Diplomatic Momentum

For several weeks the US has been fairly quiet about Iran, while the Europeans and the IAEA have tried various ways to engage. Now, with the Tyrant's surprisingly mild UN speech it's starting to look like a general decision has taken place, or is in the works, that the costs of a war against Iran would be unacceptable. And this is understandable. From a diplomatic point of view, if the US attacks Iran no support from the rest of the world is to be expected, with the exception of Israel. The US would, increasingly, be viewed as a rogue superpower. But a rogue superpower that also happens to be the world's largest debtor nation, soaking up a substantial percent of the world's net savings to pay its bills, isn't really in any position to make everybody angry. The icing on the cake: Venezuela expressing solidarity with Iran. A cut-off of Iranian and Venezuelan oil combined with larger debt holders cashing in their chips spells collapse for the American economy. And that's the bottom line.