Jim: Most Underreported Story: I periodically think that we will wake up one day and find that Tel Aviv has been nuked, and many people will ask, “How did this happen?” (If our social betters aren’t sneering, “well, the Israelis had it coming.”) Iranian President Mahmoud Ahmedineijad closed his comments to the U.N. this year with a prayer for the return of the 12th Imam and the trigger of the apocalypse, and no one blinked. (No pun intended, since he claimed that during his previous U.N. speech, no one in the audience blinked for half an hour, and that he was surrounded by some sort of divine green aura.) His closing:

“I emphatically declare that today’s world, more than ever before, longs for just and righteous people with love for all humanity; and above all longs for the perfect righteous human being and the real savior who has been promised to all peoples and who will establish justice, peace and brotherhood on the planet.

O, Almighty God, all men and women are your creatures and you have ordained their guidance and salvation. Bestow upon humanity that thirsts for justice, the perfect human being promised to all by you, and make us among his followers and among those who strive for his return and his cause.”

Had Bush said the same remarks, we would be hearing endlessly about his “Christianist” agenda and his unification of church and state; Ahmadinijad openly prays for Judgment Day and the world just ignores it.

Runner Up: The stock market hitting an all-time high; reporting on the U.S. economy is so relentlessly gloomy that a significant number of Americans believe we are in a recession despite continual growth and low unemployment.

Cam says: This one’s easy for me. The most under-reported story of 2006 is the number of armed citizen stories that never get covered by the media. The Clinton-era Justice Department did a study back in the mid-90’s that found there are approximately 1.5-million defensive gun uses every year. I’m guessing that by now, with more states having instituted shall issue Right-to-Carry laws that number has grown, but you’d never know it by paying attention to what the media reports.

Marshall says Hmmmmm. This isn’t completely within the political realm, but I think for long term significance, it’s one of the biggest stories of the year: The weakening dollar is making investment in the U.S. both less expensive and less attractive. This means two things:

• Investors who don’t necessarily have the best interests of the U.S. at heart — or even like the U.S. very much — are increasingly gaining control of some of our most important assets.
• Economic growth as a result of that foreign investment is less pronounced and less significant.

Yes, I realize these two things are at least partially contradictory, but not entirely so. I also realize that the first sounds a little like Pat Buchanan paranoia. Don’t worry. I’m still committed to the global economy. No economic barriers at the border yet. But still, on some level, in this less certain era, the weakness of the dollar looks more like a security concern than it did six years ago. And I haven’t seen a front page story about it in months.

Jim: Marshall, that’s a good pick. Periodically I’ll read something about the economy and international finance that will sound really ominous, to the extent that my tiny mind can comprehend it — the trade deficit, a potential sudden revaluing of China’s currency, a crash in the U.S. housing market on par with the dot-coms, even New York City losing its status as the world’s leading financial capital, all of these factors coming together – and yet I don’t see many folks acting as if it’s ominous. Is this because they know more and they know it’s not something to worry about? Or are they in the dark as much as me?

Marshall: Heaven knows that no one should be turning to me for economic forecasting or analysis, but I’m like you: I see these little stories, nuggets mostly. And when you add them up, they paint a slightly scary picture. I don’t know if we’re missing the biggest economic story of our generation or not - maybe someone can enlighten me. But it sure makes me nervous.