Friday, May 25, 2007

Untroubled by Reality

Despite overwhelming evidence against his policy, President Ahmadinejad of Iran has decided to lower interest rates in Iran well below the already oppressive inflation rate. Anyone mildly interested in economics will immediately recognize the disasterous consequence of such policy. Pundits are scratching their heads wondering what political jujitsu he intends with the strange move. I think it most likely that he is megamanical enough to think he knows better than he economic advisors. This bit from the Guardian is worth reading. Time will tell, but I find this news encouraging.,,2087915,00.html

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