Several theories explain why India’s new central bank governor took his boldest step yet. Little attention has been paid to the consequences. Last week, Governor Shaktikanta Das made an unexpected tweak to the Reserve Bank of India’s (RBI) traditional management of longer-term liquidity in the banking system: by buying and selling government bonds. India’s currency, sovereign-debt and credit markets were ...

China’s banks may have a flood of bad loans waiting in the wings. Not that you’d know it from looking at official levels for 2018, which suggest the problem was broadly contained. The reality is that newly soured debt was coming through the front door as fast as banks could shovel it out the back. Authorities worked hard to restrain ...

When Facebook went down for hours this week, the internet was all atwitter (sorry). Most of what I came across was fairly snarky, but a lot of the posts were pretty clever. I saw a variation of this retweeted many times: “News flash! Facebook down! People talk to each other, kids play with toys!” (Actually, they were probably playing Fortnite ...