The Federal Deposit Insurance Corporation was in the process of running an auction for Silicon Valley bank. It would probably run a similar process for Signature Bank as well. But it's obviously enormously difficult to, in the course of a weekend, even for a big bank to decide that you're comfortable bidding. So someone may still buy Silicon Valley Bank. And that would just be sort of one of the fascinating strands of this story to keep watching.
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