“The riots caused by the bursting of the stock market bubble will be bigger than 2017 and November 2019”
In an interview with the state-run Fars News Agency, Ahmad Naderi, a member of the Iranian regime’s parliament from Tehran, from the supreme leader Ali Khamenei’s faction said: “The riots caused by the bursting of the stock market bubble will be bigger than 2017 and November 2019.”
“The fabricated boom in the stock market is the last bullet fired by the neoliberal government [a reference to the regime’s President Hassan Rouhani and his government]. The transition from industrial and productive capitalism to commercial capitalism is a familiar pattern in neoliberalism,” Naderi said.
“The stock market bubble will burst, and I am worried about its social and security implications for the near future: bigger riots than 2017; 2019, and certainly bigger than the 1990s,” he said.
The consecutive warnings of the regime’s economic experts in recent weeks about the collapse of the country’s economy have now raised concerns among regime officials in parliament.
The most recent sign of the regime’s economic failure was their recent decision to remove four zeroes from the currency.
Removing zeroes from the national currency is a more political measure from the government rather than an expert and technical one and is a part of the package of economic reforms. In this regime, with institutionalized corruption, this would result in a higher inflation rate and more pressure on the people.
In this regard, the state-run Aftab-e Yazd daily wrote on May 5: “It has been a year that the Iranian people are experiencing hard days. If the Europeans are grappling for only two months with the coronavirus and experiencing desperation and depression. We have been grappling with problems for months and will experience more incidents and crises in a near future. Therefore, the [people’s] tolerance is about to end. Wrong decisions with negative psychological effects could end this tolerance faster. There is enough negative news, particularly amid the coronavirus outbreak. This decision [of removing zeros from national currency] did not make anyone happy. Officials should have waited.”
In addition, another recent development and the latest embezzlement was the transfer of the Social Security Investment Company (Shasta) to the stock exchange, which in fact meant the plundering of one of the largest companies that are part of the country’s public resources.
Now, with the continuation of this process, the economic situation in the midst of the Coronavirus outbreak is very turbulent. Conditions that have led to a sharp decline in economic activity and unemployment among millions of people in Iran. Also, with the unprecedented decline in oil prices and the continuation of economic sanctions against the regime, what can be predicted soon is the great social explosion and popular uprisings throughout Iran and given the regime’s economic deadlock this is inevitable.