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> Didn't we have one of those a few years ago? I wonder what happened to it /s

Yes, although it had merit it was far worse than what can be signed now, especially the sunset clause was problematic

> Seriously, though: how can Iran both be so powerful we must avoid it becoming a blackmail state, and so weak and feckless it's not a threat to anyone?

that's the nature of nuclear weapons, your conventional force can be abysmal (pretty much NK situation vs US) and yet you can create epic destruction

> And didn't we already attack them to stop them from getting nuclear capabilities?

Yes, the thing here is the long term goal of signing a deal, whose main goal is removing the existing highly enriched uranium from Iran and restricting their ability to redevelop nuclear capabilities. Essentially this is the part where "Diplomacy is the continuation of war by other means" (to highly paraphrase), because the alternative to a deal is maintenance attacks such as these every two years

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