Re: Hedge your positions
I think that the oil market is telling us that regional war is unlikely. As for Al Qaeda, I'm a little surprised that they had not weighed in before this (actually, it might be an indication how disrupted their command and control is). They've got targets on any and everyone they hate already, so I don't think they needed extra, double-secret, Jihad probation as an excuse for more terror.
I do agree with your idea of having some global geo-political hedge going at all times. For me, I have a portion of my non-DNDN :) portfolio in gold.
tourburn