PRESIDENT Obama's "ad dress to the Muslim world" was a masterwork of equivocation and political naiveté. Let's start with a sentence buried within his text -- possibly in hopes that few might notice. With it, Obama effectively accepts Iran's nuclear ambitions. "No single nation should pick and choose which nations should hold nuclear weapons," he said. He wasn't prepared to go further than warning that an Iranian bomb could mark the start of a Middle East nuclear arms race. Unlike his previous statements, the Cairo speech didn't include the threat of any action -- not even further sanctions -- against...