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John McGlynn: ... What it really means is that the US, again through FinCEN, has declared two acts of war: one against Iran's banks and one against any financial institution anywhere in the world that tries to do business with an Iranian bank....

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In short, then:

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In short, the US has in effect declared war on Iran. No bombs need fall as long as the US strategy relies solely on financial sanctions. But if the US Section 311 designates Iran's central bank as a financial criminal, the impact will be the financial equivalent to the first bombs falling on Baghdad at the start of the US-UK invasion of Iraq in March 2003.

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As for Iran,this is even worse in the globalized economy.

What then will the impact be of this US-Iran banking standoff? For the US, almost no impact at all. Treasury bureaucrats will spend some time and a little taxpayer money making phone calls, checking computer screens and paper trails to monitor global banking compliance with sanctions. The cost of financially ostracizing Iran will be a bargain for US taxpayers compared with the eventual $3 trillion cost of the Iraq and Afghanistan wars estimated by Nobel prize-winning economist Joseph Stiglitz and Harvard financial expert Linda Bilmes.

Of course, this campaign already began some time ago. In regard to Iraq, a country whose propaganda campaign was executed so effectively, we have:

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As the Center for Public Integrity stated, the lies of the administration with regard to Iraq were "amplified by thousands of news stories and broadcasts...with the media coverage creating an almost impenetrable din for several critical months in the run-up to war...[M]uch of the wall-to-wall media coverage provided additional, ‘independent’ validation of the Bush administration’s false statements about Iraq."

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