Iran is a long way from acquiring a nuclear weapon and is "foolish" for not investing its resources in its people instead of a nuclear program, former US Secretary of State Colin Powell said Sunday. "I think Iran is a long way from having anything that could be anything like a nuclear weapon," Powell told a gathering of bankers, businessmen and diplomats. Tehran rejects claims by the United States and some European Union countries that its nuclear program is aimed at secretly producing weapons and insists it is for peaceful purposes only. "I think the Iranians are being very foolish," Powell said. "When I look at Iran, I see the needs they have. They have not globalized, they have not come up in the international economic community. They are faced with 40 percent unemployment."