Iran General NewsIran's president blames West for economic crisis

Iran’s president blames West for economic crisis

-

ImageAP: Iran's president blamed the West on Wednesday for the global economic meltdown, saying capitalism has failed and U.S. efforts to bail out companies prove its collapse.

The Associated Press

By ALI AKBAR DAREINI

ImageTEHRAN, Iran (AP) — Iran's president blamed the West on Wednesday for the global economic meltdown, saying capitalism has failed and U.S. efforts to bail out companies prove its collapse.

Hard-liner Mahmoud Ahmadinejad has repeatedly lashed out at the West for the current financial crisis, a tactic that many analysts say is meant to deflect criticism from the president's mismanagement of Iran's economy.

But his rhetoric has also gotten him in trouble back home from those who believe he has spent too much time slamming the West and not enough trying to fix Iran's domestic problems.

"The capitalist economy is on the verge of collapse. Capitalism as a system has failed," Ahmadinejad said in a speech at the opening of the Economic Cooperation Organization summit in Tehran.

He blamed the meltdown on the lack of values. "Unfortunately, emptying the economy of moral and religious values and imposing completely profiteering mechanisms has caused numerous economic and social problems," he told the summit, which brings together 10 regional countries.

He said U.S. and European efforts to bail out big companies and inject money into market showed the free market had collapsed.

Ahmadinejad's hard-line allies have publicly gloated in recent months that global financial crisis was God's punishment for the United States.

But the president, who is up for re-election in June, has been criticized by many conservatives and reformists for his mismanagement of Iran's economy. Iran has inflation in the mid-20 percent range and chronic unemployment, which stands at about 30 percent by unofficial estimates.

The plunge in crude oil prices, which make up about 80 percent of government revenues, has been a big blow, even as Iran's annual growth remains at 5 percent. Oil prices fell from a high of $150 per barrel last July to current prices of about $45 a barrel.

Last month, Washington-based PFC Energy, a leading consulting firm, sharply criticized Ahmadinejad. It said he followed "misguided priorities" in boosting spending and failing to save some of the oil windfall before oil prices collapsed.

During Wednesday's summit, Ahmadinejad called for a new global economic system that is based on respecting human rights. He did not provide details. He also called for greater regional economic integration and urged member states to begin discussing the establishment of a single currency and a bank that would promote trade.

The Economic Cooperation Organization includes Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan.

Latest news

Iran’s Regime Tries To Whitewash Its Crimes

Iran’s State Prisons and Security and Corrective Measures Organization, which is under the supervision of the Judiciary, has distributed...

Iran: Raisi’s Six-Month Economic Record Contrasts Sharply With His 7,000-Page Program

In the summer of 2021, the Iran regime’s supreme leader Ali Khamenei installed the infamous Judiciary Chief Ebrahim Raisi...

Iran’s Export in the Casino of the State Mafia

The Chairman of the Tehran Chamber of Commerce, Mohammad Khansari, has stated that the total volume of exports of...

Will Iraq Get Ever Free of Iran’s Sway?

After many years and massive popular protests, there are indications that Iraq’s body politic has decided to separate its...

Tehran Downplays Real Statistics of Car Accident Fatalities

The number of road accidents and fatalities in Iran has significantly increased during recent weeks. However, this is not...

The JCPOA and the Capitulation of Iran

Iran’s government is trying to depict a strong position in its international relations and actions, especially during the nuclear...

Must read

Report: Next Iran nuclear talks to be in New York

AP: Iran's state news agency is reporting that the...

Canada-Iran relations worsen after diplomat’s expulsion

AFP: Difficult relations between Canada and Iran have deteriorated...

You might also likeRELATED
Recommended to you