Roger,

Great to have you back home.

Hope everything is well with the family in NYC.

I think the Euro attitude toward the mullahs (and its shadow, the attitude toward us) is inherently unstable.

It is what physical chemists call a metastable equilibrium:

The system returns towards equilibrium as long as disturbances are not too large. The equilibrium is not globally stable because once the system has crossed the unstable equilibrium (the peak), it is unlikely to return to the stable point…

The French can kiss and kiss the mullahs, and can scream and scream at us, as long as they don’t push too hard in either direction. Because nothing has yet happened (the system is metastable) they think nothing can happen.

But they are gravely mistaken.

Jamie Irons