[kc8ukw]

Perhaps inflation is thought to be even more important than the Iranian situation?

[JasonC]

Since the Iranian situation is what is sending oil into orbit, and oil in orbit is bankrupting GM and Ford as well as triggering general inflation, that distinction doesn't go through.

Everyone is still trying to pretend we can just wish it all away and ignore it and do whatever we like. But meanwhile, at present prices the proven oil reserves of just the countries on the southern side of the Persian gulf, are worth more than all the world's stock markets, combined. A few hundred Arab princes can buy our entire financial system tomorrow for a song, if they decide they want to.

Ignoring it just means surrendering and losing, it won't make any of it go away.