I couldn't help but smile at the wry tone of the last two paragraphs of Bloomberg's latest article on the North Korean missile launch:
North Korea, which broadcast a video of the launch on state television, says the Kwangmyongsong-2 satellite entered orbit and is now beaming back patriotic songs.
The U.S. says stage one of the missile fell into the Sea of Japan and the remaining stages, along with the satellite, crashed into the Pacific Ocean. Russia can’t find evidence of a North Korean satellite orbiting the Earth, Interfax news agency reported this week.
On top of that, the AP just published a story with the goading title "North Korea insists it launched a satellite" which contains the following gem from North Korea's UN ambassador:
"This is satellite," Pak insisted. "Everyone can distinguish satellite with a missile. It's not a missile. I know most of the countries they understand, and they now recognize it was not missile...."
When a reporter noted that North Korea used ballistic technology to launch the rocket in violation of U.N. sanctions, Pak replied: "All those countries who launch satellite ... are (using) similar technology."
It appears that just as American bankers are taught that you don't have to call it a loss until you actually sell it, North Korean politicians are taught that you don't have to call it a missile until you actually attach its warhead.