The latest North Korean crisis, now that the mysterious underground facility at Kumchang-ri has proven to be nothing more than a huge hole in the ground, centers on the reportedly imminent launch of another multistage long-range missile. The last launch, on Aug. 31, 1998, involved an overflight of Japan during an apparent failed attempt to launch a satellite.

Politicians in Washington and Tokyo are up in arms over this latest anticipated "provocative action." Even South Korean President Kim Dae Jung, who tries to put a positive spin on everything involving North Korea, joined U.S. President Bill Clinton in warning of "grave consequences" should the North launch its missile. Meanwhile, Japan has announced a list of economic and political penalties to be applied in the event of another launch.

As the world once again waits anxiously to see if North Korea can be bribed into refraining from undermining its own relations with the outside world, it might be useful to remember a few key points.