Ralph Peters writes, "The media missed a big one yesterday":

They ran with the story that the Bush administration will soon designate Iran's Revolutionary Guard Corps - a major troublemaker in Iraq - as a terrorist organization. But they didn't look past the public-consumption explanation that the move lets our government go after the Revolutionary Guards' finances and the international companies that cut deals with Tehran's thugs.

The real reason for the move is to set up a legal basis for airstrikes or special operations raids on the Guard's bases in Iran.

Our policy is that we reserve the right to whack terrorists anywhere in the world. Now we have newly designated terrorists. And we know exactly where they are.

This doesn't mean we won't go after their money, too. The Revolutionary Guards have built up a financial empire - they're religious fanatics, but, in their version of Islam, "greed is good." Hurting Iran's assassins in the pocketbook reduces their ability to export terror.

But watch that space: We've long delayed taking action against the Iranians who provide Iraq's Shia extremists with the sophisticated IEDs that kill and maim our troops. We fell into the Vietnam-era trap of allowing the enemy a sanctuary - this time, in Iran. The Revolutionary Guards' al-Quds subsidiary helped butcher hundreds of our troops - and got away with it virtually scot-free.

Looks like those days are nearing an end.