“The
Administration of President George Bush is planning a
massive bombing campaign against Iran, including use of bunker-buster
nuclear bombs to destroy a key suspected nuclear weapons
facility.”

The story is from
Seymour
Hersh for the New
Yorker and is bound to be profoundly disturbing. “The
Bush Administration, while publicly advocating diplomacy in order to stop
Iran from pursuing a nuclear
weapon, has increased clandestine activities inside Iran and
intensified planning for a possible major air attack. Current and former
American military and intelligence officials said that Air Force planning groups
are drawing up lists of targets and teams of American combat troops have been
ordered into Iran, under cover, to collect
targeting data and to establish contact with anti-government ethnic-minority
groups. The officials say that President Bush is determined to deny the Iranian
regime the opportunity to begin a pilot program, planned for this spring, to
enrich uranium.”

As we reported some
little time ago, this could be the next big issue for us all, including
investors. Since then, US bond yields have hit 5% faster
than anyone expected and some equity prices – eg resource stocks – have risen
almost vertically. Wall Street fell 1% on Friday, so hold on to your hats this
week, gentle readers.

Read more at Henry Thornton here.