Good morning

The headlines:

  1. Iran Hyperinflation?Link: I think they’re quite far from it yet…

    Apparently, the Iranians are fleeing to gold. And despite my objections to gold over oil (read here), I suppose it’s not all that useful if you can’t sell it.

    Damn sanctions.

    In unofficial markets, the rial has depreciated 40% against the dollar since August. Economist Steve Hanke of the CATO institute has said that the implied inflation rate is sitting at 70% per month, which is well above the rates identified in most hyperinflation definitions.

    Those sanctions seem to be working…

  2. The ESM is operational.Link: “but we won’t be using it any time soon”

    The 500 billion euro fund is now “operational” with effect from, um, yesterday. The 17 euro nations chased that with “but we don’t expect Spain to be using it any time soon”.

    And, of course, Greece can’t use it until they sort some of their austerity stuff out.

  3. South African woes.Link: is there anyone not on strike?

    The miners are all on strike. Angloplats fired 12,000 workers last week. All the truckers aren’t trucking, and they’re threatening (apparently) to burn any trucks they see on the road. The public transport folk are about to join them. And the Rand:

    It’s like a roaring crescendo.

That’s all for now. Apologies for the general shortness – it’s due to general shortness of time this morning.

Have a good day.