At this point, I'm most worried about the possibility of miscalculation, particularly by a low-level North Korean military official (which strikes me as the most likely cause for the Cheonan sinking). All signs point to the breakdown of order in North Korea, and it would be very easy for someone to escalate it even further.
Fortunately, it's not likely to happen the other way. Here's hoping that the US and RoK can keep this from blowing up worse.
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