Here goes my wild imagination that is not so unrealistic on the corvette Cheonan.
N. Korea just doesn't have the resources and is not capable of sinking a battleship like how the Cheonan went down. Since they know for sure in no way they can win the war if it ever breaks out in the Korean Peninsula, they can't afford to play silly dangerous games like sinking a battleship. Kim Jongil is crazy but not that crazy and definitely not stupid.
It's the U.S. vs China. The tension needs to be remained in the Korean Peninsula in order for the U.S. to keep its military business against S. Korea. And China doesn't want the bully to play the war-game in its front yard (pond rather in this case). In fact, the war-game (U.S./Korea Joint Military Exercise) was actually carried out on the same day right before the sinking of the Cheonan. With such excuses, the U.S. keeps barging into China's home court. I'm sure the U.S. will have the same position if China exercises its military drills near Hawaii.
Although the plot of sinking a battleship is very dangerous and can bring bad consequences to the countries involved, it is doable to strongly appeal one's position and gain its interest. Therefore I think the U.S. and China both have good reasons to pull this off. However, based on the ability to execute and unfold the story the way they want, I think the U.S. would be better at it.
So this was and is my wild imagination on the sinking of the Cheonan. And my prayer goes out to those lives that were lost and to their families.
Politics isn't fun but conspiracy is.
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