My suggestion is to use a function. But rather than putting the if in the function, which you might be tempted to do, do it like this:
if verbose:
def verboseprint(*args):
# Print each argument separately so caller doesn't need to
# stuff everything to be printed into a single string
for arg in args:
print arg,
print
else:
verboseprint = lambda *a: None # do-nothing function
(Yes, you can define a function in an if statement, and it'll only get defined if the condition is true!)
If you're using Python 3, where print is already a function (or if you're willing to use print as a function in 2.x using from __future__ import print_function) it's even simpler:
verboseprint = print if verbose else lambda *a, **k: None
This way, the function is defined as a do-nothing if verbose mode is off (using a lambda), instead of constantly testing the verbose flag.
If the user could change the verbosity mode during the run of your program, this would be the wrong approach (you'd need the if in the function), but since you're setting it with a command-line flag, you only need to make the decision once.
You then use e.g. verboseprint("look at all my verbosity!", object(), 3) whenever you want to print a "verbose" message.