Following the landmark nuclear deal with Iran, plans for the lifting of economic sanctions are moving forward with "Implementation Day" planned as soon as late 2015 or early 2016. Not only is this move important for the United States for geopolitical reasons, observers say, but removing trade embargoes should boost Iran's economy.
The financial markets have been through some wild and crazy times over the last two weeks, although it appears that they have finally stabilized. The net effect of all the gyrations is that a serious bubble in China's market seems to have been at least partially deflated. After hugely overreacting to this correction, most other markets have largely recovered. Prices are down from recent peaks, but in nearly all cases well above year-ago levels. But the stock market is really a sideshow; after all, back in 1987 the U.S. market fell by almost 25 percent for no obvious reason, with little noticeable effect on the U.S. economy. The more serious question is what is happening with the underlying economy, and there are some real issues here.