What Iran is doing right now is something we have seen repeatedly throughout history whenever a currency begins to die. Governments start issuing larger and larger banknotes because the existing denominations no longer function in daily life. This took place in the Weimar Republic hyperinflation, where trillion-mark notes were printed, and again in Zimbabwe hyperinflation, where 100 trillion dollar notes became commonplace. The pattern is always the same. The currency loses purchasing power, prices rise uncontrollably, and instead of fixing the underlying problem, governments simply add more zeros. Iran introducing a 10 million rial note is…
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