The alternative asset platform sells shares in specific artworks.

There is no doubt that China will win the battle against the coronavirus. In the meantime, however, policymakers must take steps to ensure that the economy functions as normally as possible—without compromising efforts to contain the outbreak—and can bounce back quickly once the crisis is over.

The original purpose of limited-liability protection was to encourage investment in—and risk-taking by—corporations, whose resulting innovations would benefit society. Yet by allowing shareholders to profit from the harms caused by corporations, limited liability has evolved into a source of systemic market failure.

Many leading central bankers now argue that, instead of just playing its traditional role of deciding the allocation of government spending, investment, taxes, and transfers, fiscal policy must substitute for monetary policy in economic fine-tuning and fighting recession. That would be a big mistake.

Still, the head of the firm that predicted gold’s rise in the 1970s says to pay attention to hedges.

Markets are already teetering. How low will they go?