In this issue:

• How Fragile is China’s Financial System?

• The Identity Business

• Magic: The Gathering and Speculation

• Social Networks' Systemic Risks

• Dealing with Huawei

• Google Analytics and Better Ad Economics

• Refrigerator Supply Shocks

• Zoom as a Platform

• The Stimulus Tradeoff

How Fragile is China’s Financial System?

History’s sample size is frustratingly small, but…