Quote of the Day

"We are due to remove zeros...because for some reasons the Rial has depreciated and we should bring its real value back." - Mahmoud Ahmadinejad, on the regime's decision to knock three zeros off Iran's national currency.

As noted yesterday, Iran's economy is in tatters, with inflation and unemployment both at alarming levels. Ultimately, the "reason" Ahmadinejad is looking for to explain the Rial's depreciation is at least partly due to his own administration's incompetence and corruption.

Meanwhile, a number of prominent economists have been forced out of Alameh University, likely due to their sober assessment of the country's fiscal state. And so the charade continues.