How coronavirus almost brought down the global financial system

Intervention on an unprecedented scale means a full meltdown has been averted – for now. "The crucial question is how much of the world economy will survive the lockdown, and this depends on the availability of credit. Business runs on credit. The bits of the economy that do continue to function – the warehouses, the mobile phone providers and internet firms – all need credit." Writing in the Guardian, Adam Tooze explores.