Iran’s president Mahmoud Ahmadinejad claimed his country can create ten times more wealth from inventions than from oil, rendering Western economic sanctions powerless. Ahmadinejad mocked the embargo
, saying Iranian universities would soon be producing money-making inventions, but did not cite any specific examples. Iran’s income from oil and as has dropped by 45% as a result of sanctions, which have slowed the economy and disrupted foreign trade. In the last two days alone, Iran’s national currency has lost close to 10% of its value, reaching a new record low. In 2012, the national currency lost nearly 40% of its value, proof that the economic sanctions imparted on Iran by the U.S. and others are working to cripple Iran’s economy and slow the production of nuclear weapons.