Iran Central Bank Head Fired After Crushing Currency

Tyler Durden's picture




 

While in some places crushing your currency is a badge of honor for every formerly independent central banker (and now merely an operative of the fourth branch of government), this appears to not be the case in Iran. Because after having done what western central bankers can only dream of, and destroying the Iranian real by so much it nearly led to the onset of hyperinflation in the troubled country (and inflating away all that sovereign debt, oh wait, wrong insolvent country), the governor of the nation's central bank, Mahmoud Bahmani, who apparently did not come from Goldman when he was hired back in 2008, was summarily dismissed. And while the move is obviously politically motivated, and the reason given is that he ordered "illegal withdrawals of money from the banking system", or a process better known in the US as POMO, it is rather stunning how gaping the double standard is vis-a-vis central bankers around the world.

From AP:

Iran's official IRNA news agency is reporting that an Iranian court has voted to dismiss nation's central bank governor in connection with overnight withdrawals from banks.

 

IRNA is quoting Rahmatollah Sharif, the spokesman for the Supreme Court of Audit, as saying that Mahmoud Bahmani has 20 days to appeal the ruling.

 

He allegedly ordered illegal withdrawals of money from the country's banking system. The money was related to the difference between the official and open market rates to change Iranian rials into U.S. dollars.

 

Some Iranian newspapers claimed that the money might have been withdrawn to pay cash handouts to Iranians in compensation for food and energy subsidy cuts that began in 2010.

Fear not Mahmoud - we are certain that Ben Bernanke will have a vice chairman spot open just for you, or at least a Vice President of Market Manipulation and Leaking on the Liberty 33 trading desk, if and when you manage to escape the clutches of Iran and make your way to the Marriner Eccles building. Now where is that Argo 2 - the Sequel film crew...

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Tue, 01/22/2013 - 09:07 | 3175091 GetZeeGold
GetZeeGold's picture

 

 

Gotha bitch - the Mossad and CIA

Tue, 01/22/2013 - 09:08 | 3175094 jaap
jaap's picture

next: the Bernank

Tue, 01/22/2013 - 09:10 | 3175095 Zer0head
Zer0head's picture

WTF on Bloomberg TV

Sara ending off the discussion with Keene who is on remote in Davos while she is back in NY

"Tom Keene, We miss you we love you"

http://oi49.tinypic.com/33xil45.jpg

Tue, 01/22/2013 - 09:29 | 3175118 ihedgemyhedges
ihedgemyhedges's picture

Who's your daddy????

Tue, 01/22/2013 - 10:24 | 3175232 Badabing
Badabing's picture

  It is said that the “money supply” should increase/decrease with the “gross domestic product” this is the so called “flexibility” needed to ward off inflation/deflation.

  Sounds good but……………what if the country supplies the world reserve currency? Then GDP doesn’t mean shit, it’s more like GWP “gross world product”.

  Our money system only works during expansion otherwise the Fucking Bankers would have to get off there ass and contribute to the GDP instead of being parasites! So the big scam is when our country is no longer expanding the FED can export the inflation to expanding countries. Better yet, the FED can exchange our world reserve currency for a small countries currency and hold them hostage by threatening to release massive amounts of the small countries local money into circulation of the small countries economy and destroying the small countries monetary system.

FUCKING BANKS!!!      

Tue, 01/22/2013 - 12:44 | 3175732 SafelyGraze
SafelyGraze's picture

he ordered "illegal withdrawals of money from the banking system", or a process better known in the US as POMO

that was funny

Tue, 01/22/2013 - 10:36 | 3175286 Inthemix96
Inthemix96's picture

My uncles sisters boy friends, mate, who I am reliably told makes £12,315 pound per month on the interwebs, reading erotic porn for just 3 hours a day.

Could be off the mark here, who cud have known? 

Tue, 01/22/2013 - 09:38 | 3175134 fonzannoon
fonzannoon's picture

As long as we are doing OT's here is Forbes...not huffpo...Forbes. On Mickelson being pissed off for kissing more than half his paycheck goodbye.

"Phil Mickelson, Stop Whining and Give Thanks for your Good Fortune"
Tue, 01/22/2013 - 09:12 | 3175097 edb5s
edb5s's picture

LOL.  Lamentably, not even in my wildest dreams would I expect that asshole to be shown the door. 

Tue, 01/22/2013 - 09:29 | 3175120 EscapeKey
EscapeKey's picture

Why would he? He's playing the cards as he's told.

Tue, 01/22/2013 - 09:29 | 3175121 Chupacabra-322
Chupacabra-322's picture

Don't they mean, fired, stoned and hung.

Tue, 01/22/2013 - 09:06 | 3175092 MarkTwainsMustache
MarkTwainsMustache's picture

Doesn't he know the Treasury is in charge of the exchange rate? Duh.

 

Tue, 01/22/2013 - 09:15 | 3175100 Snakeeyes
Snakeeyes's picture

Execution perhaps?

Tue, 01/22/2013 - 09:16 | 3175101 azzhatter
azzhatter's picture

Bernanke is hiring debasers

Tue, 01/22/2013 - 09:31 | 3175124 ParkAveFlasher
ParkAveFlasher's picture

I'm sure the Islamic hiring quota at the Fed could be sated (and the Bernank's female Fed contingency piqued) by signing on this Ted Danson-looking hunka hunka burnin' debasement.

I bet he and Obama could swap Islamic Brotherhood boarding school anecdotes over a nice chew of khat.

Tue, 01/22/2013 - 10:11 | 3175204 Urban Roman
Urban Roman's picture

de baser, de better

Tue, 01/22/2013 - 09:18 | 3175103 bania
bania's picture

Mahmoud, you did your best.

Tue, 01/22/2013 - 09:28 | 3175116 Dr. No
Dr. No's picture

...but sometimes your best is not good enough...

Tue, 01/22/2013 - 09:17 | 3175104 orangegeek
orangegeek's picture

The Euro is next in line for a crushing.

 

http://bullandbearmash.com/chart/euro-weekly-wave-2-heading-resistance-2/

 

The Yen has already been taking a beating and the Euro and Pound should be next.

Tue, 01/22/2013 - 09:29 | 3175117 EscapeKey
EscapeKey's picture

Oh FFS, it's just a continuous circlejerk until it all collapses.

It's a good thing every currency is valued relative to... other currencies, which are valued relative to... the original currency.

No fucking wonder the IMF wants all member nations (ie, ideally ALL nations) to float their currencies. Imagine the horror if anyone was actually held to any kind of real account.

Tue, 01/22/2013 - 15:03 | 3176313 Panafrican Funk...
Panafrican Funktron Robot's picture

Funny what happens to those that do try to hold anyone to any kind of real account.  

http://www.dailymail.co.uk/news/article-2051361/GADDAFI-DEAD-VIDEO-Dicta...

Tue, 01/22/2013 - 09:17 | 3175106 Seasmoke
Seasmoke's picture

Jail or execution. It really does matter where you are born.

Tue, 01/22/2013 - 09:26 | 3175114 a growing concern
a growing concern's picture

Somebody give that guy a Nobel Prize in economics, stat!

Tue, 01/22/2013 - 09:26 | 3175108 Dr. Engali
Dr. Engali's picture

Obviously he didn't coordinate with the Bernank in his POMO. If he had the story might have been different. We need to send in the troops and install a central banker who is more in line with the central cabal, preferably a squid graduate. While we are at it we can show them how to manage their oil reserves , and we will help them diversify their gold in the vaults under New York.

Tue, 01/22/2013 - 09:25 | 3175109 Dr. No
Dr. No's picture

He was not fired for currency devaluation.  He neglected to fill the right pockets.  This has nothing to do with hyperinflation.  Also, we cant give money to the people:

 

Some Iranian newspapers claimed that the money might have been withdrawn to pay cash handouts to Iranians in compensation for food and energy subsidy cuts that began in 2010.

Tue, 01/22/2013 - 09:25 | 3175110 LeisureSmith
LeisureSmith's picture

When is the Opreation Ajax movie coming out? Oh it's not? Never mind.

Tue, 01/22/2013 - 09:25 | 3175112 AUD
AUD's picture

Tough job being head of a bank whose credit is going down the toilet.

Tue, 01/22/2013 - 09:26 | 3175115 Watts_D_Matter
Watts_D_Matter's picture

anyone know what kind of gun he was fired with? I am guessing an AK -47

Tue, 01/22/2013 - 09:29 | 3175119 eddiebe
eddiebe's picture

You mean Iran doesnt have a US equivalent Federal reserve bank? What a bunch of barbarians./sarc

Tue, 01/22/2013 - 09:32 | 3175125 francis_sawyer
francis_sawyer's picture

Put a nice jewish boy in there to run things...

Tue, 01/22/2013 - 09:36 | 3175128 a growing concern
a growing concern's picture

I guess we'll see if Iran deals with their banker criminals more appropriately than we do here.

Tue, 01/22/2013 - 09:38 | 3175135 tooriskytoinvest
tooriskytoinvest's picture

World War 3 IMMINENT? CHINA QUADRUPLING RICE Imports In 2012. FED Printing Money Every Month In 2013. COUNTRIES RECALLING THEIR GOLD

http://investmentwatchblog.com/world-war-3-imminent-china-quadrupling-rice-imports-in-2012-fed-printing-money-every-month-in-2013-countries-recalling-their-gold/

Tue, 01/22/2013 - 09:44 | 3175146 overmedicatedun...
overmedicatedundersexed's picture

enemy of the state..vs friends of the state..corzinepelosi,reed,jpm,gs,ms, vs taxunits such as michelson and main street..molon labe

Tue, 01/22/2013 - 10:00 | 3175176 Glass Seagull
Glass Seagull's picture

To be played by Richard Gere in the upcoming financial thriller:

The Big Farsi

Tue, 01/22/2013 - 10:00 | 3175178 Watts_D_Matter
Watts_D_Matter's picture

Fuckin hysterical!

Tue, 01/22/2013 - 10:13 | 3175214 William.M.Tweed
William.M.Tweed's picture

Kind of looks like Ted Danson in front of that flag

Tue, 01/22/2013 - 11:05 | 3175382 NoDebt
NoDebt's picture

Yeah, if he went gray instead of bald.

Tue, 01/22/2013 - 10:22 | 3175234 MajorWoody
MajorWoody's picture

Oh yeah this guy crushed the Iranian currency, not years of sanctions, anybody?

Tue, 01/22/2013 - 10:32 | 3175266 sbenard
sbenard's picture

Poor guy! Tyranny ain't what it used to be!

Tue, 01/22/2013 - 10:52 | 3175328 Whoa Dammit
Whoa Dammit's picture

Financial Accountability = Terrorism. Yet another reason to attack Iran. /sarc.

Tue, 01/22/2013 - 10:58 | 3175353 resurger
resurger's picture

"Khaylee Mamnoon" Tyler Durden

Tue, 01/22/2013 - 11:36 | 3175469 Mesquite
Mesquite's picture

Could've been worse...A few years ago, the top financial guy in N. Korea, (the "Dear Leader's" right hand man) was executed for his handling of the country's currency..

Tue, 01/22/2013 - 12:49 | 3175750 JOYFUL
JOYFUL's picture

Much talk in the controlled media of late about the ímpact of ZOG's sanctions on Iran, and the 'collapse' of the rial...

laugh n a half...

the rial. like all other currencies. is degrading against gold and silver - there is no crisis of collapse in it's value relative to paper, other than the false parameters maintained by the soon to collapse petrodollar arrangement...

the ironic effect of the sanctions is to force Iran forward into gold based trading, barter deals, and self-sufficiency in industrial production...to prepare them, in other words to make the inevitable transition to sound money systems faster than their competitors and enemies, and occupy a front row seat in trading nations once the new paradigm has arrived.

And conveniently, as India bends over ever farther for the neo-imperialists, we get to track the parallel courses of two countries and systems going in opposite directions.  While India abandons it's merchants to international cartel capitalism(with the coming flood of Starbuck and Walmart culture into Hindustan) and uses it's central banksters to unleash weapons of mass currency destruction upon itself, the return of true Islamic(non-usury)banking and the social cohesion of a unified Persian culture will make a more than interesting study in who the winners and losers of the post-zionist geopolitical order will be.

Tue, 01/22/2013 - 14:52 | 3176257 Mr. Hudson
Mr. Hudson's picture

 

: "to prepare them, in other words to make the inevitable transition to sound money systems faster than their competitors and enemies"

Iranians may be better prepared and equipped than the rest of the world to handle the collapse of the global fiat system. I had a homeless man once tell me "When everything goes belly-up, we homeless people will be the only ones left standing because we already know how to survive without money".

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