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Semiconductor decoupling. Powell's politics. Industrializing Ogaden. Free trade and the Magna Carta.
Thank you for opening your Chartbook email. Feliks Topolski, 1907-1989 8th Army’s Front, Italy 1944 Semiconductor decoupling Source: FT One thing that Jerome Powell deeply understood is that chairing the Fed under current conditions is a deeply political job. “Powell has successes and mistakes to his name. But he stands out as having thought more carefully about the Fed’s democratic legitimacy than any chair since Paul Volcker,” said Paul Tucker, a former deputy governor at the Bank of England, referring to the Fed chair who successfully fought the great inflation of the 1970s and early 1980s. … While Powell was at the Treasury in the early 1990s, he watched Alan Greenspan build relationships within the government. That convinced Powell he needed to follow the former Fed chair’s lead and spend more time in Congress than his predecessors Yellen and Bernanke. “The accountability for the Fed runs through Congress,” said Claudia Sahm, a former Fed official who is now chief economist at New Century Advisors. “That’s not just about having people on speed dial — it’s answering questions, explaining policy and getting feedback.” Source: FT Ethiopia’s PM Abiy and Nigerian business tycoon, with Chinese engineering, are driving industrialization in Ogaden/Somali region of Ethiopia. - Michael Masri’s reporting for Africa Report if fascinating. Ethiopia has launched a cluster of large industrial schemes in the Somali region, laying foundation stones for a urea plant and an oil refinery in Gode while opening the first two phases of the Ogaden LNG project. Abiy Ahmed framed the push as part of a broader strategy to link energy, agriculture and industry. “These projects embody more than industrial growth,” he said. “They represent our shared responsibility to harness opportunities, strengthen co-operation and promote peace.” The Gode urea plant, backed by Dangote Group and Ethiopian Investment Holdings (EIH), is designed for 3m tonnes a year. Dangote owns 60%, while EIH holds 40%. Officials say Dangote’s equity totals about $2.5bn, while the state provides land and implementation oversight. Gas from the Calub fields will be piped 108km to the site. Construction is slated for 40 months, with operations targeted for 2028. Ethiopia imports most of its fertiliser, spending more than $1.2bn a year for 1.5m–2m tonnes. Usage was roughly 1.7m tonnes in 2023, almost half of it urea, and demand for 2024–25 is put above 2.4m tonnes. If delivered on time, the Gode plant could cover domestic needs and allow exports to neighbours. Brook Taye, chief executive of EIH, called the venture “a significant milestone in the journey toward industrial self-sufficiency”. Dangote told the groundbreaking crowd that the complex would be integrated with gas supply and a polypropylene unit to support local inputs. He pointed to Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), with a capacity of more than 5,000MW, and noted his group’s cement operations and expansion plans. The Gode refinery is being developed by Golden Concord Group of China. It is designed to process 3.5m tonnes a year of crude and condensate from the Hilala field, with associated storage. Backers say it will ease foreign-exchange pressure from fuel imports and anchor further industrial activity, including a proposed steel smelting site in Dire Dawa. GCL’s chair, Zhu Gongshan, cast the project as “a key step in Ethiopia’s path to energy sovereignty”, underscoring the Beijing–Addis ties. Financing details are still being finalised, but the refinery is central to the government’s energy-security narrative. Source: The Africa Report Dangote’s Ethiopian vision: Dangote began with cement. His crown jewel, Dangote Cement, dominates Nigeria’s market and has 10 operations in other nations in Africa. The formula has been consistent: identify sectors with chronic shortages – cement, fertiliser, sugar – commit massive local investments, and scale up to serve regional demand. Ethiopia was a natural extension of that model. In 2015, Dangote launched the Mugher Cement Plant outside Addis Ababa at a cost of $600m, with an annual capacity of 2.5 million tonnes. The investment gave him a firm foothold in one of Africa’s fastest-growing construction markets. But success came with risks. In May 2018, violent unrest led to the killing of Dangote’s country manager and temporary shutdowns at Mugher. While other investors might have retreated, Dangote doubled down. Today, he is preparing to spend $400m to expand Mugher’s capacity to 5 million tonnes, alongside a new grinding unit near Addis Ababa. Cement is just one market Dangote is targeting. Ethiopia’s enormous state-controlled sugar industry, long plagued by inefficiency and debt, has struggled for years to reform. Its Omo Kuraz Sugar Development Project, touted as one of the continent’s largest initiatives, continues to face delays and mismanagement. … The most ambitious venture of all is the planned fertiliser production complex in Gode, Somali region. Publicised on 28 August 2025, the Dangote Group and Ethiopian Investment Holdings (EIH) deal plans one of the world’s largest single-site urea manufacturing plants. The project costs an estimated $2.5bn and has an estimated capacity of 3 million metric tonnes annually, a rate that would not only render Ethiopia independent, but even a net exporter of fertiliser. EIH, the state wealth fund of Ethiopia, will hold 40%, while 60% is held by Dangote Group. … For Dangote, Ethiopia is a trifecta: Cement demand is projected to grow by 10% annually, its sugar consumption is growing with rapid urbanisation, and fertiliser demand is all but insatiable, given that farming supports the livelihood of 70% of Ethiopians. Source: The Africa Report The stakes for Abiy are high: For Addis Ababa, the $4bn fertiliser project in Ethiopia’s Somali region is no longer simply a manufacturing investment. It is increasingly being framed as a strategic state project tied to food sovereignty, import substitution and the government’s broader attempt to build economic resilience under mounting fiscal pressure. “Becoming self-sufficient in food is our main agenda,” Abiy says during the visit. “Land is needed; we have it. Water is needed; we have it. Human resources are needed; we have it.” The scale is enormous even by African industrial standards. Once operational, the plant is expected to produce three million metric tonnes of urea annually, potentially making it one of the continent’s largest fertiliser complexes. Ethiopian officials say the project now includes a 110km gas pipeline, a 120MW power plant, a polypropylene packaging facility and a two-million-tonne NPK blending plant. For a government grappling with chronic foreign exchange shortages, ballooning import bills and pressure on agricultural productivity, the numbers matter politically as much as they do economically. The decision to anchor the project in Gode is deliberate. Long viewed as peripheral to Ethiopia’s industrial economy, the Somali region is now being repositioned by the federal government as a future irrigation and agro-industrial corridor. Officials argue that the area’s vast land reserves and access to water could eventually support large-scale commercial farming capable of reshaping Ethiopia’s food economy. The government is simultaneously building housing infrastructure for about 5,000 residents near the plant, while officials project broader industrial expansion along the corridor. Abiy goes further, comparing the long-term revenue potential of the Gode development zone with Ethiopia’s flagship state enterprise. “The investments we are making in this Gode area, combined, will generate high revenue for Ethiopia, at par with Ethiopian Airlines,” he says. Source: The Africa Report Feliks Topolski 1907-1982 Topolski’s Chronicle, ‘Nazi Revival’, Vol. 8, Is. 1-2, 1960 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. Photo by Jakub Dziubak on Unsplash 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 Grim vision of drone warfare by Sylvie Kaufmann For contributing subscribers only. Subscribe The state of the art in Colbert-studies. Jean-Baptiste Colbert was Louis XIV chief minister from 1661 to 1683 and traditionally seen as an architect of absolutism and mercantilism. Alexander Hamilton later cited him as an inspiration in 1782. Now his legacy is disputed. Daniel Dessert, the chief critic, sees Colbert as the orchestrator not so much of an absolutist state as of an elite cabal. Would be great to have a good English-language review of this important debate. Source: lhistoire Didn’t know that the Magna Carta included free trade provisions Fighting for the right to the beach in Oregon in 1967: Source: Research Gate RAF Station – British and Polish Flags, c. 1940-45, The Ingram Collection Feliks Topolski, 1907-1989 ink and wash If you’ve scrolled this far, you know you want to click: Subscribe
What Norway’s dominance at the Winter Olympics can teach us about youth sports
The country’s focus for young people on ‘the joy of sport’ leads to much higher participation rates – and lots of Olympic gold Barry Finegold, CommonWealth Beacon EVERY CYCLE OF the Winter Olympics brings a familiar but uncomfortable storyline: The United States, with its vast population, enormous resources, and deep
Repeated violence puts spotlight on divisive political speech
Scholars who study rhetoric and extremism say the country’s political language has grown more aggressive and can trigger violent acts.
Crawfish Boil: Altuve & Yordan Updates, Pitching Revival & More
The latest news on the Houston Astros and from around MLB: Jose Altuve doesn’t think his injury is as serious the one he had in 2023: Yordan needed a day off but is feeling better, per Joe Espada: Can the Astros pitching continue to normalize and maintain it’s recent improvement? (Astros starters have a combined […]
Business People: Pakou Yang to lead Normandale Community College
EDUCATION The Minnesota State Colleges and Universities announced it has named Pakou Yang as president of Normandale Community College, Bloomington. Yang has served as interim president at Normandale since June 2025. She becomes the…
A Pentagon test group is eyeing ballistic ballcaps for troops
The protective hats could shield service members facing threats in places where patrol caps, not helmets, are the norm.
How the Silicon Valley-backed steroid Olympics aim to get everyone hooked
As biohacking gains momentum among elites including Robert F. Kennedy Jr., the Peter Thiel-backed Enhanced Games aims to normalize longevity drugs through a Vegas sports spectacle. Critics call the premise dangerous and unethical.
A Democratic populist tries a comeback in a red state
Sherrod Brown, a lifelong politician, is trying to pull off a “change” message and reclaim a Senate seat in Ohio, which has trended increasingly conservative.
‘Every health facility said they were full’: fear that spread of Ebola in DRC is gathering pace
New strain of virus, aid cuts and cultural norms around burials and touch add to difficulties in stemming outbreak
David Brock Smith wins GOP primary for US Senate in Oregon, will face Democratic incumbent Merkley
David Brock Smith has won the Republican primary for U.S. Senate in Oregon
UF projects top $75M in PECO list
Projects at the Norman Fixel institute and College of Dentistry are in line for PECO funding.
Culture wars vie with GOP economic message at Trump rally in New York
Trump's rally in a town on the edge of the New York metropolitan region illustrated the political appeal and the liabilities he brings for swing-district Republicans.
Scientists warn that current vitamin B12 guidelines may be putting your brain at risk
Getting enough vitamin B12 to meet current health guidelines may not actually be enough to protect the aging brain. Researchers at UC San Francisco found that older adults with “normal” but lower levels of active B12 showed signs of slower thinking, delayed visual processing, and more damage to the brain’s white matter — the communication highways that help different brain regions work together.
World Health Assembly endorses resolution on precision medicine
At the Seventy-ninth World Health Assembly, Member States endorsed a new resolution on Precision medicine: a path towards targeted, personalized and equitable care, taking an important step towards advancing precision medicine as part of efforts to strengthen equitable, effective and sustainable health systems. Precision medicine refers to the use of clinical, molecular, genomic and other health data to inform prevention, diagnosis and treatment, taking into account variability while applying appropriate ethical and legal safeguards. When integrated responsibly into health systems, precision approaches can improve outcomes across different disease areas and across the life course – from cancer and rare diseases to infectious diseases, maternal, newborn and child health, mental health and noncommunicable diseases. The resolution reflects rapid advances in genomics, diagnostics, data science and digital health, alongside widening global inequities in access to these innovations. Many populations – particularly in low- and middle-income countries – remain underrepresented in data and research, limiting the public health impact of precision medicine and risking the widening of health disparities if action is not taken now. "Precision medicine is not an aspirational idea for health delivery in the future – it is already transforming lives across the world. But its benefits remain out of reach for too many and the research driving progress is concentrated in high income countries. This WHA resolution gives global health leaders, ministries of health, and WHO a clear mandate: to act. From infant screening to setting up genomic databases WHO will work with countries to bring about the power of these innovations." Dr Meg Doherty, Director Science for HealthThrough the resolution, Member States commit to developing and strengthening national policies, infrastructure, workforce capacity and governance frameworks to support the safe, ethical and equitable integration of precision medicine into health systems, aligned with universal health coverage. This includes promoting affordability, ensuring inclusive research and data systems, strengthening regulation and data governance, and fostering collaboration across sectors and regions.WHO is requested to provide technical and normative support, review and coordinate existing guidance, facilitate global and regional collaboration, and develop a Global Strategy on Precision Medicine to guide equitable and context‑appropriate implementation. WHO stands ready to support Member States through tools such as a country maturity model for countries to self-assess capacity in implementing precision medicine depending on their context. In the immediate term WHO will map all existing guidance and frameworks and host extensive consultations with interest holders globally.By placing equity, inclusion and public value at the centre of precision medicine, the resolution reinforces WHO’s commitment to ensuring that scientific advances benefit all people, everywhere, and that no one is left behind in the next era of health innovation."By uniting people-centered healthcare with innovation, precision medicine has the potential to transform lives. This resolution helps ensure those advances serve the shared goal of health for all." Dr Sylvie Briand, Chief Scientist For further information please visit the Health Topic: Genomics
The latest trendy health food? The wellness industry has chosen.
Edith Pritchett cartoon on wellness industry, food health trends.
Call to imprison ‘American Zionists’ and shadowy spending roil Texas runoff
Incendiary comments by Maureen Galindo, a Democratic House candidate in Texas, prompted condemnation from Democrats, who accused the GOP of propping her up.
Poll shows voter confidence in economy plummeting to a nearly 4-year low
Concerns about rising costs are a problem for Republicans ahead of the midterm elections as Trump struggles to deliver on affordability pledges.
Normal LIVE has live entertainment acts for all interests
Normal LIVE is back with another season of programming suited to tickle anyone’s fancy. Music and live entertainment offerings vary widely, from kid-specific programming to brass, country, storytelling, and everything in between. Shows take place ...
Common pesticide linked to hidden brain damage, scientists warn
Scientists have uncovered alarming new evidence that a common insecticide may leave lasting marks on the developing brain before a child is even born. Researchers studying New York City children found that prenatal exposure to chlorpyrifos — a pesticide once widely used indoors and still used in agriculture — was linked to widespread brain abnormalities and weaker motor skills years later.
Bonus 228: The $1.776B Political Question
Every so often a story comes along that is so brazen, so cleanly emblematic of the moment we are living through, that staying quiet about it feels like a kind of complicity unto itself. Monday’s announcement by the Department of Justice that the Acting Attorney General has unilaterally created a $1.776 billion “Anti-Weaponization Fund” to compensate so-called “victims of lawfare” is one of those stories. And the reason I want to write about it here, in a newsletter ostensibly devoted to the Supreme Court and the law and politics surrounding it, is that I’m increasingly worried that we’re asking the wrong institution to save us from one of the most offensive, alarming, and anti-constitutional things we’ve seen from any president in American history. As I explain below the fold, the Anti-Weaponization Fund is not principally a legal problem awaiting a judicial fix. It is a shockingly egregious political abuse—the President suing his own government, purporting to settle with himself, and routing nearly $2 billion from the Treasury to his own supporters as a not-so-subtle (and not-so-formal) reward, if not an incentive, for political violence. And the Constitution’s answer to political abuses of this kind and magnitude is a political remedy, not a legal one. In his majority opinion in NFIB v. Sebelius (the Affordable Care Act case from 2012), Chief Justice Roberts defended the Court’s endorsement of Congress’s power to adopt the individual mandate by noting that it is “not our job to protect the people from the consequences of their political choices.” As much of a judicial supremacist as I am, that sentiment is, for better or worse, an entirely correct (and, in the long term, normatively desirable) institutional assessment. One can believe in substantial judicial power without believing that literally every political dispute in our country can and should be resolved by unelected judges. The real upshot of this latest headline (among so, so many other similar headlines) is that it is past time to reinvigorate impeachment—not because conviction is realistic in this Senate, or even because impeachment itself is feasible in this House, but because forcing every member of Congress to vote on the record whether this brazen, corrosive, and affirmatively dangerous corruption is impeachable is itself a point worth fighting for (and fighting with our friends over). Assuming the courts will save us absolves our political leaders of both responsibility and accountability for allowing this kind of mischief to continue, and it absolves all of us of our responsibility to refuse to tolerate those who would just as quickly shrug their shoulders and move on. For those who aren’t paid subscribers, we’ll be back (no later than) Monday with our continuing coverage of the Supreme Court. For those who are, please read on.
Drug-enhanced sports: 'Clown show' or the future?
More than 40 athletes, most using performance-enhancing drugs, will compete in the Enhanced Games in a competition that seeks to upend sporting norms.
Binghamton students win NY Business Plan Competition
Binghamton student team wins NY Business Plan Competition grand prize
There are more independents than ever. The U.S. is failing them.
The U.S. primary system, Sen. Bill Cassidy’s defeat and more, in readers' eyes.
Raúl Castro Has Guided Cuba for Decades
Raúl Castro is 94 and no longer holds any official title, but he still wields enormous power, experts say, particularly over the military.
Why Trump’s ‘anti-weaponization’ fund is so scandalous
President Donald Trump is a studied beneficiary of the Overton window. That is, the many extreme and norm-busting things he does, over time, make things that would once be scandalous appear more mundane and unremarkable.
Student researcher examines how mental health affects first responder job performance
For first responders, no two days are the same, but one thing remains constant: the pressure to make split-second decisions that can save a life. Kennesaw State University research suggests that mental health challenges like depression, anxiety, and insomnia may significantly impact how well first responders can do their jobs. Mahita Polineni, a third-year psychology student in KSU’s Norman J. Radow College of Humanities and Social Sciences, is studying how these factors affect cognitive functioning including memory, concentration, and decision-making among emergency medical responders.
How to recession-proof your life
The United States is not in a recession, but the normal economic cycle means it will be at some point.
Congrats, new grads! Welcome to job market hell.
New computer science grads are trying to start their careers at a time when many experts predict that AI will make their skills obsolete.
Start of Elland Road redevelopment 'unbelievably exciting'
No sooner had the empty beer bottles and wine glasses been swept up by the catering staff after ushering the corporate ticket holders from the Norman Hunter, Lucas Radebe and Billy Bremner Suites after heartily celebrating Dominic Calvert-Lewin's late winner against Brighton on Sunday, work began on Elland Road's John Charles Stand. It served as a reminder that Leeds are already a competitive force in a Premier League in which they are assured of another campaign. Vital to the project is the provision of either a light rail or tram from Leeds city centre with a stop at Elland Road and then on to the White Rose area.
T. rex’s tiny arms may have evolved for a surprisingly brutal reason
Why did T. rex have such tiny arms? Scientists now think it’s because its giant head became the ultimate hunting tool. Across multiple dinosaur groups, stronger skulls and crushing jaws evolved alongside shrinking forelimbs, especially in predators hunting enormous prey. In other words, once the bite became deadly enough, the arms may have stopped mattering.
Munson Army Health Center trains staff and patients during full-scale fire drill
FORT LEAVENWORTH, Kansas – Delivering safe healthcare includes preparing for the unexpected. That preparation was on display May 13 as Munson Army Health Center conducted a full-scale fire drill during normal patient care hours.
Health worker shortage will worsen with federal loan limit, 25 states say in suit
The lawsuit comes after the Education Department finalized rules that reduce the amount of money graduate students can borrow from the federal government.
When My Husband’s Favorite Sports Team Is On, He’s Unrecognizable. I’m Actually Scared.
He swears this is normal.
Millions expected to lose Affordable Care Act coverage as costs spike
Congress’s refusal to continue pandemic-era subsidies for ACA beneficiaries is taking a big bite out of consumers’ pocketbooks.
Hungary’s Magyar kicks off his first foreign trip as prime minister to ally Poland
Hungary's new prime minister, Péter Magyar, is visiting Poland, a traditional ally that can offer plenty of lessons on political transformation and restoring democratic norms | WBBM Newsradio 780 AM & 105.9 FM
What to watch in Tuesday's primaries as Trump's endorsement is put to the test
Is there a future in politics for Republicans who buck President Donald Trump
International expedition explores the origins of fresh water under the sea floor
Doctoral student Gretl King’s research focuses on Cape Cod’s ancient coastline
A mobile stroke unit helped save this 21-year-old Pennsylvania woman's life: "I could have died"
Life is back to normal for 21-year-old Gianna Parrillo-Shennard, whose life was saved by Jefferson Health's mobile stroke unit.
Cleveland County Recreational and Entertainment Facilities Authority seeking proposals for underwriters, trustee bank for future arena bond issuance
The Cleveland County Recreational and Entertainment Facilities Authority approved issuing a request for proposals for an underwriter and trustee bank service for future bond issuance related to the new arena
Apple Watch Ultra 4 Could Get Redesign and Blood Pressure Monitoring
The Apple Watch Ultra 4 could feature a complete redesign and blood pressure monitoring, according to DigiTimes. Apple will apparently add a new high blood pressure notification feature to the Apple Watch that uses the optical heart-rate sensor on the back of the device to analyze how blood vessels respond to each heartbeat, sending alerts when an abnormal pattern is detected. The feature is said to be under FDA review.
Innovation Developed by UT Health Sciences Research Program Passes Landmark Trial for Cardiac Amyloidosis
A new diagnostic tool developed at the University of Tennessee Health Sciences may soon make it significantly easier for physicians to detect cardiac amyloidosis, a progressive and frequently underdiagnosed disease caused by abnormal protein deposits in the heart.
Op-ed: Peru’s Politics of Instability
As Peru approaches new presidential elections, a cycle of political upheaval has normalized instability, raising urgent questions about whether democracy can function when crisis becomes routine.
Op-ed: Peru’s Politics of Instability
As Peru approaches new presidential elections, a cycle of political upheaval has normalized instability, raising urgent questions about whether democracy can function when crisis becomes routine.
BUSINESS BRIEFS May 18, 2025: Business news in the Berkshires and beyond
Business news from Shakespeare & Company, Norman Rockwell Museum, WAM Theatre, Greylock, and more
18 amazing grads from Binghamton University
Each year, Binghamton University highlights outstanding students as part of our Commencement celebration. Explore the amazing stories of 18 remarkable graduates from the Class of 2026.
The “impossible” LED that could change everything
Scientists at the University of Cambridge have achieved what was once considered impossible by electrically powering insulating nanoparticles to create a completely new kind of LED. Using tiny organic “molecular antennas,” the team found a way to funnel energy into materials that normally cannot conduct electricity, producing ultra pure near infrared light with remarkable efficiency.
Quantum ghost imaging works using only sunlight in stunning new experiment
Scientists have achieved something that once sounded almost impossible: using ordinary sunlight to create quantum-linked photon pairs, a phenomenon normally dependent on precise laboratory lasers. By building a sun-tracking system that funnels sunlight through optical fiber into a special crystal, researchers generated strongly correlated photons capable of performing “ghost imaging,” where images are reconstructed indirectly through quantum correlations. Remarkably, the sunlight-powered setup produced image quality close to that of a traditional laser system, even recreating detailed images like a “ghost face.”
AI Wearables Are Coming. But They'll Need to Pass This Crucial Coffee Shop Test to Survive
Using a laptop or smartphone in public has long since become the norm. But AI wearables face a unique challenge.
Once a darling of the GOP’s ‘Never Trump’ wing, this Republican decided he’s done
Former Maryland Gov. Larry Hogan (R) is launching a leadership institute at Washington College and says he's done with seeking political office.
Scientists reverse Alzheimer’s in mice with breakthrough nanotechnology
A new nanotechnology treatment reversed Alzheimer’s symptoms in mice by restoring the brain’s natural cleanup system. The specially engineered nanoparticles helped clear toxic amyloid proteins from the brain and repair the blood-brain barrier, which normally protects and regulates the brain’s environment. In one striking experiment, elderly mice treated with the therapy later behaved like healthy younger mice.
Ketlen Vieira decisions Jacqueline Cavalcanti at UFC Vegas 117
The UFC Vegas 117 fight card featured a women's bantamweight bout between contenders No. 5 ranked Ketlen Vieira and No. 11 ranked Jaqueline Cavalcanti. Vieira entered the fight coming off a split decision loss to Norma Dumont looking to get back in the win column. Cavalcanti made the walk to the ...
OU softball dominates Kansas in Norman Regional
No. 1 seeded OU softball (50-8) defeated Kansas (36-19) 9-0 in five innings Saturday at Love’s Field.
Trump Returns From China With Little Progress to Reopen Hormuz
Iran said transit through the Strait of Hormuz will normalize once security conditions are restored, after US President Donald Trump returned from a visit to China with an agreed desire to reopen the critical maritime route but little in the way of a path to achieving it.
8 Books That Break the Silence Around Suicide for Mental Health Awareness Month (Exclusive)
"I wrote a story that centers suicide because I know what it feels like for tomorrow to not feel promised," writes 'A Breath Too Late' author and mental health advocate Rocky Callen
The real reason exercise makes you stronger isn’t what you think
Exercise may be training your brain just as much as your body. Researchers discovered that certain brain cells stay highly active even after a workout ends, and those lingering signals appear to help the body build endurance over time. In experiments with mice, blocking these brain cells prevented improvements in stamina, even when the animals still exercised normally.
First-ever direct image of the cosmic web reveals the Universe’s hidden highways
Astronomers have revealed the sharpest image ever captured of a filament in the cosmic web — the enormous hidden structure connecting galaxies across the Universe. The glowing strand stretches 3 million light-years and links two galaxies from nearly 12 billion years ago. By observing this faint intergalactic gas directly for the first time in such detail, scientists gained new insight into how galaxies are fueled and formed.
A North Carolina farmer is testing whether Democrats can still win rural America
In North Carolina, Jamie Ager is distancing himself from his national party to win a congressional seat.
From Normal to Ania Magliano: your complete entertainment guide to the week ahead
Bob Odenkirk’s a put-upon lawman in Ben Wheatley’s latest, and the SNL UK star is back out on tour
Sen. Cassidy battles Trump-backed challenger in Louisiana Republican primary
Republican Sen. Bill Cassidy of Louisiana is fighting for his political life in Saturday’s primary against a challenger who has been endorsed by President Donald Trump
Trump and his CEOs want China’s business – but has Asia moved on?
The US delegation went to Beijing looking for deals, but a ‘super cycle’ of capital expenditures across Asia is already fuelling enormous growth.
More taxes on sports betting? NC lawmakers discuss the possibility as industry pushes back
Lawmakers have weighed increasing tax rates on sports betting operators and an additional tax on lottery sales and individual sports bets, sources tell WRAL. No decisions have been made. And the proposals could pose enormous hurdles — and industry opposition.
Andrew Abbott leaned into some science to get his season back on track
Andrew Abbott locked in on the stick-figure graphic of himself. The world of biomechanics is very advanced. But with Abbott going through the worst rut of his big league career, he opened up to some new ideas to get himself back on track. He asked for some help, and he leaned into some sports science. He said the stick figures made it clear, and he credits biomechanics for helping him get his season back on track. Over his last three starts, he has allowed two total runs in 17 ⅔ innings. “There’s a photo of (me) last year and the year before on a graph, and this year is in a different color,” Abbott said. “You see where you are in comparison to that. Where the hands are at this moment, where your feet are, where the knee is, where your head is at, where your shoulders are at, it breaks it all down if you want it.” When Abbott saw his mechanics in this objective way, he recognized exactly what had been going wrong. “When my tempo, my feet and my hands are aligned, then normally my mechanics are sound,” Abbott said. “And when my mechanics are sound, my stuff behaves normally. The fastball is jumpy. I’m up in velo. My extension is better.” Abbott said that he started diving more into his biomechanics in the middle of April. The Reds have a biomechanics team, which works closely with pitching coach Derek Johnson and hitting coach Chris Valaika. Leading the group is biomecahnics manager Franky Mulloy. “I laugh every day,” Francona said. “When Franky starts talking, I start laughing. I remind him to know his audience.” Francona isn’t a scientist. The Reds’ manager jokes about his own comprehension of the data. But it’s easy for him to recognize the value that the biomechanics team is providing. “That’s why we got them,” Francona said. Abbott said that he had his first big biomechanics-oriented meeting in the middle of April. Behind the scenes, there was already a lot of communication going on within the Reds’ staff. “Franky calculates all the things, builds it into these graphs, and DJ gets them,” Abbott said. “They have their internal communication. Then, we go to them and ask what about this or that. The main thing for me is arm angle.” The data shows Abbott how his arm angle evolves from start to start. He hasn’t meant to change it. But just like all of us, our posture might be different from one day to the next. Pitchers’ arm angles can make minor shifts without the pitcher or even coaches noticing. But the data can’t miss a change like that. Abbott recognized that his arm angle had been moving around without him noticing. Now, he checks in with the data to make sure that his mechanics are in sync. “They get into these cool looking graphs,” Abbott said. “I can’t really describe them. I don’t know what they are. But for me, it’s a photo of a stick figure of myself.” The stick figure of his current positioning is superimposed over previous versions of himself. With that format, Abbott can compare his mechanics on any given day to what they were when he was pitching at his very best. “It was very noticeable from the moment I saw this year as black compared to two years ago and last year, it was very, very different,” Abbott said. “I could see with my eyes without having to ask any questions about the difference in the photos.” For any pitcher, there are a lot of moving pieces in your delivery. For Abbott to be the best version of himself, he needs his head, his arm, his hand, his knee and his feet to be on the right “tempo.” “Tempo is a word I’ve used a lot,” Abbott said. “Getting everything in certain areas working together.” He has been much better at that recently. The data backs that up, and so does Abbott’s ERA. The biomechanics data has also given the Reds’ staff and Abbott some better ideas for some training that he can do between starts. He has added drills to shore up areas of his body that Abbott needed to make stronger. “They make a plan based off what they see,” Abbott said. “If things start changing, we know what to revert back to.” Overall, Abbott says that he’s not a very analytical guy. There’s so much information out there, and he says that it’s important for him to not get too analytical when he breaks down his specific pitches. He has learned the value of being “analytical about mechanics.” And the way that the Reds presented that information to him made it easier for him to make the right adjustments without being overloaded by information. “It was a very simple fix,” Abbott said. “It took a long time to finally get there, feel the results and see it. But for the most part, it was very simple to apply it.”
Why Trump (rightly) Fired the National Science Foundation Board
President Trump’s recent firing of all 22 members of the National Science Foundation board ignited the sort of institutional panic one normally associates with medieval villagers spotting a comet.
Book Review: The Mind-Boggling Science of Enormous Numbers
In "Huge Numbers," mathematician Richard Elwes spotlights some of the largest numbers humans have ever contemplated.
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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