Ted Galen Carpenter of the Cato Institute analyzes the costs and benefits of the five policies available to the United States given Iran's nuclear ambitions. He asserts that a package of concessions, including normalized diplomatic and economic relations, in exchange for unfettered international inspections of its nuclear program, is the most pragmatic course of action. Should Iran turn down the offer of a grand bargain, Carpenter advocates the path of acceptance and deterrence as the appropriate fall-back position. Sandra Mackey counters some of Carpenter's opinions and expands on others. Cedric Suzman moderates. The Southern Center for International Studies and The Cato Institute host this timely discussion on Iran and the nuclear threat that it presents to the world.