June was busting out on Wall Street yesterday, but what to make of the supposedly bullish impact of a possible “deal” for the 15 British hostages?  It’s hard to believe that investors, if not necessarily Tony Blair and the free world, would be so thrilled to settle up with the Iranians on terms suitable to jihadists. Almost exactly 25 years ago, Margaret Thatcher sent a military task force all the way to Argentina to recapture the Falklands Islands after their seizure by the ruling military junta. Nowadays, though, not only can Tony Blair not shake a big stick, even his stalwart ally George Bush is unable to do much more than affirm that the U.S. will stand firmly behind the British, however they choose to grovel their way out of the muck.

A few more deals like the one that we fear is coming and the Iranians are going to start to think they’re winning the war. Or rather, wars, since there is almost no place on Earth where they and their terrorist proxies are not doing their utmost to unsettle what used to be known as the “balance of power”.  As we went to press, there was speculation that the U.S. would trade five Iranian prisoners it holds for the British sailors. The five were said to be members of the elite Revolutionary Guards, so perhaps Iran might see the public relations benefit of a trade that reckons one of theirs as being equal to three of Britain’s best.  Israel used to do these trades all the time:  one of ours for three hundred of yours -- a good way to alleviate crowded prisons. Are the mullahs pragmatic enough to see how this tactic might play out on the global stage? We’ll find out soon enough.