Iran's subprime crisis looming

However, now it has become clear to all that massive liquidity and constant rises in government expenditures are the driving forces behind inflation.

All this occurred because the billions of dollars that poured into Iran's coffers due to the unprecedented oil prices of the past few years were converted into rials and injected into the economy.

To create more jobs, the banks started providing easy loans, but the money was channeled into speculative real estate and commercial activities rather than production activities, which drove prices up.

http://www.tehrantimes.com/index_View.asp?code=168384

Wow doesn't this have similarities to what has just happened to the US?