solidarity. Security forces were soon sent to quell the protests.
“They used teargas to disperse demonstrators in Ferdowsi Street and also blocked the streets close to the protests in order to prevent people joining them,” said another witness, who asked to remain anonymous. “Some shop windows in that area have been smashed and dustbins set on fire.” A number of demonstrators had been arrested, according to Kaleme.
On Wednesday, many foreign exchange dealers and bureaux across the country refused to trade dollars and some currency-monitoring websites refused to announce exchange rates.
Hillary Clinton’s Hand-Washing Maneuver
The hand-washing maneuver of the day goes to Hillary Clinton who stated “They have made their own government decisions – having nothing to do with the sanctions – that have had an impact on the economic conditions inside of the country.“
Iran has undoubtedly made many poor economic decisions (but so has every other county on the planet). It is extremely disingenuous to suggest this has “nothing to do with sanctions“.
Monthly 70% Inflation Rate …
