Iranian economy collapsing

The hundred-some billion dollars that President Obama sent to Iran apparently has come and gone, leaving the Iranian economy once again desperate to avoid collapse.  The pallets containing more than a billion dollars in hard currency have funded terror groups, and the rest of the haul apparently has gone to pay for debts, spending, and graft, leaving the real economy gasping for air, unable to generate hard currency yet dependent on imports. Steve Hanke reports at Forbes: Iran's rial plunged from 98,000 IRR/USD on Saturday to 112,000 IRR/USD on Sunday on Tehran's Ferdowsi Street.  That stunning 12.5% one-day plunge has pushed the rial into a classic death spiral.  The last time the rial was in a grip of such a spiral was back in September 2012. The chart below shows the downward roller coaster ride the rial has been on during the past six months, as well as this weekend's free fall.  As the chart indicates, the...(Read Full Post)