Key Iranian Reformists and Clerics refuse to accept election results and legitimize new government

While the crisis in Iran has been quelled for the moment, tensions are still simmering as the split in the Iranian Ruling Council becomes more pronounced. As usual, CNN has the best coverage of unfolding events in Iran. What is different about this crisis is the growing split among the Clerics. Candidates like Mir Hossein Moussavi and Mehdi Karrubi, arn't the run-of-the-mill gadfly candidates. They were key members of the Iranian Revolution that ousted the Shah and ushered in the current Theocracy. This is going to be simmering for a while.

The concern here, which should be a concern for everyone else, is how this is going to affect the global economic recovery. If this remains at a low level unrest, things should be fine. If this blows up into an all out revolt or revolution, expect to see oil and gas prices spike. This would throw a lot of cold water on any of the gains the Stock Market has made over the last six months and could lead to more job loses across the globe.