There was an important item of interest in world headlines yesterday. Ehud Olmurt resigned as the Prime Minister of Israel. His resignation (due to an ongoing scandal) paves the way for a new Israeli Prime Minister in the Fall.
This new leader of Israel will have several difficult choices to make concerning that country's security. At the top of the list is the option to bomb Iranian nuclear facilities if the United Nations cannot get Iran to stop enriching uranium. The truth is that the Western World and countries throughout the Middle East are very concerned that Iran may now be less than one year away from having the capability to produce a nuclear weapon.
In fact, the deadline given by the West for Iran to decide on its latest offer expires next week. Under that offer, sponsored jointly by the US, Britain, France, Germany, Russia and China, Iran would not expand its uranium enrichment program while the international community refrained from imposing further sanctions. This phase would last six weeks, possibly paving the way for suspension of enrichment and more comprehensive talks.
Iran has shown no intention to accept this offer to date. They have already defied two rounds of United Nations sanctions. A refusal to accept this latest offer by Iran in the next few days will lead to an escalting international crisis and a new round of U.N. sanction proposals in September. Tensions will rise in the Gulf. Oil and gold prices will increase again. The prospect of war with Iran will escalate.
We will follow this story closely in the days ahead.