Today's quote of the day award goes to...
- AHMADINEJAD SAYS SITUATION IN IRAN `NOT SO DIRE'
- AHMADINEJAD SAYS IRAN ECONOMY `CERTAINLY BETTER' THAN U.S., EU
The irony of course is that absent the trillions in fiat created out of thin air by the "developed world's" central banks, and the destruction of the purchasing power of their populations, he would be absolutely right. The bigger irony is that the Iran is by far winning the global race to debase, with its currency hitting a new record low of 26,500 vs the USD just yesterday, and has lost more than half of its value in the past year. Needless to say, Iran's epic ability to destroy its currency with such utter disdain is making central bankers around the world green with envy.