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The Editors

Turning Iran’s Currency Crisis Into a Revolution

Amid the usual hyperbolic conspiracy theories, Iranian President Mahmoud Ahmadinejad said something incisive in a televised address last week: that the West is waging against Iran.

He’s right, and the Iranian rial’s death spiral is the first clear sign that we’re on a path to victory. The 40 percent drop by the rial against the dollar since late September is a symptom of larger woes: oil exports are at 1 million barrels a day, down from 2.2 million last year; quarterly oil revenue is down by about $15 billion a quarter; inflation, officially at 25 percent, is probably closer to 70 percent per month; unemployment is probably three times higher than the official 12 percent; and the country has been hemorrhaging foreign-currency reserves, which were estimated at about $110 billion at the end of 2011.