You have to be upbeat about the Iranian economy - president Rouhani is a monetarist!
This is the new Iranian president Hassan Rouhani on Twiiter (on November 26):
From an economic perspective, we were in a state of stagflation--negative growth + extremely high inflation--first time in 50 yrs. ...Tracking inflation is very important to me. Change in inflation has been +2.2 - 2.3% MoM, which is now reduced to +1.2% ...Inflation has decreased from 43% to 36%--still very high, but it's an improvement ...Our plan is to bring inflation below 25% by end of next year, from a level of 43% when we took office.Ok, fine president Rouhani what do you want to do about it? And here is his answer: Wauw! Is Rouhani's favourite economist Milton Friedman? I wish President Rouhani the best of luck in reducing Iranian inflation and in reviving the Iranian economy - it is badly needed. I am sure he will succeed if he follows his apparent monetarist instincts. HT Scott Sumner and Left Outside.