BULLETIN - AT 8:04 A.M. ET:  There's a story circulating this morning that Iran has agreed to a draft proposal on its nuclear program:

VIENNA (AP) -- The International Atomic Energy Agency says Iran has agreed to a draft deal on its nuclear program.

In addition, diplomats say the deal would see the country ship out most of its enriched uranium to Russia, stripping Tehran of most of the material it would need to make a nuclear weapon.

IAEA chief Mohamed ElBaradei said Wednesday that Iran and the U.S., Russia and France have signed off on a draft deal that he hoped would be approved by the nations' capitals by Friday.

He gave no details. But a diplomat inside the closed meeting told The Associated Press that the draft foresees the export most of Iran's stockpile of enriched uranium.

Iran says it is enriching to provide fuel for a future network of nuclear reactors. But enriched uranium can also be used to make the fissile core of nuclear warheads.

COMMENT:  In the immortal words of the great philosopher, George Gobel, wait a gosh-darned second. 

This is one of those reports that has to be looked at with three eyes.  First, it is coming from the IAEA, which would consider an Iranian nuclear bomb as wonderful news that showed that Muslims can do math.  So, take it with a truckload of salt.

Second, a draft agreement isn't a final agreement.  Even if there's a final agreement, what guarantee do we have that Iran, home to one of the most deceptive governments on Earth, would honor it?  Even if they did honor it, the extent to which they honored it is crucial. 

We know that Iran has hidden part, or even most, of its nuclear program.  So how can we be sure about the amount of enriched uranium that they actually have?  They can be running a shadow program, unseen by the world.  Remember, we recently revealed a nuclear plant that the Iranians had tried to hide.

Based on the record, this "agreement" may well be another attempt to buy time.  Trust, but verify.

October 21,  2009