Just when you've thought you had seen it all, the Bush administration want to block higher-end consumer electronics -- including the, gasp, iPod -- from going ashore to North Korea. In a strange type of semi-sanction on all-things-gadgetry, the U.S. government's first-ever effort to use trade sanctions to personally aggravate a foreign president is now underway. Joy, joy!

According to reports, this new sanction expressly targets items believed to be favored by Kim Jong II -- from unknown sources I guess. It's hard to imagine the leader of one of the most repressive regimes in the world jamming to his iPod while watching the NFL on a Plasma TV, but hey, maybe he is just like the rest of us...except that he's a tyrant bent on world domination. Go figure.

I doubt this highly-touted move by the Bush administration will do much, if anything, to block access to some of the world's neatest items from the North Korean government. Among the other items beyond the iPod and Plasma TVs are cognac, Rolex watches, cigarettes, artwork, expensive cars, Harley Davidson motorcycles or even personal watercraft like Jet Skis.

Start screaming crazier and crazier edicts and pronouncements if you want to be a tyrant these days. If you have any doubts about this, read a few of the gems that have escaped from the lips of North Korean President Kim Jong Il, Iranian President Mahmoud Ahmadinejad or Venezuelan President Hugo Chavez. I emphasize their first names because they make everything so personal and we see and hear them so often that I feel like they must want to be friends in some perverse way.

Hugo has called President Bush the devil during a worthless diatribe to the United Nations, and Kim has threatened the United States, Japan, South Korea, and anyone else that questions his tyrannical, ego-maniacal nuclear ambitions. However, you will note he has not threatened China. This I point out as evidence that he may appear crazy, but he is not stupid!

Mahmoud, on the other hand, has threatened only a third of the world including, with no lack of emphasis, Israel. He has stated Iran has no compunctions about losing 250,000 of its own people in the process of a first strike. However, the fact that Israel has second strike capability and the figure could reach 25 million people has not made it into any of his speeches. The latter figure no doubt might test the limits of his list of willing martyrs.

While there is an outside chance that this is all bluster, I can assure you (having started this story while traveling in Jerusalem) that the Israelis are taking these comments very seriously and are not likely to sit around doing nothing forever. While the idea of Israel striking first would not be unprecedented, it would also raise the stakes in what would be the scariest of bad-boy games.

If Mahmoud backs the Israelis into a corner... well that might be the all time dumbest stunt ever and could be the opening scene for Jackass 3. My perception is that Mahmoud will continue to threaten with the intent of keeping his enemies and rivals off balance and unfortunately might guess wrong about the edge of sanity (never mind wisdom, we long ago passed that mark), where he appears to teeter back and forth.

Patience, patience, this story is about economics...

Usually, I make a comment regarding the Asian markets toward the end of my pre-market summary. Not today. Today I woke up to hear of a successful underground nuclear test N.Korea claims to have pulled off. The Russians have confirmed but the U.S. is still investigating. Needless to point out the implications of such an act as even "The Chinese government is firmly opposed to this." The U.S. is already in talks with international allies trying to push sanctions.

Naturally, the South Korean stock market reacted and stocks plunged, closing 2.4% lower. Other Asian markets also fell on the news: Singapore, Sydney, Jakarta and Manila. The Hang Seng, Hong Kong's blue-chip index, lost 1.2%. Japan and Taiwan markets were closed for a holiday. European markets, on the other hand, are mixed at the moment.

Oil is back above $60 a barrel as once again reports of OPEC cutting production to 1 million barrels of crude a a day have surfaced. Geopolitical concerns also helped oil gain some ground.

Also affecting the markets this week will be earnings season that is to start in full swing and a few economic reports, mainly the FOMC minutes released on Wednesday and retail sales on Friday.

Some M&A news:

• PNC Financial Services Group (NYSE: PNC) agreed to buy Mercantile Bankshares Corp. (NASDAQ: MRBK) for $47.24 per share in a cash and stock deal worth around $6 billion.
• The Dolan family, which controls Cablevision Systems Corp. (NYSE: CVC) offered to take Cablevision private and buy out the company's public shares for $27 a share in cash, according to a report in the Wall Street Journal.
• Citigroup Inc. (NYSE: C) CEO said the bank is considering acquisitions of banks in Taiwan, Turkey, Central America, China and Western Europe, according to an interview published Monday in the Financial Times.

Futures are negative in early morning trade (8:00 a.m.), pointing to a lower start for stocks.

Here's a look at some key Blogging Stocks:

Apple Computer, Inc. (NASDAQ: AAPL) last traded at $73.95 in pre-market trading, down from Friday's close of $74.22. This article examines retro, or classic games, the kind Apple will offer on iPod.

General Electric Company (NYSE: GE) closed at $36.14 Friday. GE is among the companies money managers seek for dividend payouts.

Time Warner Inc. (NYSE: TWX) last traded at $18.65 in pre-market trading, down from Friday's close of $18.78. Waner Bros' The Departed and New Line Cinema's The Texas Chainsaw Massacre: The Beginning topped the weekend box office list with $27 million and $19.5 million respectively.

Wal-Mart Stores, Inc. (NYSE: WMT) closed at $48.32 Friday. A man is suing Wal-Mart for falsely accusing him of stealing a jacket at the Wal-Mart Supercenter in Coralville.