WATCH YOUR WALLET, AND EVERYTHING ELSE - AT 8:26 A.M. ET:  The Iranians are sending signals about "negotiations" with the West.  Be careful.  Be very careful:

TEHRAN (Reuters) - A senior Iranian official said Tehran was ready for negotiations with the West on its disputed nuclear program based on mutual respect and without preconditions, state television reported on Tuesday.

U.S. President Barack Obama has given Iran until September to take up a six-power offer of talks on trade benefits if it shelves sensitive nuclear enrichment, or face harsher sanctions.

A little caveat:

Iranian officials have made similar statements in the past about possible discussions on Tehran's nuclear activities, while vowing not to back down in the row with the West.

We have said here before that it's in Iran's interest to respond semi-positively to President Obama's "outreach."  It could then suck the United States into a prolonged negotiation, all the while spinning its nuclear centrifuges. 

We have to put a clear time limit on any talks, and the Iranian feeler, in the absence of any real action, should be viewed with extreme caution.  Remember, negotiations with Iran over its nuclear program have been going on for the better part of a decade, with absolutely no result.

August 18, 2009