Here's the gist:
It remains to be seen how far countries such as China and Russia will actually go in tightening sanctions. But the U.S. should ensure that the condemnation has meaning by taking decisive action with or without the Security Council.That's more than just the gist, it's over a third of the editorial.
We know what works: leveraging smart financial power to pressure North Korea and disrupt the regime's continued proliferation and illicit financial activity.
In September 2005, as part of a strategic pressure campaign, the Treasury Department ordered U.S. financial institutions to close correspondent accounts for a private bank in Macau -- Banco Delta Asia. This bank was facilitating money laundering, proliferation and counterfeiting on behalf of the North Korean regime.
The regulation cut the bank off from the U.S. financial system. More important, the unilateral regulation unleashed the global financial furies against North Korea. Banks in China, Asia and Europe stopped doing business with North Korea, denying it access to the international financial system. North Korean bank accounts were closed, its transnational commercial transactions were canceled, and officials' financial activities were carefully scrutinized.
This hurt Pyongyang. The North Korean regime scrambled to regain access to money and accounts around the world while trying to undo the official damage done to its reputation in the international financial community. Key state actors, including China, had no incentive to block the full effect of the market reaction. On the contrary, they did not want their banks or financial reputations caught up in the taint of North Korea's illicit financial activity.
I tend to agree with Joshua that this kind of thing would work, and it looks like it's something where Beijing (and Moscow?) might be forced to join Washington. If this was in fact a missile launch, it would be nice to take a tough stand against Pyongyang, especially when it doesn't involve military action which could get very, very messy (that's pretty much a last resort, but it should be left on the table).
Joshua might not like one of the goals Mr Zarate has for this leverage: It seems what the US can gain by squeezing Pyongyang's ecojones is to force Pyongyang back to the six-party talks, which the OFK crowd generally finds to be a fruitless objective.