Published Thursday, March 29, 2007 by Clifford F. Thies
The Islamic Republic of Iran, writes Clifford Thies, has just issued a new 50,000 rial banknote. The denomination of the note is much larger than that of the highest banknote previously in circulation — 20,000 rials; which 20,000 rial note was only issued three years ago. In both cases, the notes were issued because rampant inflation was making the currency of the country awkward for use as a medium of exchange. Written on the new Iranian banknote, in Arabic, is a quotation of the prophet Mohammed, that the scientists of Persia would reach to the heavens for knowledge. If the government of Iran were scientific, it would heed the science of economics and desist from inflation before it totally ruins its own country.
(Original Text)
Radioactive Money (1.33 MB)