Ones and Tooze Protests in Iran
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Jan 16, 2026 Massive protests erupt in Iran, driven by a collapsing currency and rising inflation. Unlike previous waves, these demonstrations come from deep economic and political dissatisfaction, fueled by inequality and corruption. The hosts explore the potential impact of the Islamic Revolutionary Guard Corps and the various directions Iran's future could take. They also discuss the U.S. investigation into the Federal Reserve, analyzing market reactions and the importance of central bank independence.
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Currency Collapse Undermines Legitimacy
- The rial has devalued brutally, touching over a million to the dollar and forcing redenomination.
- Currency collapse plus 40%+ inflation (70% for food) has produced a legitimacy crisis for Iran's leaders.
Exchange Controls Fuel Corruption And Anger
- Iran's multi-tiered exchange system widened corruption by letting insiders access hard currency.
- That unequal access amplified public anger as ordinary Iranians bore the inflationary costs.
Collapse Rarely Yields Stable Democracy
- Political outcomes after authoritarian collapse usually stay authoritarian; democratic transitions are rare.
- Multiple post-collapse paths exist, from military Bonapartist figures to party-led or hybrid regimes.