In 1953 a joint Anglo-American coup had installed the Shah in power in Iran because Winston Churchill had thought that British oil interests were at risk under the democratically elected government of Mossadegh. In 2002, former President Bush had designated Iran as a member of the Axis of Evil. The moment of truth has arrived in U.S-Iranian relations, 30 years after the Islamic Revolution of Ayatollah Khomenei and the young Ahmadinejad had ended the Shah’s regime in 1979 because of the 1953 coup.
The Federal Reserve is worried about inflation in 2009 just as it was in 1979. A trillion dollars in what the Fed calls “excess reserves” of its member banks is sitting in the Fed’s coffers, gathering dust as it collects interest, subject to the indifference of banks to use that money for investment to create jobs, even though U.S…
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