My Mideast Punchlines: when a government licenses a Ponzi scheme…..

In an interview with Lee Smith at RealClearPolitics, Iranian banking expert Saeed Ghasseminejad revealed that in addition to squandering their earnings from sanctions relief, the regime has been stealing the savings of the Iranian middle class. First, regime-controlled banks, (including those that will be barred from the international financial system if Trump reinstates the sanctions) gave large loans to regime officials who never repaid them. The losses were passed to the regular account holders.

Second, Ghasseminejad related details of a regime-licensed Ponzi scheme. Private banks offering high interest rates appeared out of nowhere. Their high rates attracted middle class investors who deposited their life savings.

When depositors tried to withdraw their money, the banks declared bankruptcy.

No one has been prosecuted and a large number of formerly middle class Iranians are now impoverished.

Just reflect on the above when you feel like a good moan about our government and our banks. Trump should scupper the Iranian deal now and impose hefty sanctions. In the short term it might bring more pressure on the Iranian middle classes. But it also might just push the Iranian people into overthrowing the regime they despise.

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