The Iran War 1.1

[Note that the Anglo-American 1953 Iranian coup d’état overthrowing of the democratically-elected administration of Prime Minister Mohammed Mosaddeq was Iran 0.1.]

Ellroon wonders Just what does it take to start a war around here?, getting her information from the Guardian, while I went with the BBC [like the American press were going to present the truth] for the story: US imposes new sanctions on Iran

The US has stepped up its sanctions on Iran for “supporting terrorists” and pursuing nuclear activities.

The new measures target the finances of Iran’s Islamic Revolution Guards Corps and three state-owned banks.

US Secretary of State Condoleezza Rice said the moves were part of “a comprehensive policy to confront the threatening behaviour of the Iranians”.

But Iran said the latest “hostile policies” were counter to international law, and accused the US of hypocrisy.

The US declared the Revolutionary Guards a “proliferator of weapons of mass destruction”, a reference to ballistic missiles they are allegedly developing, while their elite overseas operations arm, the Quds Force, was singled out as a “supporter of terrorism”.

Not everyone seems to agree on the threat Iran poses as Laura Rozen notes in this Ha’aretz piece, Livni behind closed doors: Iran nukes pose little threat to Israel

Foreign Minister Tzipi Livni said a few months ago in a series of closed discussions that in her opinion that Iranian nuclear weapons do not pose an existential threat to Israel, Haaretz magazine reveals in an article on Livni to be published Friday.

Livni also criticized the exaggerated use that Prime Minister Ehud Olmert is making of the issue of the Iranian bomb, claiming that he is attempting to rally the public around him by playing on its most basic fears. Last week, former Mossad chief Ephraim Halevy said similar things about Iran.

If high-ranking Israeli officials don’t consider Iran an existential threat, and they are already within range of Iranian weapons, what is the Hedgemony’s justification for this war?

I’m sure the energy traders are going to be amused: Oil hits new record over $90

NEW YORK (CNNMoney.com) — Oil prices hit a record high Thursday of more than $90 a barrel after reports indicated that the Organization of Petroleum Exporting Countries has no plans to increase production.
…

Turkish attacks on Kurdish separatists in northern Iraq and reports of Lebanon firing on Israeli warplanes also pushed prices higher, as traders feared conflicts could spread to the broader Middle East.

In addition, Barakat believes that today’s news revealing signs of a weak economy – including a fall in durable goods and slow housing sales – makes it nearly certain the Federal Reserve will cut interest rates next week, pushing the dollar lower and commodity prices higher.

“I think $90 is a rest stop,” said Barakat, who added that traders have placed more bets that oil will hit $100 than they had on $90.
…

The falling U.S. dollar has also played a role, as oil worldwide is priced in dollars.

Oil producing nations have less incentive to ramp up output if the buying power they receive per barrel is declining, and foreign consumers have less incentive to reduce demand if oil is, relatively, getting cheaper for them.

Consider the effects of $500 per barrel oil caused by an attack on Iran.