An Iranian man counts banknotes after exchanging a gold coin for cash in Tehran on Monday. Gold coins were being exchanged for over 10 million rials as the Iranian currency continues to lose value against the U.S. dollar.
Credit Atta Kenare / AFP/Getty Images
The value of Iran's currency — which had been sliding steadily for months — took another plunge this week. Faced with new economic sanctions from the U.S. and Europe, the rial now seems to be in free fall.
But at least part of the dive could be linked to currency manipulation by the government itself in an effort to fund candidates in upcoming elections.
In images posted on the Internet, hundreds of Iranians are seen gathered outside the headquarters of the Bank Melli in Tehran Monday. They wanted to buy dollars, but there were no dollars to be had.
President Obama tours Conveyor Engineering and Manufacturing in Cedar Rapids, Iowa, on Wednesday.
Credit Jewel Samad / AFP/Getty Images
A day after delivering his State of the Union address to Congress, President Obama took his message on the road. Obama hoped that stops at manufacturing sites in Iowa and Arizona would drive home his point that the government should do more to encourage factory jobs.
The three-day trip also includes stops in Colorado, Nevada and Michigan. Those are all states likely to be important in the November election.
Obama kicked off his road trip at Conveyor Engineering and Manufacturing, a factory in Cedar Rapids, Iowa.
In a statement timed for release at the end of their most recent meetings, Fed policymakers also said they expect economic growth in coming quarters "to be modest," that the jobless rate will "decline only gradually" and that inflation will run "at ... or below" levels the central bank wants to see.
Speaker of the House John Boehner, R-Ohio, arrives for a news conference Dec. 22 to announce that he and Senate Majority Leader Harry Reid, D-Nev., negotiated a deal on the payroll tax cut that was set to expire at the end of the year.
The last battle scar of 2011 for the GOP came in December, when House Republicans painted themselves into a corner on extending unemployment benefits and the payroll tax cut. The fight exposed the party's internal rifts and the loose control of its leaders.
One GOP lawmaker called it "a public relations fiasco." They could compromise with the Democrats or allow taxes to go up — neither option palatable to large portions of the majority.