The Journal. The Bank Collapse Behind Iran's Protests
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Jan 15, 2026 
Jared Malsin, a journalist for The Wall Street Journal, provides a gripping insight into the unrest in Iran, rooted not just in politics but a severe financial crisis triggered by the collapse of a troubled bank. He discusses how U.S. sanctions have isolated Iran's economy, leading to creative workarounds like shadow tanker exports. Malsin highlights alarming currency devaluation and the resulting austerity measures that sparked widespread protests. The chilling consequences include a brutal government crackdown and thousands of casualties.
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Financial Collapse, Not Just Politics
- Iran's unrest is driven more by a financial collapse than by typical political demands.
- The failure of a major bank signaled systemic economic instability that fueled protests.
Central Bank Prop Up Created Fragility
- Iran's central bank printed money to fund emergency loans with no collateral, worsening inflation.
- That dependency made many banks, including Allende, fragile and reliant on state support.
Bank Funding Its Founder’s Mall
- Allende Bank acted as a piggy bank for lavish projects, especially the Iran Mall built by its founder.
- The bank effectively lent government-backed money to the founder's own ventures, creating obvious conflicts of interest.