WASHINGTON — To understand what is happening now in the Middle East, it may be helpful to remember the dead cat. That was a favorite metaphor for Secretary of State James A. Baker III as he shuttled around the region in 1991 trying to negotiate a complicated deal. With each recalcitrant player, Baker would threaten to “leave the dead cat” at their door — in other words, to make sure they were the ones blamed if the whole thing fell apart. Sign up for The Morning newsletter from the New York Time
Bitcoin fell back to $66,700 as traditional markets opened to their first chance to price the weekend's military escalation, with oil surging to $77 and Asian equities dropping 1.4%....