Massive violent protests have erupted in Iran on Sunday after the rise of fuel prices by authorities. The government raised the fuel prices without warning this day by 50%, also placed a limit of 60 liters of fuel per vehicle monthly. Long lines of vehicles gathered to gas stations waiting for hours and police was deployed there to keep order.
— Global Breaking News (@GBNReports) November 16, 2019
The domino effect continues as we previously reported in many parts of the world (France, Lebanon, Chile, Hong Kong, Venezuela, Argentine, Irak. Catalonia, etc, ) unrests are spreading fast and all have the same thing in common, the bad economic situation and most of them suffer from high inflation rates.
People seem very angry not only to governments but mostly to the bankers, and the idea that banks are responsible for their bad economic situation has become more common these days.
Iranian President Hassan Rouhani said that the Iran economy is not struggling and the move to raise the fuel price and rationing it, is intended to benefit the people.
“No one should imagine that the government has done this because it is economically struggling; not at all, not a rial of this will go to the treasury,” Rouhani said, state media reports
Despite efforts to justify the move numbers don’t lie. Iran is suffering from sanctions imposed by the U.S. The inflation rate is 40% and the economy is expected to shrink by 9% this year.
Amid U.S. sanctions Iran has been removed from SWIFT, the Interbank Financial Telecommunication network making impossible for the Iranian central bank to work with financial institutions around the world.
This monetary system is broken and the need to change is spreading fast worldwide. The question is which country will be next?