The Real Problem With Iran’s Nuclear Program? Rumors of Clean Energy Technology Which Will Collapse Entire Antiquated, Environmentally-Destructive Hydrocarbon Fuel Industry.
Monday, December 24, 2012 19:50
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A unique feature of Iran‘s economy is the presence of large religious foundations, whose combined budgets represent more than 30% of central government spending.[23]
Oil export revenues enabled Iran to amass well over $100 billion in foreign exchange reserves as of 2010.[30][31]
Due to increasingly stringent sanctions imposed by the international community as a result of the country’s nuclear program,[4][32] oil exports fell by half, allowing Iraqi oil exports to overtake Iran’s for the first time since the 1980s.[33] In September 2012, the Iranian rial fell to a record low of 23,900 to the US dollar.[34]
Exports aided self-sufficiency and domestic investment, although double-digit unemployment and inflation remain problematic.[35] Iran’s educated population, constrained economy and insufficient foreign and domestic investment prompted an increasing number of Iranians to seek overseas employment, resulting in a significant “brain drain“.[36][37]