July 10, 2012

THESE ARE CLASSIC SYMPTOMS OF A MONETARY SQUEEZE: Trades at Tehran’s currency bazaar ripple through Iran’s struggling economy. “Iranian authorities never took much notice of the traders at the bazaar — which feels like something between a stock exchange floor and an off-track betting center — until the difference between the central bank’s official rate for dollars and the street rate began to widen, lowering confidence in the rial and greatly increasing the amount of currency being traded on the unofficial market.”

I don’t know how they came to get the Bette Davis knees . . .

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