Iran’s President says “2 or 3 hangings” could end market woes (Iran Focus, Oct. 30, 2005)
Iran’s hard-line President Mahmoud Ahmadinejad told the latest cabinet meeting in the Iranian capital that “if we were permitted to hang two or three persons, the problems with the stock exchange would be solved for ever”, according to a Tehran-based newspaper.
Ahmadinejad was addressing a cabinet meeting held to discuss the rapidly deteriorating situation at the Tehran Stock Exchange, the daily Ruznet reported on Sunday. […]
Iran’s ultra-Islamist President first sent jitters through the country’s markets when he said on the eve of the presidential elections in June that “stock exchange activities are a kind of gambling and we are against them”. Gambling is banned in Islam.
Nervous investors have been transferring their capital to other countries, and Dubai has benefited palpably from the flight of capital from Iran. The Tehran Stock Exchange has lost 20 percent of its value in the past four months.
“At the moment there are no buyers in this market, only sellers”, the newspaper Ruznet wrote. “Economists believe the situation is becoming more difficult to handle day by day”.
Because you can’t structure a functioning economy along Islamicist lines it can pose no meaningful threat to liberal democracy. It is self-destructive.