There is still a lot we don’t know about the Chinese spy balloon and the three other objects the U.S. military shot out of the sky in recent days.

U.S. officials have not explained what kind of information the spy balloon was trying to obtain. They have revealed little about the other objects, though they did acknowledge yesterday that the three objects were not sending out communication signals. But we have yet to learn what those objects were or what they were for.

China’s role is another unanswered question. The U.S. has drawn a clear link between China and the spy balloon, though not with the other three objects. It’s not clear whether the balloon was a sign that China is getting more aggressive, or if the U.S. is simply now detecting a kind of surveillance China has been doing for a long time.

The lack of answers has prompted much speculation. Some of it is silly, including jokes about aliens and U.F.O.s. Much of it is serious, about a potential second Cold War, this time between the U.S. and China.

 Today’s newsletter will break through the speculation and memes to explain what we know, and don’t, about these flying objects and the implications of escalating tensions between the world’s two biggest powers.
 

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