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Daegu Gyeongbuk Institute of Science and Technology (DGIST) and Three Other Science and Technology Institutes Launch Korea’s Largest Student Startup League, “GRAVITY 2026” to Foster Global Startups
-Offering a total prize pool of KRW 200 million and overseas acceleration opportunities, the program provides full-scale support for student startup teams preparing to debut on the global stage.
Inside the Justice Department’s pursuit of Trump’s 2020 election fraud fixations
When President Donald Trump promised, seemingly out of the blue, in late January that prosecutions would “soon” be coming for 2020 election rigging, the Justice Department was already mobilizing an effort behind the scenes to build out a portfolio of cases that would boost the White House’s narrative.
Small Business Creation Rose Post-Pandemic; Expansion Remains Key Challenge
Report finds small business disparities rooted in business size, industry, and location
Chiefs star TE Travis Kelce buys ownership stake in hometown Cleveland Guardians: Source
In 2020, Kelce's teammate Patrick Mahomes joined the ownership group of the Kansas City Royals, the Guardians' division rival.
Virginia’s newest lawmakers balance politics, family and a fast-paced session
For Virginia’s freshman lawmakers, the first General Assembly session was a crash course in the inner workings of state government.
Cramer's lightning round: Buy DoorDash
"Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.
Onondaga Co. Legislature to vote on bill on term limits for county executive
The Ways and Means Committee discussed the measure at their meeting Tuesday.
Onondaga Co. Legislature to vote on bill on term limits for county executive
The Ways and Means Committee discussed the measure at their meeting Tuesday.
The Justice Department wants to interview 2020 election workers
The Justice Department wants to interview some poll workers and ballot counters who participated in the 2020 election in Fulton County, Georgia, in a new effort to dig up details about the ballot-processing, prosecutors revealed at a court hearing last week.
ETSU launches new disaster sciences graduate degree
ETSU’s new graduate degree prepares students for careers in environmental health, disaster resilience and public health.
Supreme Court Reverses Ruling in Immigration Judges’ Free Speech Lawsuit
A group of immigration judges in 2020 challenged work-related restrictions on their public speaking engagements, saying they violated their free speech rights.
Unemployment rate increases for fourth straight month in Florida
Florida's jobless figure stood at 4.8% in April, a jump more than 1 percentage point compared to a year ago.
Oklahoma business leaders upbeat on economy, but cite workforce concerns
Oklahoma business leaders remain confident in the state’s economic direction and are planning for growth, but many say workforce availability, infrastructure ne
Chrusciki Bakery to close final retail location May 31
The bakery made the announcement on social media, saying that after 40 years, a new chapter begins.
The Presidential Prayer Team
Each day, we invite you to join us in prayer for our national leaders. As mandated by 1 Timothy 2:1-2, we encourage prayer for those in positions of authority.
Williams to leave Liverpool this summer
Defender Rhys Williams will leave Liverpool when his contract expires at the end of June. The centre-half was part of Liverpool's FA Youth Cup-winning squad in 2019 and made his debut under Jurgen Klopp the following year. As injuries struck in defence, he played in 19 matches during the 2020-21 campaign to help the Reds clinch Champions League qualification with a third-placed finish in the Premier League.
Trump says it should be ‘mandatory’ for more countries to join the Abraham Accords as part of Iran deal
The president said Saudi Arabia and Qatar should “immediately” sign on to the agreements, first signed in 2020 during his first administration.
FSU pushing for increased civics teaching in schools to reconnect with Memorial Day meaning
FSU educators are concerned that a recent poll shows only 48% of Americans know why Memorial Day was established.
Oldest cigar store in Mississippi to open new Jackson location
Country Squire Tobacconist, Mississippi's oldest cigar and pipe store, unveils its new Jackson location after $2.3 million in renovations.
Sunderland 2-1 Chelsea: What Le Bris said
Sunderland won 54 Premier League points this season, the most by a newly promoted side since Leeds United in 2020-21 (59 points), while their seventh place finish is the best by a newly promoted team since Wolves in 2018-19 (7th). The Black Cats are one of just three sides that didn't lose a single Premier League game when scoring first in 2025-26 (P13 W8 D5), alongside Manchester United and Nottingham Forest.
Nobody told him the world was gonna meme Shrek
The writer and illustrator William Steig lived several lives before his book about a surly ogre became a Hollywood hit.
What does WSL relegation mean for Leicester City?
After a five-year stay in the WSL, Leicester City were relegated on Saturday - so what does the future of the club look like?
'This chaos needs to end': Yet another shooting in President's proximity rattles Republicans
Leaders allied with Trump react.
Bond breakout? Big effects of bad data. Immigration and thermostatic politics & dad-chat is coming for dad-books.
Thank you for opening your Chartbook email. Anna Airy, A Shell Forge at a National Projectile Factory, Hackney Marshes, London, 1918 Bond breakout - John Authers Across the developed markets, bond markets are staging a slow-motion car wreck. Looking at the drastic moves in the US, Japan, the UK and France, Barclays’ Ajay Rajadhyaksha commented: “Last week, long bonds broke. Not in one country. In all of them. Simultaneously. Four countries. Four different political systems. Four different central banks. But the same trade — “get me out of duration!”” Each country has its own contributing political problems, but the uniformity of the shift out of long-term bonds with high duration makes clear that something broader is afoot. For Rajadhyaksha, it is “simple and uncomfortable.” The developed world “has too much debt, too little fiscal discipline, and no political appetite for fixing either.” If there’s a trigger, it has been the Iran war and the resulting shock to oil supply. Source: Bloomberg G7 countries are now borrowing at rates that were enjoyed by EM in the early 2020s For contributing subscribers only. Subscribe Trade between China and Russia has grown in recent years For contributing subscribers only. Subscribe Big effects of bad data A decade ago nearly nine in ten Americans, when approached, agreed to fill out the Current Population Survey, which is administered to about 60,000 households each month and asks about, among other things, employment. Fewer than seven in ten do so now (see chart 1). For the Consumer Expenditure Survey, which tries to capture 3,700 households monthly, the response rate is down from 68% to 40%. … When the information becomes less reliable, investment decisions get more difficult to make. Some may be delayed, creating a potential drag on the economy. A new working paper by Nicholas Bloom of Stanford University, Erica Groshen, former head of the Bureau of Labour Statistics (BLS) now at Cornell University, and Duncan Hobbs and Michael Strain of the American Enterprise Institute, a think-tank, hazards an estimate. Preserving trust in “the integrity and quality of official statistics”, the authors claim, generates economic benefits of about $25 for every $1 spent on the BLS, the agency with an annual budget of $700m that is responsible for many of these data. To arrive at their conclusion the quartet analysed an ignoble episode in the BLS’s recent history. On August 1st 2025 Donald Trump sacked Erika McEntarfer, appointed as the agency’s commissioner by his predecessor, Joe Biden. The president alleged, without evidence, that the BLS’s steep downward revision to recent jobs numbers had been “RIGGED in order to make the Republicans, and ME, look bad”. In fact, it was the wanton dismissal that looked bad in the eyes of many observers. In the following seven days there was a 50% leap, relative to the week before, in the average value of the index of Economic Policy Uncertainty (EPU), which tracks the number of articles mentioning such uncertainty that are published daily in American newspapers. This was a discernible jump even when compared to the chaos caused by Mr Trump’s trade war in April 2025 and his real one in Iran in the past two months (see chart 2). Based on Mr Bloom’s earlier study with other colleagues of the EPU’s impact on business investment, industrial production and employment, the authors estimate that the jump reduced American GDP by over $100bn (0.3%) and non-farm payrolls by 168,000 (0.1%). Source: The Economist Immigration and thermostatic politics (Sarah O’Connor in the FT) A strange thing happened a year and a half ago. No sooner had Americans elected Donald Trump as president on an explicitly anti-immigration platform than US public opinion began to swing much more favourably towards immigration. … to political scientists who study “thermostatic” politics, this development is no surprise at all. Public opinion often moves against the prevailing party, especially if they are perceived to have gone “too far” in one direction. The phenomenon was first explored in the 1990s with reference to fiscal policy, but in recent years it has been particularly evident in the realm of immigration policy. While these swings in opinion polls can make it seem as if people don’t know their own minds, they can be a useful democratic check on governments by sending bright flashing warning lights when policies stray too far from the public’s comfort zone. The problem comes when politicians misinterpret those signals. When people tell pollsters they want less immigration, or think it is bad for the country overall (or the converse), they are often expressing an opinion about how things appear to be going in that moment relative to their preferences, rather than a deep shift in their underlying views. According to Alexander Kustov, a political scientist, most Americans’ views are quite stable and moderate: they support immigration that is controlled and in the national interest, and oppose flows that are disorderly or under-enforced. In the US, he argues the Trump administration over-interpreted dissatisfaction with high immigration under Joe Biden, and implemented policies that went too far for many voters. “People don’t necessarily change their idea about their ideal immigration policy, but they can react to what the government is currently doing,” he told me. “A lot of people are not happy with what the Trump administration are doing — right now we’re not talking about border enforcement, we’re talking about people not just getting harassed, but killed.” But similarly, he added, pro-immigration advocates would be making a mistake to interpret the recent, more favourable swing towards immigration as a deep-seated ideological shift in attitudes. The recent history of UK immigration policy offers another cautionary tale. After the 2016 Brexit referendum, public concern about immigration fell. This was partly because net migration statistics declined, but also because people felt a sense of catharsis and control, says Sunder Katwala, director of British Future, a think-tank. By 2019, the public ranked immigration as only the ninth biggest issue of concern, according to Ipsos polling. But when the Conservative government liberalised visa routes for students and care workers between 2019 and 2022, that helped net migration to surge. And so, too, did public concern. Today’s Labour government has implemented another sharply restrictive turn in immigration policy. As Kustov and researcher Caitlyn Yates argue, thermostatic public opinion should be a useful check on politicians. Instead it seems to have helped to magnify the pendulum swing in the UK. The government over-interprets and overreacts to a change in public opinion, which reacts in turn, prompting a sudden swing the other way. Source: Financial Times HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Anna Airy, Shop for Machining 15-Inch Shells: Singer Manufacturing Company, Clydebank, Glasgow, 1918 Racing for a vaccine … we have been here before! The deadly Ebola outbreak in two African countries driven by a virus species with no vaccine has triggered an urgent search for a potential jab, in a test of troubled global efforts to avert threats posed by emerging diseases. A World Health Organization advisory group is due to would meet on Tuesday to recommend candidate jabs to prioritise for clinical trials, the global health body said. It will assess data including an analysis by the Coalition for Epidemic Preparedness Innovations (Cepi), which was set up after failures in the international response to a previous Ebola crisis. The latest Ebola outbreak in Democratic Republic of Congo and Uganda has infected hundreds of people and killed more than 80, health authorities say. Cepi’s reaction will be a crucial indicator of its progress towards its wider goal of producing vaccines for pandemic threats in just 100 days, despite steep cuts to international health funding. “If there was ever a time that we could show the world why Cepi is needed and show the world why the 100-day mission is needed, it’s now,” Nicole Lurie, the organisation’s executive director for preparedness and response, told the FT. “We’re happy to accept that responsibility, but obviously we need help from partners — particularly financial help in the long run.” DR Congo and Uganda would make the final decision on whether to press ahead with any vaccine candidates endorsed for clinical trials by the WHO experts, the global health body said. “Other ethical and community acceptability issues will be considered,” said the WHO, which declared the latest outbreak a public health emergency of international concern on Sunday. “This will be important to make sure that the trial, if it happens, will be adequately communicated to the population.” Lurie said Cepi had provided information from a survey of research teams and companies working on drugs that might be effective against the Bundibugyo virus behind the outbreak. The organisation hoped soon to announce partners in the quest for a jab, she added, although she declined to give a timescale for when one might be developed. Cepi’s Nicole Laurie said global health bodies were ‘getting some live-fire drills’ with hantavirus and the latest Ebola outbreak. The hunt for a vaccine should be helped by scientific advances including the use of artificial intelligence to find drugs active against viruses, Lurie said. Existing jabs against the Zaire Ebola virus responsible for many previous outbreaks might provide a basis for tackling the Bundibugyo species, she added. “We’ll see how far and how fast we can get,” Lurie said, adding that Cepi had done preliminary work recently on a possible jab for the rat-borne hantavirus responsible for a recent fatal outbreak on a cruise ship. “Both with hantavirus and now with Ebola, [we] are getting some live-fire drills.” Source: Michael Peel in the Financial Times Dad-chat is coming for dad-books. (By Pamela Paul and Jeffrey A. Trachtenberg in the WSJ) They were the go-to gifts for Father’s Day: a book about some little-known chapter of World War II, the sweeping narrative of a shipwreck, perhaps the latest presidential biography. These days, dad books are a dying breed. Nonfiction book sales have been in decline for the past four years, and are now the most challenged segment of the print book market. Publishers say certain types of books still fare well—including celebrity memoirs and religious titles. But in recent years, print sales in such categories as biography, current affairs and business and economics—what publishers refer to as “serious nonfiction” and which tend to resonate especially with men—have fallen considerably. Sales of nonfiction print titles were down nearly 8% through May 9 this year, and sales of books about politics and current affairs were down 19%, according to book tracker Circana BookScan. Publishing has long been subject to cyclical changes, with trends in format and genre taking over bookshelves in grand sweeps. (Remember the adult coloring-book craze? Or the stratospheric rise of romantasy?) But many in publishing believe the decline in serious nonfiction is more existential. “The trend couldn’t be clearer,” said Jonathan Karp, the former chief executive of Simon & Schuster and publisher of the new Simon Six imprint. “This is a sea change and people should wake up and realize we’re living in a new world.” One culprit for the shift: a new media diet for fans of more serious nonfiction. … Sixty-two percent of men and 54% of women consumed a podcast in the prior month, according to a recent survey by Edison Research at SSRS, up from 46% and 39%, respectively, in 2023. “When we have internal meetings to talk about this problem, it always comes around to podcasts,” said Jonathan Burnham, president and publisher of the Harper Group at HarperCollins Publishers. “The man who wants to read American history is now tuning into one of the many good podcasts about history that lends the quiet attention to a serious subject he’s looking for. It makes the idea of sitting down with a 700-page Ron Chernow book less appealing. You’ve scratched that itch.” Source: Wall Street Journal Remarkable report by Novara from the nationalist rally in London in mid May. Anna Airy, Leopard Moth and Plums, 1915 If you’ve scrolled this far, you know you want to click: Subscribe
Forget the 11-year solar cycle, a single space storm can send a shockwave through your local forecast
The regular solar cycle is a mere climate murmur, but sudden geomagnetic jolts are a different story. These high-altitude outbursts appear to be hijacking the polar vortex to rewrite weather on the ground.
Mass. pols issue report on possible effects of Haiti TPS termination on local health care
The lawmakers' investigation found that terminating TPS would "exacerbate" shortages in the health care workforce, limit high-quality care, and "endanger patients," the report says.
Riverhead Board Unswayed By Public Objections to Taking of Science Center Property
The Riverhead Town Board seemed unmoved by hours of comment at a public hearing Wednesday evening on its plan to take the property adjacent to the Town Square owned by the Long Island Science Center through eminent domain. In 2020, the Science Center had proposed to build a new 24,000-square-foot, $13.5 million attraction at the
KC's mental health crisis center gets another year
The city is stepping in with a $1 million contract to keep KC-ATC running as the original Ascension funding winds down.
Old Falls Street USA announces exciting summer season of events & entertainment in downtown Niagara Falls
Old Falls Street USA is gearing up for an exciting summer season packed with live entertainment, family-friendly activities, festivals, and new events designed to bring residents and visitors together in the heart of Downtown Niagara Falls.
Congress revives stalled housing legislation, though snags remain
A rare show of bipartisanship before midterm elections while the country is short millions of units for people to live
UC Davis Undergraduates Take Top Prize at Big Bang! Business Competition
UC Davis Mike and Renée Child Institute for Innovation and Entrepreneurship awarded nearly $100,000 at the 26th annual Big Bang! Business Competition, with the top prize going to First Bite, a biomedical engineering student team developing a safer device to secure breathing tubes for infants.
NASA’s AWE Completes Mission to Study Earth’s Effect on Space Weather
On May 21, ground controllers powered down NASA’s AWE (Atmospheric Waves Experiment) instrument, bringing the data collection phase of the mission to a
Houston ISD plans to raise employees’ costs for health insurance
A draft of HISD’s budget proposal for next year reveals the district plans to increase salaries, but mostly to offset the rise in health insurance costs.
How Kathy Hochul put affordable education ahead of politics
Hochul understood that families facing affordability pressures are not interested in ideological battles.
French Business Activity Slumps at Fastest Pace Since 2020
French business activity shrank at the quickest pace in five and a half years as higher energy prices hit consumers and firms.
2020 election misinformation continues to ripple through Wisconsin politics - Wausau Pilot & Review
by Henry Redman, Wisconsin Examiner May 20, 2026 As the long tail of the 2020 presidential election continues to reverberate through Wisconsin politics, a
2 arrested in Toledo human trafficking investigation at business tied to prior prostitution stings
Lunar launch
When Artemis II launched in April, sending astronauts around the moon for the first time in more than 50 years, the mission broke records — and will help scientists understand undiscovered secrets, including the history of Earth and our solar system.As lunar science lead for NASA’s Artemis II mission, Kelsey Young, ’12 MS and ’14 PhD in geological sciences, led the team that developed the lunar science plan and trained the crew to study the moon.
4 takeaways from Tuesday's primary night in half a dozen states
While Trump continues to rack up victories on his vengeance tour, general-election opponents are waiting in swing districts and swing states. Can frontline GOP candidates navigate these choppy waters?
JACK'S LAST DANCE
Six years have passed since the last time AC Milan v Cagliari at San Siro was the Rossoneri's final league match of the season. On 1 August 2020, in AC Milan 3-0 Cagliari - the final fixture of...
Q & A with Dr. Wohl: How global health changes could impact Ebola response
UNC infectious disease expert David Wohl says the Ebola outbreak in the DRC highlights growing gaps in global disease surveillance, response coordination and public health preparedness.
2020 election misinformation continues to ripple through Wisconsin politics
Conspiracy theories about the 2020 election in Wisconsin have resurfaced due to U.S. Rep. Tom Tiffany's history of election denial.
Keep moving: 5 summer sports safety tips
Stay safe while staying active this summer. Get easy tips on stretching, helmets, hydration, concussion signs and choosing the right shoes.
Connections: Sports Edition today: Hints and answers for May 20, 2026, puzzle No. 604
Welcome to Connections: Sports Edition Coach — a spot to gather clues and discuss (and share) scores.
You can now talk to your Gmail inbox, as seen at Google IO 2026
Google expands Gmail’s AI Inbox with conversational voice search, letting users ask Gemini to find buried email details.
Discord enables end-to-end encrypted voice and video calling for every user
Good news! Discord's hundreds of millions of users now have their communications scrambled, so not even Discord can see them.
Casey Askar jumps into increasingly competitive CD 22 contest
He last ran for an open seat in 2020, but feels ready to take on Debbie Wasserman Schultz in a swing district under the new map.
Google's AI now lets you talk to your Gmail inbox
Google expands Gmail’s AI Inbox with conversational voice search, letting users ask Gemini to find buried email details.
Democrats push to ban private equity from youth sports
Private equity interest in sports, including youth sports, is surging.
Fortnite Returns to the App Store Worldwide as Epic Signals 'Final Battle' With Apple
Fortnite is back on the App Store in every country except Australia, Epic Games announced today, as the company declared it is entering the "final battle" of its long-running legal dispute with Apple. Epic said the decision to push Fortnite back onto iOS globally was prompted by Apple's own words to the U.S.
Marking 28 years of impact, the 2026 L’Oréal–UNESCO For Women in
UNESCO and The Fondation L’Oréal are proud to announce the names of the five international Laureates of the 2026 L’Oréal-UNESCO For Women in Science International Awards.
CMS Freezes Medicare Enrollment for Home Health, Hospice U.S.
CMS freezes new Medicare enrollment for home health and hospice providers nationwide, raising fraud concerns and increasing compliance investment and operational risks.
Oleksandr Usyk wants to 'push the boundaries of the sport' | Rico Verhoeven 'not an easy opponent at all,' says promoter
Fact check: Colorado governor’s misleading rationale for freeing election denier Tina Peters
Colorado Gov. Jared Polis justified his decision to release election denier Tina Peters from prison with a series of false and misleading claims, inaccurately distancing her case from efforts to undermine the 2020 election.
Luling mass shooting threat at local business: Man taken into custody
The Luling Police Department says a man threatened his wife and claimed he might carry out a mass shooting on May 15.
Buttigieg rallies for Montana election initiative, stays mum on political plans
During an hour-long speech in a packed Mother Lode Theatre, Pete Buttigieg made a rousing plea to ban corporate money from Montana politics while repeatedly sidestepping talk of a 2028 presidential run. The 2020 Democratic presidential candidate and former U.S. transportation secretary drew cheers from the audience of 1,200 in Butte as he suggested that special interests and corporate spending in campaigns had drowned out the concerns of average voters.
Houston's new budget could come down to this feud
Two of Houston's top elected officials are quietly plotting ambitions for the next mayor's race.
Gallery of Historic Entertainment Venues in Oxford, Valparaíso, and Osaka Reflect Growing Pressures on Cultural Infrastructure - 4
Image 4 of 6 from gallery of Historic Entertainment Venues in Oxford, Valparaíso, and Osaka Reflect Growing Pressures on Cultural Infrastructure. The Ultimate Picture Palace, Jeune Street, Oxford, England, 2020. Image © Motacilla via Wikimedia Commons, licensed under CC BY-SA 4.0
Detroit’s lunch business struggles as hybrid work, economy reshape routines
The traditional sit-down “business lunch” is no longer the reliable revenue stream it was before the pandemic began in early 2020.
US crypto ATM operator Bitcoin Depot files for Chapter 11 to wind down business
Bitcoin Depot said changing regulatory environments have made it difficult to continue its current business model.
MiniPlasma Windows 0-Day Enables SYSTEM Privilege Escalation on Fully Patched Systems
MiniPlasma revives a 2020 Windows cldflt.sys flaw, enabling SYSTEM access on May 2026 patched Windows 11 systems.
Another IRS COVID refund deadline nears. This time for businesses.
Businesses may be owed COVID-era employee retention credit refunds, but a strict two-year deadline is approaching. What businesses need to do.
Sales of luxury homes in Las Vegas jump in 2025, report says
“Southern Nevada’s luxury market saw healthy growth in 2025,” states a new report from Nevada State Bank. “This increase followed four years of relatively flat activity afte...
Morgan Stanley turns bullish on Ford's EV storage business
Ford Motor stock surged 13% in a single session the week of May 10 after Morgan Stanley issued a bullish call on the automaker's energy storage business. That was Ford’s biggest one-day gain since March 2020. For context, that kind of move doesn't happen without a serious catalyst. And this one ...
Conspiracist Erection Expert Leads U.S. Hantavirus Response
Admiral and urologist Brian Christine platformed far-right conspiracies about COVID and the 2020 election on his podcast, per a new report.
Art, but Make It Sports
The creator behind the viral meme account that pairs famous artwork with sports photography is stopping at Mia for his book tour.
Brad Raffensperger can’t outrun 2020 election. Neither can Georgia politics.
It's been six years since Donald Trump lost Georgia. But that election is still driving campaigns in both major political parties.
Ray Mariano: Things I miss most in today's politics
I sure do miss the time when our leaders treated people with kindness and then actually tried to work across the aisle to move our nation forward.
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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