crunch

Baghdad, Iraq – Sitting anxiously in his small office in Jameela market, one of Baghdad’s main wholesale markets, food trader Hamza al-Rudayni is waiting to see what the coming days will bring.

A decision by the Iraqi government to devalue the country’s currency, the dinar, against the US dollar has left traders like him facing sudden losses and uncertainty over the prices they should charge for their goods.

“I don’t know what to do,” al-Rudayni told Al Jazeera after the devaluation reduced the dollar value of his dinar holdings, leaving him with less money to purchase imported goods.

“All I know is I woke up a few days ago to discover that I had lost 25 million Iraqi dinars (roughly $16,500 at the new exchange rate) because of this decision, while larger merchants lost billions,” he said.

Al-Rudayni entered the wholesale trade market last year after losing his previous job at a private Iraqi bank that he says was sanctioned by the United States Treasury. He sold his car and used his savings to start trading with a larger merchant before recently launching his own business.

With exchange-rate fluctuations making prices unpredictable, al-Rudayni said he and many other traders have chosen to suspend buying and selling until the situation stabilises.

“Market activity has ground to a halt,” al-Rudayni said. “Traders buy goods in dollars but sell them in dinars, as regulations prohibit them from selling in dollars.”

That is the root of the problem for traders: A weaker dinar means they have to pay more in local currency for goods imported in dollars, while making it harder to determine the right price they should charge customers for goods they already have in stock.

Why devalue?

On October 7, the Iraqi government introduced a new official exchange rate against the US dollar, in an attempt to ease a financial crisis triggered by the US-Israeli war on Iran and the  disruption of oil exports through the Strait of Hormuz.

Before the war, Iraq exported around 3.5 million barrels of oil per day through the Strait of Hormuz, accounting for 90 percent of Iraq’s government revenue.

The Central Bank of Iraq decision set the rate at 1,520 dinars per US dollar for cash sales to the public. It was previously set at 1,320 dinars per dollar.

Devaluing the Iraqi dinar by almost 15 percent against the dollar allows the government to receive more local currency for every dollar of oil revenue it converts, helping it cover public spending, including government employee salaries.

“It is my decision and I am responsible for it,” Iraqi Prime Minister Ali al-Zaidi said during a meeting with parliamentary leaders on Thursday.

“I was facing three challenging options to cover salaries and other mandatory expenditures,” al-Zaidi added. “The first is to cut salaries by 35 percent … the second is to pay the salaries every 45 days … while the third is to resort to foreign loans.”

Al-Zaidi, a former banker, also said that his government had inherited public debt exceeding 208 trillion Iraqi dinars ($139bn at the new rate) when it took office in May. He said the government needed approximately 10 trillion dinars ($6.7bn) each month to cover salaries and other essential expenditure.

A shortage of liquidity

The crisis in the Strait of Hormuz had caused a severe financial squeeze for the Iraqi government.

Although the situation has eased somewhat in recent weeks after Iraq’s oil exports partially recovered, they have yet to return to their pre-war levels.

Mudher Mohammed Salih, the Iraqi prime minister’s financial adviser, said in August that the Central Bank of Iraq’s foreign currency reserves had declined from $106bn to approximately $80bn.

To make up for the loss of revenue, the Iraqi government has also turned to borrowing from domestic banks to cover salaries and other expenses.

A Finance Ministry official told Al Jazeera that ensuring salaries were paid on time remained the government’s main priority, describing this issue as a matter of domestic economic stability.

“Our hands are tied regarding the revenue and how to maintain enough money to ensure that we can pay the salaries,” the official, who asked to remain anonymous because he was not authorised to speak publicly, said.

Economists have warned that while adjusting the exchange rate could ease some immediate fiscal pressures, it would not address the deeper weaknesses in Iraq’s economy.

“Nothing in economics is sacred, including the exchange rate,” said Nabil al-Marsoumi, professor of economics at Al Maaqal University in Basra. “It can be adjusted, but only after all other options have been exhausted.”

“In any case, the exchange rate shouldn’t be used as a cover-up for failures in the state’s economic and fiscal policies,” he added.

“Crunch, crunch.”

If the above sounds familiar, then you might already be a Wholigan — someone who routinely listens to the long-running celebrity podcast “Who? Weekly.” Part of the fun of listening to the thrice-weekly show (one being for Patreon members), aside from its hosts contextualizing a dizzying array of tabloid headlines, is learning its lexicon. For example, “Crunch, Crunch” spoofs a bit of sponsored content the pop singer Bebe Rexha did for Lay’s Potato Chips in 2019. Other popular phrases unique to the Who-verse: “Good form, Bella Thorne.” “Scar-Jo Yummy Pop.”

Launched in 2016 by pop culture journalists Bobby Finger and Lindsey Weber, “Who? Weekly” eagerly mines the growing world of lower-tier celebrity, with the two hosts categorizing trending names under two main umbrellas: the fame-hungry “Whos” (influencers, reality stars, a pre-royal Meghan Markle) and the instantly recognizable, likely critically acclaimed “Thems” (Tom Cruise, Taylor Swift, Beyoncé). Rounding out the paradigm are the “Nahs,” or folks who aren’t well known enough to claim “Who” status.

“We came of age reading all the [gossip] bloggers, from Perez Hilton to Liz Smith,” Weber tells The Times of why she and Finger originally started “Who? Weekly,” which technically began as a newsletter before it morphed into a podcast.

Lindsey Weber and Bobby Finger have co-written the newly released book, “I Want to Be Famous: When Everybody and Nobody Is a Celebrity.”

(Justin Jun Lee / For The Times)

Finger also cites influence from “Oh No They Didn’t,” a 2000s-era LiveJournal page that aggregated celebrity headlines and invited users to comment (kind of like a proto-Subreddit). “You read the story just as you read the comments, which were integral to the story,” Finger says. “All of the inside jokes, the additional commentary. That’s what ‘Who? Weekly’ has become, especially in our Patreon Discord. [Listeners] are always chiming in and creating their own language and extensions of the ‘Who? Weekly’ universe.”

That universe is about to expand again: In conjunction with the pod turning 10 this year, Weber and Finger are releasing a new book, “I Want to Be Famous: When Everybody and Nobody Is a Celebrity,” which looks at fame and celebrity through a historical lens while also exploring how the line between Whos and Thems got that much blurrier in the social media age. “I feel like we were always barreling towards a book,” Weber says. “Both of us are trained journalists. We were always kind of like, ‘When are we going to put our money where our mouth is?’”

To demonstrate how the binary is evolving into a spectrum, Weber and Finger revisit juicy pop cultural anecdotes (remember when Courtney Love threw her compact at Madonna at the VMAs? Or when Ariana Grande dated Pete Davidson? Or when Katy Perry flew into space on the Blue Origin?) while blanketing every chapter with an elucidation of why, no matter what decade we’re in, society just can never get enough gossip.

Meanwhile, unlike the podcast, “I Want to Be Famous” gives the hosts ample room to go deeper into the cultural framework of modern celebrity than they normally have time for. Each week, Weber and Finger dedicate one episode to unpacking a prepared list of Who-y headlines, and a follow-up episode, titled “Who’s There?,” is dedicated to listener calls. Which is to say, Weber and Finger usually spend more time explaining and trading jokes about what each micro-celeb is known for rather than how celebrity itself has evolved.

Lindsey Weber and Bobby Finger are celebrating the 10th year of their podcast “Who? Weekly.”

(Justin Jun Lee / For The Times)

“The pod is on the surface funny, [but] if you are a real fan, you’re like, ‘Oh, there’s actually some interesting stuff beneath the funny,’” Finger says. “We wanted this book to be the opposite, where it’s actually outwardly interesting and smart, and then inwardly funny when it can be.”

The writers’ tone might lean more academic within “I Want To Be Famous,” but longtime fans of the pod will recognize dozens of niche names, stories and extremely online subjects that were at one point or another discussed on the show. The authors present their grand theory of Whos and Thems by opening with the story of how former Who Meghan Markle shot to Them-dom after marrying Prince Harry. Other chapters observe what happens when Thems date or marry Whos. There’s a history of how celebrities say sorry (where there were once press releases there are now Notes app apologies) and a conversation about how nepo babies fit into the framework. As the book moves across history and demonstrates how the internet has completely upended the binary, they also show what hasn’t changed about the way fans relate to their favorites. “What we want most in a celebrity is authenticity,” Weber theorizes.

For Weber and Finger, the chance to tie the disparate threads they discuss on “Who? Weekly” was a major incentive to work on their book. “I kept being like, ‘Is this the first time anyone’s ever written about this in a book?’” Weber says with a laugh. “Because some of it was so stupid — these references to fandoms and Club Chalamet and niche things that are newer … I’m like, ‘Oh my God, are we doing this thing where now people have to read about Club Chalamet in 100 years?’ Obviously that would be incredible.”

“There’s a temporality to our show that is not the case with this book, which is very exciting,” Finger adds. “Because our show kind of exists to go in one ear and out the other. And I say that because it goes in one of our ears and out the other too, as the creators.”

Woven into the conversations around Whos, Thems, Thems behaving like Whos (see: brand deals), and Whos aspiring to be Thems is the authors’ palpable anxiety about the decaying role of entertainment journalism in an age in which celebrities can simply promote themselves via social media — or host their own podcasts. The authors are also painfully aware that most audiences have less of an appetite for reading, period. A chapter titled “The 2010s Killed the Cover Star” looks back what is thought to be the greatest piece of celebrity journalism ever written (Gay Talese’s 1966 Esquire classic, “Frank Sinatra Has a Cold”) and contrasts it with today’s style of uncritical, PR-friendly celebrity Q&As that boast nothingburger headlines that don’t tell us much of anything.

Conversations about media and journalism itself run through the podcast too, and that’s by design. “Sometimes we go so niche that it’s like, ‘Are we just making a podcast for our friends that work in media?’ And sometimes the answer is yes,” Weber says. “We can only speak from our experience. … But the most shocking thing about ‘Who? Weekly’ is that [media discourse] is actually quite interesting for lots of people.”

Finger adds, “Our past in media and our abundance of friendships with people who are still in media is like a crucial part of our show. It’s an industry we respect so much, you know, and we’re obsessed with the way it evolves. If we didn’t have that background, I don’t think the show would exist the way it does at this current moment.”

Even with a massive archive of episodes and no plans to stop, Weber and Finger are thrilled to have cemented their legacy with a book that could (and really should) be taught in media and communications classes. “Bobby and I both obviously love celebrities,” Weber says. “But we love media more.”

Brodsky is an L.A. culture and music writer. Her biography of Stevie Nicks, “Lessons & Lace,” published by Penguin Random House, is out now.