The European Union has approved new sanctions against Iran in protest at its nuclear programme.
The measures target loans to companies trading with Iran and allow for tougher cargo inspections.
Not one mention so far of this development by the talking heads on the corporate news media.
There are no coincidences in the timing of this announcement.
It comes on a Friday, vastly overshadowed by the conflicts between Georgia and Russia, and the opening of the Olympic games in Beijing.
It comes on a Friday when two additional US aircraft carriers are headed toward the Gulf.