Tehran Stock Exchange and the ongoing destruction of middle class people
FRANCE: On the morning of Monday, January 20, the losing shareholders staged a protest rally at the same time as the 37,000-unit drop in Tehran’s total stock market index. In protest of the sharp decline in stock prices, the stock exchange organization’s flag was lowered.
Pictures at the protest rally of the lost shareholders are being shared on social networks. This action has been repeated many times in recent days and weeks.
Thousands of Iranian people saw their investments disappear in a short time.
The people, trusting in the country’s high-ranking officials’ words, put their money into the stock market to provide a minimum daily wage, and these small investments melted like snow in the summer heat.
Mr. Amir-Hossein Ghazizadeh Hashemi, the first deputy speaker of the government parliament, said that there had been violations and abuses in the stock market and that this issue had occurred at all levels. When the first deputy speaker of the parliament explicitly declares that the government has both abused and violated its stock market, those lowering the flag at the stock exchange are not making wild accusations.
Rouhani has long been advocating to the Iranian people that the stock market is the safest place
“For their future for their assets … People should know that buying coins is not a place to invest. Buy a dollar is not a place to invest, but the stock market is a place to invest. The way it works today will not hurt tomorrow.” (Rouhani in the cabinet meeting – August 12, 2020).
On December 23, 2020, Rouhani promised that “the stock market will play a pivotal role in the economy next year.” Still, the sharp fall showed the stock market’s real value and how empty the promises of the regime’s leaders are. Those who stooped to steal the Iranian people’s property and investments.
The government’s widespread propaganda encouraging the entry of people into the capital market and their current losses of investment is reminiscent of the massive scams of the 10th government’s financial and credit institutions, which were established with the permission of the Central Bank.
At that time, the private sector’s licensing was meant to increase activity in the financial markets.
We saw the mushrooming of licensed financial and credit institutions, mainly owned by the Revolutionary Guards or institutions affiliated with Khamenei.
These institutions falsely promised to provide people with affordable housing by encouraging them to invest in it. According to the former head of the judiciary, Amoli Larijani, several financial institutions put their hands in the people’s pockets and withdrew 37,000 billion tomans.
Repeating another bitter experience to destroy the middle classes
Rouhani is aware of the people’s critical living conditions and their poverty and deprivation.
“Do you not know the living conditions of the people?” A member of parliament asked Rouhani. “You should be ashamed. Get out of your office for a few minutes and see what a crushing economic burden is on people.”
“Every day and every hour, the prices of basic goods are increasing,” said Hosseinpour, a member of the Reactionary Parliament on January 20.
Even in such a situation as the Iranian people currently face, their leaders cannot help but take more. They are just like the sheriff in the story of Robin Hood, who struck a coin on the bottom of a collection bowl for the poor and took the few coins thrown up from the blow, putting them in his pocket.
Rouhani also made a lot of profit!
The stock market encouraged people to invest in the stock market as a completely safe place for their funds. By bringing in bankrupt companies or even companies that only existed on paper, they fraudulently raised their stocks’ value. After the Iranian people sold their assets to buy stocks in the hope of making a profit, the balloon burst, and they lost everything. We witnessed the acceleration of the stock market index value. Micro-shareholders believe that the twelfth government in the last year of the presidency provided significant financing from public funds into the stock market.
A government newspaper writes:
“These moans, which are now slowly being uttered. But these moans turn into cries…tomorrow is too late. This cry will not be easy to silence.”
The middle classes are falling into the lower classes increasingly every day. Although they become more impoverished, these individuals always want to return to their previous classes.
Let’s not forget that the November 2017 uprising took place with the middle classes’ joining the lower classes in voicing their anger with the regime.
Lead Image: By Source, Fair use, https://en.wikipedia.org/w/index.php?curid=20730931
By GTVM92 – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=86735495