What Korea really needs is a futures market devoted exclusively to joint North-South projects. A very simple model here is to imagine yourself as a ruthless North Korean tyrant ensconced in an underground lair in Pyongyang, surrounded by his pleasure squad. Then ask yourself, “what’s in it for me?” Having done this, try to spot the irrational exuberance. If you can, and if that market actually did exist, there would be a beach house in Ko Samui with your name...