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Can sanctions stop Iran's nuclear drive? Since the passage of new U.S. and multilateral measures this summer, there have been unmistakable signs that Iran has begun to feel the economic pinch. Prompted by mounting international pressure, a slew of foreign multinationals have exited the Iranian market, while a range of countries - from South Korea to the United Arab Emirates - are in the process of curtailing their financial dealings with the Islamic republic.

But, despite these heartening signs, the ultimate success of sanctions depends on what could come after. In order for economic pressure to be taken seriously in Tehran, Iran's leaders must be convinced that their continued intransigence on the nuclear front will lead to something far worse.

For the moment, at least, they clearly are not. That is in large part because, despite repeated assurances from U.S. officials that "all options remain on the table" in dealing with the Iranian regime, Tehran has been permitted to wage not one but two irregular wars against America for more than half a decade and to do so with virtual impunity.