Archive | October, 2012

Happy Halloween

31 Oct

I wonder if zombies taste like pumpkin?

 

zombie-pumpkin-carving

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Hyperinflated Iran Is Still Dangerous

31 Oct

Hormuz-300x231It won’t mollify neocon hardliners in the United States, but Iran, according to Steve H. Hanke, is the 58th country to experience hyperinflation.

On 8 September 2012, the black-market IRR/USD exchange rate was 23,040. In the course of just under a month, after two big sell offs, the rate settled at 35,0 00 on 2 October 2012. That is a 34.2% depreciation in the rial, relative to the greenback. It was at this 35,000 IRR/USD rate that I first calculated the monthly inflation rate implied by the rial’s depreciation. The implied monthly inflation rate was 69.6%. Since the hurdle rate to qualify for hyperinflation is 50% per month, Iran registered what appears to be the start of the world’s 58th hyperinflation episode.

Tightening sanctions on Iran as it fights off hyperinflation is a clarion call for war.

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Infidel Links, Scary Edition

31 Oct

b5d030c6223611e2b13b22000a9f18e8_7-300x300Why I’m not voting for President Obama (or, Governor Mitt Romney). (Philosophers’ Club via Glenn Greenwald)

My point is a simple one: a betrayal has indeed occurred…The people who betrayed the once-vibrant and hopeful 2008 coalition that elected Barack Obama president are lodged in the White House.  Their betrayal was not a consequence of circumstance.  It was the inevitable playing out of decisions taken before January 20th, 2009.  The above list of appointments amply affirms that Barack Obama and his leading advisors knew, at the moment that the oath of office was taken, that their priorities and agendas would be in many, if not most, instances antithetical to the priorities and agendas of its supporters.  There was to be, neither then nor later, a glass “half-full” or even a “quarter-full.”  If anyone tells you otherwise, just ask him or her to show you the glass.

The fact is that the Obama Administration, like the Clinton Administration before it, knowingly engaged in a cynical wager.  They bet that they could pursue a host of policies fundamentally odious to their core supporters and yet be reelected.  The calculation depended on the premise that rank-and-file Democrats would have no other option.  Unsurprisingly, the Obama Administration and its surrogates have invested considerable time and energy convincing its former supporters that there is no option. Continue reading

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