The IAEA has produced its latest report on Iran and there are few surprises therein, certainly no "smoking gun".

"To date, the results of the environmental samples taken at FEP and PFEP2, and the operating records for FEP3, indicate that the plants have been operating as declared (i.e. less than 5.0% U-235 enrichment). Since March 2007, twenty unannounced inspections have been conducted at FEP"...."The Agency has been able to continue to verify the non-diversion of declared nuclear material in Iran."

Most importantly, the IAEA guarantees that all known activities are under Agency seal and surveillance, and cannot be used to produce a weapon without Agency knowledge.

That doesn't stop the New York Times publishing a wonderful bit of hyperventilation involving (as is usual) the fine journalism of David "Judy Miller In Drag" Sanger and Bill Broad.

Iran has now produced roughly enough nuclear material to make, with added purification, a single atom bomb, according to nuclear experts analyzing the latest report from global atomic inspectors.

The figures detailing Iran’s progress were contained in a routine update on Wednesday from the International Atomic Energy Agency, which has been conducting inspections of the country’s main nuclear plant at Natanz. The report concluded that as of early this month, Iran had made 630 kilograms, or about 1,390 pounds, of low-enriched uranium

But the really important part, underplayed by that lede and the headline "Iran Said to Have Nuclear Fuel for One Weapon", is that there's no sign of a "breakout"- kicking out the inspectors, breaking seals and switching of cameras - which would be a dead giveaway. It would take months thereafter (about half the time it took to enrich the stuff to LEU) to enrich that LEU to weapons grade, and that's to say nothing of actually building a bomb with it afterwards. A minimum timeframe is in the order of a year and a half, in which the West could decide what to do next.

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