North Korea bombards the South Korean held island of Yeonpyeong in the Yellow Sea, killing and wounding a number of people there. The hawks call for the strongest possible response. The pundits warn of another Korean War.
Coming just eight months after the mysterious sinking in the same area of the South Korean corvette Cheonan, blamed on North Korea and with 46 killed, we have to assume there will be fireworks.
And yet the South Korean stock-market barely budges. South Korean government officials call for calm. Do the South Koreans know something that we don't?