During the third U.S. presidential debate, Republican challenger Mitt Romney lauded the “crippling sanctions” the Obama administration has imposed on the Iranian economy. Rather than dragging Iran back to the nuclear negotiating table, however, these sanctions that both American presidential candidates seem so proud of could end up hastening the development of an axis of terrorism between Iran and Egypt.
Under current Western sanctions, Iran’s monthly inflation rate is now approximately 70 percent, meaning everything becomes twice as expensive every six weeks. This represents the Middle East’s first-ever bout of hyperinflation.
