Iran’s president scoffing at Western economic sanctionsThe Associated Press | January 23,2013TEHRAN, Iran — Iran’s president on Tuesday claimed his country can create 10 times more wealth from inventions than from oil, rendering Western economic sanctions powerless.
The West’s oil embargo over Iran’s suspect nuclear program won’t stop the Islamic Republic’s scientific and technological progress, Mahmoud Ahmadinejad said.
Addressing a group of Iranians in the western city of Hamedan, Ahmadinejad mocked the embargo, saying that Iranian universities would churn out money-making innovations. He did not mention any specific technologies.
“Don’t buy our oil? To hell with you,” Ahmadinejad said in remarks aimed at the West. “It’s better if you don’t buy... 10 times more money will head to people’s pockets through the inventions of our scientists.”
Last week, Ahmadinejad said Iran must move away from dependence on oil revenues to overcome Western sanctions that have slowed the economy and disrupted foreign trade. Iran has long depended on oil sales for about 80 percent of its foreign currency revenue.
Iran’s income from oil and gas exports has dropped by 45 percent as a result of sanctions. The West fears Iran may ultimately be able to develop nuclear weapons, a charge Tehran denies.
Iran’s national currency has also lost about 8 percent of its value in the past two days, hitting a record low against the U.S. dollar and other foreign currencies in street trading. Street traders said Tuesday it reached 36,200 rials to the dollar. It was 33,500 rials on Sunday.
Iran’s national currency lost nearly 40 percent of its value in 2012 alone. Each U.S. dollar was traded at about 10,000 rials as recently as early 2011. Iranian authorities have accused the West of waging an “economic war.”
The country is living under stepped up Western sanctions that also include banking restrictions that make it increasingly difficult for Iran’s Asian customers to pay for oil deliveries.
The government is preparing an austerity budget for the next Iranian calendar year that begins March 21. It aims to avoid a budget deficit by substantially increasing income taxes to make up for shrinking oil revenues.
Despite economic hardships, Mohammed Ebrahimi, the head of Iran’s Aerospace Research Institute, said Tuesday the country plans to design and manufacture high-tech space suits within the next eight years, state Press TV reported.
Iran has also said it will soon send monkeys into space, as a prelude to sending humans into space. In 2010 it launched a rocket into space carrying a mouse, a turtle and worms.
The U.S. and its allies are concerned that technology from the space program could also be used to develop long-range missiles that could potentially be armed with nuclear warheads. Iran denies it seeks nuclear weapons and says it wants only energy-producing reactors.MORE IN Wire NewsNEW YORK — NBC said Monday that it is ending its business relationship with mogul and GOP... Full StorySEATTLE — A wildfire fueled by high temperatures and strong winds roared into a central... Full StoryPLAINVILLE, Mass. Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: On this day 1739, 'Richard Palmer' identified in prison at York Castle as the notorious outlaw DICK TURPIN; IN 1836, Battle of the Alamo begins near San Antonio de Bexar, Texas; 1896, the Tootsie Roll invented by LEO HIRSCHFELD.
- RICHARD'S POOR ALMANACK: On this day in 1472, Orkney, Shetland islands put up as collateral by Norway to Scotland in lieu of dowry for MARGARET OF DENMARK on her marriage with JAMES III, king of Scotland; 1962, JOHN GLENN first American to orbit Earth.
- TOMORROW'S HEADLINES TODAY: City mayoral candidates debate campaign issues; Hartford, Conn., woman still missing; Neal Goswami reports attempts to legislate suicide; local woman loses 100 pounds through TOPS program.
- RICHARD'S POOR ALMANACK: On this day in 1878, JOHN TUNSTALL murdered near Lincoln, New Mexico, by the outlaw JESSE EVANS; in 1930, ELM FARM OLLIE first cow to fly in aircraft, first to be milked airborne; 1955, nuke test WASP; '79, snow in Sahara.
- TOMORROW'S HEADLINES TODAY: Rutland Herald News Editor Alan J. Keays and staff writer Gordon Dritschilo discuss stories planned for the February 18, 2015, edition of the newspaper: Winter budgets maxed, legal marijuana, Springfield bank job, USPS slowdown
- RICHARD'S POOR ALMANACK: On this day in 1249 AD, ANDRE of LONGJUMEAU is dispatched by LOUIS IX of France to meet the KHAGAN, ruler of the Mongol Empire; in 1804, during 1st Barbary War, STEPHEN DECATUR scuttles the pirate-held USS Philadelphia in Tripoli.