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Iran Running Out of Physical Currency, Satellite Broadcasts Dropped in Europe 480

Posted by Unknown Lamer
from the outsourcing-strikes-again dept.
iONiUM writes "In an interesting problem with physical currency, Iran is now running out of hard currency, due to a combination of inflation, and 'Koenig & Bauer AG of Würzburg, Germany, also says it has not responded to an Iranian request for bids to make the presses to print new rials.' Perhaps they should switch to BitCoin." In addition to not printing money for them, the European currency presses won't sell Iran the equipment needed to print their currency domestically (not unexpected with the embargo). pigrabbitbear adds: "Eutelsat Communications, one of the largest satellite providers in Europe, has just nixed its contract with IRIB, the Iranian state broadcasting company. While IRIB's programming is still mostly up and running in Iran, the decision means that 19 IRIB TV and radio channels have now been axed from Europe and much of the Middle East."
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Iran Running Out of Physical Currency, Satellite Broadcasts Dropped in Europe

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  • Outraged! (Score:5, Funny)

    by Black Parrot (19622) on Wednesday October 17, 2012 @09:35AM (#41680321)

    Printing currency is a fundamental human right! Next thing you know, they be telling you and me that we can't print currency anymore either.

    • Re:Outraged! (Score:5, Interesting)

      by Hadlock (143607) on Wednesday October 17, 2012 @10:05AM (#41680617) Homepage Journal

      I wonder how this will affect (or stem) hyperinflation? Generally the solution* to hyperinflation is to print mountains of money to the point that people burn it to heat their homes in the winter. However if you don't print more money (as is in Iran's case) you end up with the value of the existing currency rising at (hopefully) the same rate as the price of goods due to the limited money supply and increased demand for it.

      • I wonder how this will affect (or stem) hyperinflation? Generally the solution* to hyperinflation is to print mountains of money to the point that people burn it to heat their homes in the winter

        Printing mountains of money to monetize exisiting government debt or to monetize current government spending which revenues and borrowing won't support is usually the cause of hyperinflation (there's other possible causes, but they are more rare in practice.) It can become cyclical, with, having triggered hyperinf

      • Re:Outraged! (Score:5, Informative)

        by timeOday (582209) on Wednesday October 17, 2012 @11:41AM (#41681891)
        Iran's inflation isn't caused by an abundance of currency, but by a shortage of goods. This is intentional, in fact we are the ones causing it.
        • Re:Outraged! (Score:4, Interesting)

          by Anonymous Coward on Wednesday October 17, 2012 @01:34PM (#41683521)

          No it is not. There is no shortage of goods in Iran (I was in Iran for 3 weeks from 20 Spet.-10 Oct.). I visited tehran and a few small cities. Agricultural products are produced almost enough for their needs and Asian (Chinese , Korean, ...) products are available everywhere. Shops are full of electronics products (iPads, iPhones, Galaxy S3 and everything else) and new cars are everywhere (Mazda, Toyota, Hyundai, Peugeot, Nissan, Suzuki, and Iranian brands). Most people I saw in offices had iPhone and new Samsung phones. I had possibly the best foods, fruits etc. during my visit.

          The main cause is the miss-management of government or perhaps the government is doing it on purpose. The government has let the exchange value of foreign exchanges to go up (by not offering foreign exchanges to Banks and people).

          Ahmadiejad's government is paying huge amounts of money as a compensation for removing subsidies (around USD 42 billion per year). Parliament was against it because they thought government cannot sustain paying such huge money. Now the government has possibly increased the foreign exchange rates so that they can earn enough money to pay the compensations.

          This is a temporary solution so that Ahmadinejad's government does not lose on its promises (until few remaining months of his government) but it will possibly harm the economy in long term.

    • Re:Outraged! (Score:5, Insightful)

      by wonkey_monkey (2592601) on Wednesday October 17, 2012 @10:24AM (#41680791) Homepage
      "You and me" aren't the legitimate government of a sovereign state recognised by the UN. Well, you might be, but I'm definitely not.
  • by Anonymous Coward

    If the hard cash is difficult to come by, then doesn't it raise the value of the printed notes thus nullifying the inflation and the need for more printed notes?

    • by Anonymous Coward on Wednesday October 17, 2012 @09:39AM (#41680371)

      No, because cash is digital; the paper tokens are just for convenience when you're not using a card or whatever. You're mistaking the symbol for the thing symbolized.

    • by localman57 (1340533) on Wednesday October 17, 2012 @09:43AM (#41680395)
      More likely it brings an entire economic system to a halt, with the possiblity of bank collapse. This isn't like in more normal economic situations, where things do tend to find balance. There's a huge, unnatrual, external force at work in the sanctions. Most of the monitary value in modern systems is on paper or in computers in banks. You have money in your savings account, but that money is actually invested in someone else's mortgage, not in a big bag with a '$' on it in the vault. When people fear inflation, they got to the bank and withdraw money so they can spend it. But to do that, you have to have actual physical cash to withdraw. If Iran can't find a way to keep liquidity (printing money may be the only option they have left) then the economy freezes up,similar to what was happening in the US in 2008/9, where businesses couldn't find short term capital. If they can't print money, I frankly don't know what they'll do. I believe this would be unprecidented.
      • the huge unnatural, external force in question is depending upon other nations, nations known to be hostile to your ideology, for essential services like printing money

        what i am saying is the narrative of blame the west is fake and contrived. blame the iranians for the fruits of their own choices

        • by kilfarsnar (561956) on Wednesday October 17, 2012 @11:21AM (#41681581)

          the huge unnatural, external force in question is depending upon other nations, nations known to be hostile to your ideology, for essential services like printing money

          what i am saying is the narrative of blame the west is fake and contrived. blame the iranians for the fruits of their own choices

          Riiight. Because the situation Iran is in has nothing to do with the West. The US and its allies have been trying to take down Iran since they tried to nationalize their oil companies in the early 1950's. Iran has been demonized in the western press to encourage public support for attacking them. This hyperinflation situation is one more aspect of the full-court press being put on Iran by the US and its allies. Iran is under enormous pressure to play ball the way Washington and London want them to.

          • by amicusNYCL (1538833) on Wednesday October 17, 2012 @11:49AM (#41682057)

            Iran is under enormous pressure to play ball the way Washington and London want them to.

            Washington, London, and much of the Middle East. In addition to most of Europe. And a lot of Asia (along with Australia). I'm not sure if most of Africa or South America really care either way.

          • by jjo (62046)
            You seem to be saying that the Iranian regime can do whatever it likes against the interests of the West, and the West is morally bound to ignore that and do business with Iran whenever the Iranians want. Sovereign nations have the right to withhold trade however and whenever it suits their national interest. This is an parallel of the Iranian desire to control its own oil trade. (BTW, oil nationalization, while perhaps radical in the 1950's, is now old hat. Look elsewhere for your paranoid fantasies.)
      • by lantenon (867508) on Wednesday October 17, 2012 @10:00AM (#41680569)
        Actual question, not rhetorical: Could this be a catalyst that forces more widespread electronic payments adoption - stored value cards, mobile phones, etc. - in lieu of paper currency? If you take away the need to "print" -- and replace it with a plastic card with value on it -- would that potentially be Iran's solution? Just a thought.
        • by localman57 (1340533) on Wednesday October 17, 2012 @10:07AM (#41680635)
          That could be an option for a regime like theirs. You could inflate your currency by adding digital zeros rather than printing money with more zeros.

          The fact that I just wrote that in the light of a positive option makes me realize how fundamentally fucked up they actually are. I think there's a small possiblity the entire country may collapse before the next election, and a substantially higher chance before the next presidential term.
          • Re: (Score:3, Interesting)

            by Anonymous Coward

            That requires an infrastructure to support that process. For instance card readers in every market or farm stand. The problem with this idea is that Iran does not own or have the capacity to create that infrastructure without significant imports from external sources. And external sources have been banned from providing this capacity.

          • That would certainly be possible for an economy with modern infrastructure like the US or Europe, but Iran has spent so much time since the Revolution on various forms of navel gazing that it has a flimsy infrastructure that I think would be insufficient to the task of a fully electronic currency. It's just one of the many ways the politically savvy but ultimately economically idiotic Ayatollahs and Co. have fucked the country over.

        • by gtbritishskull (1435843) on Wednesday October 17, 2012 @10:13AM (#41680681)
          Probably not. When people get nervous about their financial systems, they want real money that they can put their hands on. Which makes sense because if the financial system collapses, you don't want to have to depend on middlemen that could collapse as well. So, it might actually do the opposite. When this passes (not saying how long that will take, but at some point something has got to give) then the people will remember being unable to get hard currency. So, it could be that they will be LESS inclined to use electronic payments than they are now.
        • by dwye (1127395) on Wednesday October 17, 2012 @10:14AM (#41680693)

          Could this be a catalyst that forces more widespread electronic payments adoption - stored value cards, mobile phones, etc. - in lieu of paper currency?

          Only if Iran can make the stored value cards, mobile phones, etc., by themselves. Otherwise, it just makes matters worse.

          Actually, of course, Iran running out of currency is silly. All they have to do is accept lower quality printing on their currency from cheaper presses. When the Nazis tried counterfeiting English Pounds during WWII they had to reject the first run because their "currency" was so much better than the "real" notes - the implication is that people will accept anything as currency, providing that the government is behind it (and very publicly executes any counterfeiters that they catch :-) .

      • by Lumpy (12016)

        Bank collapse is not a bad thing. Honestly they should have let the banks collapse here in the USA.

      • by jrumney (197329)

        If they can't print money, I frankly don't know what they'll do. I believe this would be unprecidented.

        Zimbabwe basically gave up printing money in 2009 when they couldn't fit any more zeros on the notes. That's not quite the same situation Iran is in now, but the solution is probably the same - use other countries' currency to get some stability back. The problem for Iran is that getting enough of any other countries' banknotes will also be difficult with the current tightening of the sanctions.

        • by Vaphell (1489021) on Wednesday October 17, 2012 @11:13AM (#41681469)

          China should say fuck you to sanctions, supply Iran with yuans and score big time in the region. The US and Israel would be pretty unhappy having China in the other team.

          • The problem is that China could do that, but lose it's largest trading partner. And China can't afford to do that. If they could, I would probably be speaking Mandarin right now.

            https://www.uschina.org/statistics/tradetable.html [uschina.org]

            • What makes you think that US would dump China as a trading partner if China were to assist Iran in this? US needs China nearly as much as China needs US.

              • by wanax (46819)

                If we drop the hyperbole in terms of responses (and look at how diplomacy actually works), if China was to go all in supporting Iran (instead of nibbling around the edges and turning the blind-eye to smugglers) the US would respond by doing something along the lines declaring China a currency manipulator and putting a (small) tariff on their imports. Which would in turn, make the major export industries put a lot of pressure on the Chinese government to relent on the Iran policy (a small change in competiti

      • To build on what you're saying, currency requires a comparison to work as well. Originally the comparison was to a commodity like precious metals (coins made of them or paper money guaranteed by it) but since most nations left the gold standard, world-wide currencies are dependent on their comparison to other currencies in order to mitigate differences in commodity prices.

        Since Iran is essentially not allowed to compare it's currency to a huge swath of the world's currencies by the sanctions or openly tra
    • I believe this is this is the running out of the vehicle by which the economy flows. This has happened in other places in the past with disastrous effects.
  • Big surprise (Score:4, Insightful)

    by O('_')O_Bush (1162487) on Wednesday October 17, 2012 @09:36AM (#41680331)
    That is what happens when you take with one hand and flip everyone the bird with the other.

    One of those Karma things.
    • Re: (Score:2, Insightful)

      by crazyjj (2598719) *

      That is what happens when you don't do what the U.S. tells you to.

      FTFY

      • Re:Big surprise (Score:5, Informative)

        by circletimessquare (444983) <circletimessquare AT gmail DOT com> on Wednesday October 17, 2012 @10:02AM (#41680589) Homepage Journal

        this is what happens when you don't cooperate with the Americans, the Europeans, the Turks, the Saudis, the Israelis, the Russians, the Chinese, etc...

        there is a price to pay for forging a path that is hostile and has animosity to rest of the world. framing the situation as a country not blindly following just the USA is complete bullshit

        • Re:Big surprise (Score:4, Insightful)

          by Anonymous Coward on Wednesday October 17, 2012 @10:24AM (#41680785)

          Iran is cooperating quite well with the Russians and Chinese. The Saudis and Turks are puppet states (though they are shaking free of their master). Israel... that's priceless, considering they don't cooperate with the world on any terms - ignore the UN, ignore the NPT, etc, etc. So what's their price to pay?

          • Re:Big surprise (Score:5, Insightful)

            by circletimessquare (444983) <circletimessquare AT gmail DOT com> on Wednesday October 17, 2012 @11:27AM (#41681637) Homepage Journal

            It's really interesting to suggest to people obsessed with the USA that the USA is not the only country in the world that matters, and then basically get a reply that boils down to "no, the USA is the only country that matters."

            It says more about your own psychology, your thinking amounts to tribal posturing of "us" and "them." You have a sheltered provincial worldview, not a grasp on reality with its profusion of independent players.

            The Saudis and Turks thank you for patronizing and condescending to them and dismissing them as slaves. Especially as actually impartial viewers of world affairs have taken increasing note of the importance and value of the Turkish model of approaching the world.

            But we have to suffer the fools. The mindless sheltered fools who think the USA is the only country that ever matters and everything that happens in the world can be creatively reinterpreted as an American action and therefore an American responsibility.

            I did not know that all malice in the world flows from Washington DC. I guess before 1776 the world was love and roses. And I am happy that all we need to do is remove the USA from the world and rainbows and unicorns will dominate. All of this seems to be the implications of certain idiots and the way they think the world works. No one else besides the USA ever does anything in the world, apparently, except react to the USA.

            It's just so ignorant and tribal.

            All you do is embarrass yourself and reveal how sheltered, provincial and prejudiced you are in your thinking with your posts. But don't worry, you're not alone. A lot of people share this tedious dimwitted recriminating way of looking at the world.

      • Re:Big surprise (Score:5, Interesting)

        by bytesex (112972) on Wednesday October 17, 2012 @10:02AM (#41680593) Homepage

        Hardly. I'm not from the US, but I feel very much te same about Iran. I also say: let 'm drown. They run a pretend democracy that still have at least half of the population keep the current set of fear-driven, fear-mongering elite in charge, They simply cannot be persuaded to not fund and otherwise stimulate all sorts of terror groups that do all sorts of stupid and dangerous shiat all over the world. They purposely suppress women and gays. They do all that and still keep expecting to be treated with respect. I say: let 'em go under good this time. Relativism with respect to what the US does *is* apples and oranges.

        • Re:Big surprise (Score:4, Insightful)

          by Archtech (159117) on Wednesday October 17, 2012 @10:53AM (#41681217)

          They run a pretend democracy that still have at least half of the population keep the current set of fear-driven, fear-mongering elite in charge, They simply cannot be persuaded to not fund and otherwise stimulate all sorts of terror groups that do all sorts of stupid and dangerous shiat [sic] all over the world.

          A very accurate (though ungrammatical) description of the USA. Thank you!

        • Hardly. I'm not from the US, but I feel very much te same about Iran. I also say: let 'm drown

          They won't drown in Iran. They'll probably starve or die of preventable diseases. But I imagine you didn't think of that.

          There isn't a citizenry in the world that deserves to suffer because of the actions of its leaders.

          They'll be the one that suffer. Remember our embargo on Iraq in the 90's? The one that deprvied Iraqis of healthcare, food and basic medicine? That was the one that by most estimates killed about 300,000 children.

          All sanctions do is enable both sides to use the innocent as pawns in a ridicul

        • Since the rights of non-Muslims and women are far worse in Saudi Arabia, and they don't even pretend to have a democracy, why aren't we punishing them?

          Remember, the American word for "democracy" really means "does as we tell them." There is no exception to that rule.

  • by MassiveForces (991813) on Wednesday October 17, 2012 @09:38AM (#41680367)
    Well at least we can try out our economic theories on Iran about how to manage the money supply. If they are better off without increasing the money supply so as to not risk hyperinflation, we can then analyse what free market responses move to restore productivity.
    • by SaroDarksbane (1784314) on Wednesday October 17, 2012 @09:58AM (#41680549)
      1. They are already "increasing the money supply". They simply don't have enough physical bills now to hand out all the digital money they are inventing.
      2. A fiat currency controlled by a state apparatus is not a "free market", no matter which direction they end up choosing.
      • I'm not sure if you're familiar with fiat currency, but governments did not manifest it out of hopes and dreams...

        Fiat currency began as "promissory notes" based on precious metals and other goods handed out by shopkeepers and other people interested in wholesale barter.

        These notes, sometimes printed on parchment or stamped into something more lasting (like gold or stone), or sometimes just kept in dockets within the shop... were essentially fiat, in that they could be issued against goods not yet produced,

    • This may well be interesting. But only if the country continues to funciton long enough to see what happens. Typically with hyperinflation, the only short term option is to do away with your own currency, and adopt a strong foreign currency instead. Zimbabwe did this by adopting the dollar. But this may not work in Iran. The idea of adopting a foreign currency assumes that both dollars and goods can flow across the border. It's almost as if Zimbabwe becomes a very poor neighborhood in the US economy.
  • I remember reading somewhere about Iran being sold/given currency printing presses in the past which were intended for printing Rials but were instead used to print counterfeit US dollars (which lead to upgrades to the security of US currencies)

    Unless those machines were destroyed, why cant they use them? (its not like Iran has to worry too much about how hard their banknotes are to counterfeit)

  • by tech49er (824086) on Wednesday October 17, 2012 @09:47AM (#41680439)

    In a society of such unquestionably uncorrupted morals and principals why is a non-repudiable currency even necessary?

  • by Anonymous Coward on Wednesday October 17, 2012 @09:49AM (#41680463)

    Iran switch to BitCoin? Noooooo! We can't let them do THAT! According to experts*, if they did that, all their financial troubles would evaporate overnight through the magic of cryptographicalityness! LOOK AT HOW CRYPTOGRAPHIC IT IS!!! Then unicorns would come back and fart rainbows and candy all over the country and they would become as GODS to us mere mortals with our non-cryptographic currency that isn't even SHA-1 hashed! We can't let that happen!

    *: Read: "fanatics".

  • by FatSean (18753)

    It is pretty douchy that Israel didn't have to sign the NPT but gets weapons and reactors. These sanctions are just going to make Iran desperate. And for what? Because they might make a few nuclear weapons? North Korea hasn't nuked anyone and they talk all sorts of crazy shit.

    • by Xest (935314) on Wednesday October 17, 2012 @10:14AM (#41680697)

      "It is pretty douchy that Israel didn't have to sign the NPT but gets weapons and reactors."

      No one has to sign it, it's entirely option. Note that Pakistan, India, and North Korea all have weapons and reactors but are not signatories either.

      The treaty is based on the idea that if you sign up, then if you don't have nuclear weapons, then you don't seek to acquire them, and if you do have nuclear weapons, then you agree to reduce stockpiles with the aim of eventually disarming. In return for agreeing to this, you get access to global nuclear technology and information sharing agreements for peaceful nuclear power generation. The problem with Iran is that it wants access to this information, and the nuclear components market, but it's not fulfilling it's legal obligations to prove that it's not seeking to acquire nuclear weapons.

      I hope this clarifies the difference between Israel, India, Pakistan, and North Korea vs. Iran. The former 4 have basically made the calculation that they'd rather have nuclear weapons and worry about sourcing nuclear enrichment and power technologies outside of international frameworks, or alternatively, simply developing it themselves internally. In contrast, Iran is basically saying they want all the benefits of the NPT, whilst fulfilling none of the obligations. You can't do that, you either sign up to all, or nothing.

      One final point I'll make though is that action to prevent states becoming nuclear capable can happen whether the NPT is involved or not, so you shouldn't assume the NPT is a tool used to simply beat nations with, it's not. The reason I say this is because the pressure against North Korea (a non-NPT signatory) is as strong as against Iran (an NPT signatory). As you can see, rhetoric, proposed action, or actual action against a nation is simply to do with global politics as much as it is NPT compliance - in other words it doesn't matter if India/Pakistan/Israel are NPT signatories or not, any action against them will happen, or not happen, regardless of their NPT signatory status so Israel signing up to the NPT, or Iran dropping out of the NPT, would have absolutely no bearing on the pressure (or in Israel's case, lack of) against them.

  • Someone isn't paying for that in BitCoin.

    • by Xest (935314) on Wednesday October 17, 2012 @10:17AM (#41680729)

      Actually that's been a primary reason for Iran's economic collapse so far - both the US and Europe actually put their money where their mouth is for once and actually stopped buying Iranian oil. Whilst China has picked up some of the lost sales, it's not picked up even close to all of it, and worse, because China is no longer competing with the West for Iranian oil, and Iran desperately needs to sell that oil, China has been able to bargain for lower prices for it. Saudi Arabia has increased output to support the loss of Iranian oil to the US and Europe which is why they've been able to pull it off.

      Europe (and presumably the US?) have also just this week now extended that to gas too, which will hurt Iran's economy even more.

    • I'm not sure who the "we" in your comment might be, but the International Energy Agency estimates that Iranian oil exports are down 60% this year. The only countries which are buying oil from Iran appear to be China, India, South Korea, Japan and Turkey.

      The EU banned imports of crude oil from Iran, starting in July. The ban also prohibits European insurance companies from covering Iranian export shipments, which makes it difficult for many countries outside of Europe to import Iranian oil.

      The oil embargo

  • by wbr1 (2538558) on Wednesday October 17, 2012 @09:54AM (#41680515)
    It's my new virtual currency called BLIT-Coin. It only draws currency on a screen. No printers needed.
  • No TV? (Score:3, Insightful)

    by PPH (736903) on Wednesday October 17, 2012 @09:57AM (#41680533)

    So they'll have more time to hang around the mosque instead of sitting home, watching Baywatch reruns.

  • why there are all these sanctions against Iran. OK: I know that the government does not always treat its citizens nicely, but there are plenty of other countries that act in much the same way and they are ignored; they have a nuclear programme, but so have many other countries and some of these other countries have admitted to producing or using bombs (eg USA); they have interfered in other countries and helped to support ''rebels'', but so have others (eg USA, UK).

    So if they are not doing worse than other

    • by FatSean (18753)

      Oil

    • by Xest (935314) on Wednesday October 17, 2012 @10:23AM (#41680777)

      "why there are all these sanctions against Iran."

      The two primary reasons are:

      1) Refusing to fulfil it's obligations as an NPT signatory. It is fairly unique in this regard.

      2) Sponsorship of groups on US/European terrorism watch lists. This is something other nations do (including the US/Europe ironically).

      But it is point 1) that would normally be used as the reason for separating Iran from other nations, though it may be worth reminding you that Syria and North Korea have also both been under sanctions for many years for these reasons also so it's not as if they're being applied to just Iran, though I will agree with you, they are still applied somewhat selectively - for example, Pakistan is also complicit in funding terrorist organisations, and has a nuclear programme (though like North Korea, is not an NPT signatory) but because it's a US ally, it gets away with these things.

    • by Thud457 (234763)

      why there are all these sanctions against Iran. OK: I know that the government does not always treat its citizens nicely, but there are plenty of other countries that act in much the same way and they are ignored; they have a nuclear programme, but so have many other countries and some of these other countries have admitted to producing or using bombs (eg USA); they have interfered in other countries and helped to support ''rebels'', but so have others (eg USA, UK).

      So if they are not doing worse than other countries including us, then what is it all about ? I do note that they are sitting on plenty of oil, so are they the next Iraq ? Better ask Cheney I suppose!

      They humiliated the U.S. 33 years ago.
      Oh, and that whole threatening to destroy Israel thing. Strangely, the Jews take threats of genocide against them very seriously.

      • by Uberbah (647458) on Wednesday October 17, 2012 @02:01PM (#41683875)

        They humiliated the U.S. 33 years ago.

        After finally ending the puppet regime installed by the U.S. and Britain, when we overthrew Iran's peaceful, secular government. Anytime neocons want to whine about the theocratic government of Iran, they should start with the nearest mirror.

        Oh, and that whole threatening to destroy Israel thing.

        Repeating a Big Lie doesn't make it true. Not only has Iran never said anything of the kind, they haven't attacked another country in 200 years. As opposed to the real belligerent powers here: the U.S. and Israel, who have both launched dozens of first strikes or wars of choice since WWII.

    • by Dog-Cow (21281)

      Because Iran has stated a desire to wipe another sovereign nation off the map. You may not believe that Iran would ever attempt it, but you aren't deciding foreign policy.

  • Hard vs Physical (Score:4, Informative)

    by vlm (69642) on Wednesday October 17, 2012 @10:02AM (#41680591)

    I think its funny that "news for nerds" doesn't know that hard currency and physical currency are two different things to businessmen / economists and /. is getting them confused.

    Hard currency is someone else's stable currency or gold. You want that when you're doing the hyperinflation thing like Iran's doing now and the US is attempting to do and Germany did about 90 years ago. Foreigners like satellite broadcasters want "real" aka hard money.

    Physical currency is the paper bills. Once a stack of bills can't buy a roll of toilet paper, people start using money instead. Ditto firewood/kindling. Again a symptom of inflation. Most legal foreign trade doesn't involve paper currency so the satellite owner probably doesn't care about Iran's paper currency.

    It takes pretty high tech to make cutting edge hard to counterfit paper money. Coinage is possible if you have gold. Paper checks, bank accounts, and credit cards don't care how many zeros are on them. Bitcoin would work but its hardly the only solution and requires a lot more electricity than a checkbook. Its not a huge deal.

  • It's all a conspiracy by the jews and crusaders! I keeeeel you!!!

    • by moeinvt (851793)

      "It's all a conspiracy by the jews and crusaders! "

      Are you really trying to suggest that the Israeli/USA sanctions regime has nothing to do with Iran's currency problems?

  • Even senior politicians are feeling the pinch. The president is having to sell off his clothes.

  • by Blaskowicz (634489) on Wednesday October 17, 2012 @10:41AM (#41681035)

    Iran Sanctions Now Causing Food Insecurity, Mass Suffering [guardian.co.uk]

    It may be worth reading this, iranian are now facing severe food shortages and lack of medicine, this will physically weaken the population and have an actual death toll. Who are we to impose such misery, and why is the EU doing this? It's a shame, and possibily an act of war. The population won't overthrow the regime either, because they're being weakened and growing dependant on the regime for their survival. These sanctions are absurd, abject and only useful if the US/Israel intend to attack the country thereafter.

    • by Old97 (1341297)
      Who are we? "We" are in a cold war conflict with Iran. We are trying to keep this from escalating into a hot war by imposing sanctions to pressure Iran into complying into agreements they have made - nuclear non-proliferation. Their leaders have threatened attacks on Israel, the U.S. and others. They have been engaging in terrorist attacks across the middle east directly (Quds Force) and through proxies (Hezbollah). They have threatened Israel with annihilation. Israel thinks Iran will try to destroy
  • by Greyfox (87712) on Wednesday October 17, 2012 @10:47AM (#41681131) Homepage Journal
    About the time you hit the industrial era, you'll have the option to discover the printing press. And banking. Now unfortunately looking at your civilization's profile, you haven't even made it to the renaissance yet, so you still have a ways to go, but in a couple hundred turns, you'll be set!
  • by djl4570 (801529) on Wednesday October 17, 2012 @11:14AM (#41681479) Journal
    Back in the seventies Iran had the same intaglio presses used by the Bureau of Printing and Engraving to print US Currency. Back then they used it to print their own currency. After the revolution they are suspected to have used the presses to print counterfeit US currency. If they can build isotope separation centrifuges on an industrial scale they can manufacture whatever spare parts they need to keep those old presses in operation.
  • by sociocapitalist (2471722) on Wednesday October 17, 2012 @11:15AM (#41681505)

    At some point they'll just buy the machines from China, Russia or some other country willing to sell to them.

  • This is immoral (Score:5, Interesting)

    by elloGov (1217998) on Wednesday October 17, 2012 @11:31AM (#41681693)
    Those who don't listen to us will feel our wrath. Example Iran. This may seem off topic but I think it's relevant to the underpinning factors of this piece of foreign policy. I'm going to be pragmatic and honest rather than ideal here.
    It's my opinion that land and its resources belongs those who conquer it. Who ever gave anyone ownership of oil and/or land? No one, you conquer it then you defend it. I don't care if your God gave/promised it to you, or that you have been there for centuries/millenia. History has shown this time and time with European colonization of Africa and Americas, the mongol conquest of central Asia, the Islamic conquest of Northern Africa and Europe, the Israeli settlement of Palestine. In this regard, Palestine, Saudi oil, etc. all are up for grabs if you ask me, if you wish to take up the conquest.
    As an American, I have no problem supporting a questionable foreign policy as long as it serves OUR national interest. I don't have a problem with double-standards, forcing our will, nor do I care whether it is fair, just, and righteous. What does bother me is the masses eating up the propaganda fed to them by our gov't and media and regurgitating it as the noble path. What we are doing to Iran is immoral, unfair and an act of war. Save me the BS of "spreading democracy", "doing the right thing", or speaking of this "world's/international community's" which is only made up of a minority group of nations.
    Patriotism/nationalism is irrational, ideological and dangerous and it's running wild in the USA more than ever. The whole society/political spectrum has shifted to the right, xenophobia, intolerance and attacks on secularism are on the rise. Combine this with our hostile approach and disregard to just about any country save a few, we are perpetuating our own decline.
    This choke hold on Iran to me, is doing the bidding of our ally Israel based on fickle evidence that is at best propaganda. In addition, we are also doing the bidding of the Saudis and other satellite Saudi kingdoms . I see this as the USA outsourcing its might. I don't believe this serves our national interest. The damages of our hostile actions will hurt us economically, politically and make us less safe. We are walking a tight rope over stagflation should the oil prices rise not to mention of sending more Americans in harms way.
  • by MarkvW (1037596) on Wednesday October 17, 2012 @01:23PM (#41683387)

    Iran is a real paradox. It is fundamentally hostile to free thought and free expression, yet is utterly dependent on the fruits of free thought and free expression.

  • by slashmydots (2189826) on Wednesday October 17, 2012 @02:10PM (#41683987)
    There was always that kid on the playground in grade school who nobody wanted to sell currency presses to cuz he was a dick to everyone. It's just funnier on a larger scale.

There is no royal road to geometry. -- Euclid

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