Oil prices fell. The stock market rose. Video images of smiling British soldiers with Iranian President Ahmadinejad were everywhere. So were pictures of the 15 freed hostages embracing family members back home. The relief over the return of the Brits was so tremendous; you could almost hear birds singing.

Maybe it's because military action won't be needed or maybe it's just because the ordeal won't drag on and on, but the world is breathing easier now. A lot of folks are happy. The problem, as I see it, is that Ahmadinejad seems to be the happiest.

And why shouldn't he be? He has shown the world that his forces can kidnap British citizens, subject them to brutal psychological tactics to coerce phony confessions, finagle the release of a high-ranking Iranian terror coordinator in Iraq, utterly trash the Geneva conventions and suffer absolutely no consequences.

The UN Security Council summoned its vaunted multilateral greatness to issue a swift statement of sincere uneasiness. The EU, which has pressured Britain to rely on Europeans for mutual defense instead of the US, wouldn't even discuss economic sanctions that might disrupt their holidays. Even NATO was AWOL.