As Long as This Banking System Exists, The World Belongs to the Yankees

TEHRAN (Iran News) The word Yankee has several meanings depending on the geographical region and historical context in which it is used:

In the northeastern United States (especially New England), it refers to residents of states such as Massachusetts and Connecticut. Historically, this term is often associated with hard work, frugality, and traditionalism.

In many countries (such as in Europe, Asia, and Latin America), it is used to refer to an American citizen—usually informally, and sometimes with humor or sarcasm.

This word can sometimes carry a negative connotation (especially when used by non-Americans in a derogatory tone), but within the U.S. it is usually neutral or even a point of pride (especially in New England).

In my usage here, the intent is to link the goals of the current banking system to serving the interests of the Yankees—that is, Americans.

From the moment private banking was officially introduced in Iran through British arrangements, until today—nearly 35 years later—the harms of this decision have been repeatedly discussed in economic forums. Yet no real action has been taken to prevent these obvious damages from continuing.

Among these harms are: Removal of the government’s policymaking authority over the nation’s monetary sovereignty; Permanent dominance of the monetary economy over the real (financial) economy; The hidden, unquantifiable realm of money creation; Constant competition to keep interest rates high; Continuation of usurious banking transactions; Directed allocation of loans according to hidden dictates from think tanks; Prolonged imbalance in operational accounts and debts to the central bank; Failure to implement socially resilient laws and resolutions; and unauthorized entry into business ownership and focus on non-banking operations.

These are only a small part of the destructive areas in Iran’s economy—areas that no power seems able to halt.

In a country that claims to follow religion and the Qur’an, selling money and profiting from the mere existence of money is considered permissible, and the Qur’anic declaration of war against usury is ignored. We both consume and pay usury, staining the very soul of the Iranian Muslim nation with this forbidden practice.

Members of parliament—at least those who genuinely worry about people’s livelihoods and suffer from the continuation of inflation above 40%—naively believe that with new laws they can equip the Central Bank to control the mafia-like flow of money. But they fail to realize that the very establishment of these banks was the doing of the Central Bank. If the Central Bank were not aligned with this system, we would not be where we are today.

Look at the exchange rate: other than the Central Bank, who raised it from 70 rials to 900,000 rials?

Look at the growth of the monetary base: who else but the Central Bank has increased its figures every year—indeed almost every month?

Look at the banks’ imbalances: who, other than the Central Bank, has been responsible for their supervision and control?

If there weren’t another “bowl behind this bowl” (hidden hands at work), would things have reached this point?

The Minister of Economy has little authority over the economic sphere.

The sentence I used as the title of this brief article encapsulates everything said and unsaid: As long as this banking system exists, the world belongs to the Yankees— meaning that this banking system does nothing to benefit the Iranian people. Rather, its actions serve the interests of the inherent enemies of the Islamic Republic: the British and the Americans.

The way to save the nation lies in merging all banks into the Central Bank under governmental stewardship, with an oversight body similar to the Supreme Audit Court to supervise operations.

For more than 30 years, I have believed that the salvation of Iran’s economy lies in a unified banking system with ten specialized branches. Until this is achieved, this economic patient will only deteriorate further with each passing day.

With the hope—and prayer—for the rise of genuine revolutionary resolve, not fake resolve.

May God help us all.