This is about America and its allies saying, we can't just tinker with our policies. The investment in naval bases around Perth on the western coast of Australia will make it much easier to send subs into the Pacific for long periods. So this is part of a much bigger effort, an allied effort to bolster deterrence against China. It's going to be something that you really need to think twice about," he says.
An old-fashioned bank run has caused American regulators to intervene in a big way to save the bank’s depositors. We ask what went wrong, and what risks the fix will pose. Today America, Australia and Britain will cement a military alliance designed to confront an increasingly assertive China. And an Ethiopian prince buried among English kings reignites questions about cultural restitution.
For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer