a bucket of water on your "irrational exuberance"

Over at Joshua Stanton's blog One Free Korea, there's a guest post by Dr. Tara O that puts the latest developments on the peninsula in sobering perspective. While I'm always hopeful that, this time, things will be different, my inner cynic thinks that Joshua and Dr. O are likely on to something. An excerpt:

Second, the actual term used is “complete denuclearization of the Korean Peninsula” not “denuclearization of North Korea.” When we hear the word “denuclearization,” we mean North Korea giving up its nuclear weapons. However, “denuclearization of the Korean Peninsula” is what North Korea has long said, and the two ideas are very different. North Korea wants “denuclearization” of South Korea (South Korea is the part of the “Korean Peninsula” that it wants to focus on). South Korea does not have nuclear weapons, but it does have civilian nuclear energy, and more importantly, it has the U.S. nuclear umbrella through extended deterrence. What North Korea wants is the removal of the U.S. nuclear umbrella and the U.S. military capability away from not only South Korea but the region. That is hardly denuclearization of North Korea. It does imply removing the U.S. troops from the Korean Peninsula and ending the alliance.

Go forth and read the rest. I'm on the road. Will report in later.