John Robb thinks it's on with Iran. His commenters run through the fallout, and one mentions that gold is at a 25-year high.

It just reminded me that if this goes down -- and I'm less certain that it will -- that this would provide the kind of economic shock that would bring on the Big D. If the cost of oil were to go up by 100% (which happened in '79) that's the kind of thing that could shake loose all sorts of secondary effects. The impact would be global.

Well, it wouldn't be the end of the world. I don't dig the doomsayers. A big slowdown might not be the worst thing for us, you know?