Iran's leaders seem to have contracted a
case of economic idiocy. Let's hope it's not infectious. Mid-April, the Islamic
Republic announced it would start to denominate its holdings of official assets
in euros instead of U.S. dollars. The news comes during a period of
fast-deteriorating diplomatic relations between Tehran and Washington, which
makes the currency denomination change look like a way for the Iranian
leadership to snub the U.S. Unfortunately, for people of Iran, the decision
would seem to be both futile in the near term and one that would auger yet more
pain for the already beleaguered economy in the future. More…
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