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The past several months have witnessed a heated debate over the best way for the United States and Israel to respond to Iran's nuclear activities. As the argument has raged, the United States has tightened its already robust sanctions regime against the Islamic Republic, and the European Union announced in January that it will begin an embargo on Iranian oil on July 1. Although the United States, the EU, and Iran have recently returned to the negotiating table, a palpable sense of crisis still looms. 

It should not. Most U.S., European, and Israeli commentators and policymakers warn that a nuclear-armed

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