The US and Russia are waging the most intense contest in great-power coercion since the height of the Cold War. Russian President Vladimir Putin is using nuclear threats and other escalations in a bid to avoid humiliation in Ukraine. Washington is wielding its own array of pressures to force Putin to accept just that outcome. The good news is that, ...

  If there’s one city in the world that has reason to welcome the latest bout of global currency turmoil, it’s Hong Kong. With Britain shooting down the pound, Japan intervening to support the yen for the first time in almost a quarter-century, and Europe’s single currency reaching a two-decade low, there’s less attention on the Chinese territory’s 39-year-old dollar ...

  “The better part of valor is discretion,” Shakespeare wrote in Henry IV, Part One. Chancellor of the Exchequer Kwasi Kwarteng bowed to the inevitable and U-turned on his plans to lower the highest rate of income tax. The Bank of England should mirror his caution by shelving plans to sell its bond holdings for at least the rest of ...