Yes, the Iranian rial has lost half its value in 12 months. Oil exports are down by about half, too. And Tehran admits that inflation is above 20%, with unemployment above 13%. Yet this isn't an economy in freefall. The volume of oil exports is stabilizing, and the government has an estimated $60 billion to $100 billion in foreign currency reserves.In case you were wondering what "Chutzpah" means, wonder no more.
Friday, August 17, 2012
Here is Doug Feith's equally noxious offspring arguing that sanctions against Iran aren't having the desired effect: