HOUSE OVERSIGHT 027105 Obama has done everything right, and yet his Iran policy is failing. There is no evidence that the sanctions will bring Iran to its knees and force the supreme leader, Ayatollah Ali Khamenei, to accept the humiliation of abandoning his nuclear program. But neither is there any sign of new thinking in the White House. "I don't see how what didn't work last year is going to work this year," says Vali Nasr, who served in the Obama State Department before becoming dean of the Johns Hopkins School of Advanced International Studies. He might not get much of an argument from White House officials, who, the New York Times recently noted, "seem content with stalemate." The United States is not negotiating directly with Iran but rather doing so through the P5+1, which consists of the five permanent Security Council members and Germany. The P5+1's current position is that Iran must stop enriching nuclear fuel to 20 percent purity -- a point from which Iran could quickly move to weapons-grade material -- transfer its existing stock of such fuel to a third country, and shut down one of its two enrichment facilities, known as Fordow. In exchange, the parties will help Iran produce such fuel for medical purposes, which the regime claims is its actual goal. Iran has refused, saying it will not shut down Fordow. But the current state of play masks the larger issue, which is that the ayatollah and those around him believe the United States wants to make Iran cry uncle -- which happens to be true. The next round of P5+1 negotiations, now scheduled for Feb. 25 in Kazakhstan, are almost certainly not going to go anywhere unless the United States signals that it is prepared to make what the Iranians view as meaningful and equivalent moves in exchange for Iranian concessions. Arms-control experts say that both British Prime Minister David Cameron and Catherine Ashton, head of foreign affairs for the European Union, favor offering Iran a r