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The next evolution of American healthcare is here
Every Democratic administration in the past century — no exceptions — came to Washington promising to rewire the healthcare system, mainly to protect Americans from the costs of illness. So did mos…
Lawmakers warn data protection rules don't protect key sites, including White House and CIA
The Biden administration spent almost a year crafting regulations to block U.S. adversaries from buying commercial data gathered from cell phones at the federal government’s most sensitive locations.
Louisiana Department of Health announces new EBT policy for SNAP recipients
The change protects benefits from fraud and out-of-state use.
Trump vows to ‘work very hard’ to enact permanent daylight saving time
The Republican-led House Energy and Commerce Committee earlier Thursday passed the Sunshine Protection Act.
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.
Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening – May 21, 2026 - U.S. Embassy & Consulate in Thailand
Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening – May 21, 2026 Event: As of May 21, 2026, all U.S.-bound American citizens and lawful permanent residents (LPRs) who have been present in the Democratic Republic of the Congo, Uganda, or South Sudan within 21 days of arrival in the United States must only enter through Washington Dulles International Airport (IAD) for enhanced screening. The U.S. Centers for Disease Control and Prevention (CDC) and the Department of Homeland Security’s (DHS) Customs and Border Protection (CBP) will apply enhanced public health screening at IAD in response to the Ebola outbreak. The Dulles requirement applies to all passengers, including U.S. citizens and LPRs, who were present in those countries. Please be prepared for flight changes or cancellations. Actions to take: Read the Department of Homeland Security Alert on Enhanced Ebola Screening. Review Consular Information for Americans Regarding the Ebola Outbreak. If you are planning to travel to the United States, contact your airline to confirm your flight and route. You may also contact the State Department – Consular Affairs: Phone: +1-888-407-4747 or +1-202-501-4444 Enroll in the Smart Traveler Enrollment Program (STEP) to receive safety and security updates.
As losses from scams surge, Congress asks telecoms to do more to prevent them
A powerful congressional committee is urging major telecommunications companies to do more to protect Americans against scams, part of a widening investigation into the role that U.S. companies play in the surge in cyberscams that cost Americans an estimated $200 billion in 2024.
Health Alert – Worldwide Caution - U.S. Embassy in Argentina
Health Alert – Worldwide Caution Health Alert – Worldwide Caution Health Alert May 21, 2026 Public Health Arrival Restrictions and Enhanced Ebola Screening Event: As of May 21, 2026, all U.S.-bound American citizens and lawful permanent residents (LPRs) who have been present in the Democratic Republic of the Congo, Uganda, or South Sudan within 21 days of arrival in the United States must only enter through Washington Dulles International Airport (IAD) for enhanced screening. The U.S. Centers for Disease Control and Prevention (CDC) and the Department of Homeland Security’s (DHS) Customs and Border Protection (CBP) will apply enhanced public health screening at IAD in response to the Ebola outbreak. The Dulles requirement applies to all passengers, including U.S. citizens and LPRs, who were present in those countries. Please be prepared for flight changes or cancellations. Actions to take: Read the Department of Homeland Security Alert on Enhanced Ebola Screening(opens in a new tab). Review Consular Information for Americans Regarding the Ebola Outbreak. If you are planning to travel to the United States, contact your airline to confirm your flight and route. You may also contact the State Department – Consular Affairs: Phone: +1-888-407-4747 or +1-202-501-4444 Enroll in the Smart Traveler Enrollment Program (STEP) to receive safety and security updates. For updates on the situation, click here.
Judge recommends Maine transgender sports referendum be invalidated
A judge has ruled that the proponents of the referendum, “An Act to Designate School Sports Participation and Facilities by Sex” has too many invalid signatures. It will be up to Secretary of State Shenna Bellows to make a final decision on whether or not it will appear on the November ballot.
Is Cam Ward set up to fail? Can Jaxson Dart protect himself? Biggest Year 2 questions for top 2025 draft picks
From Ward's supporting cast to Dart's style of play, these second-year players could shape the NFL landscape in 2026
The U.S. Is Holding Global Vaccination Efforts Hostage
Halting the distribution of vaccines that the U.S. objects to will mean depriving kids of protection against dangerous diseases.
One mystery of the Great Pyramid’s longevity has finally been solved
Differences in how the pyramid and surrounding soil vibrate, along with design choices, have protected the structure from earthquakes.
Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening – May 21, 2026 - U.S. Embassy in the Dominican Republic
Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening – May 21, 2026 Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening – May 21, 2026 Event: As of May 21, 2026, all U.S.-bound American citizens and lawful permanent residents (LPRs) who have been present in the Democratic Republic of the Congo, Uganda, or South Sudan within 21 days of arrival in the United States must only enter through Washington Dulles International Airport (IAD) for enhanced screening. The U.S. Centers for Disease Control and Prevention (CDC) and the Department of Homeland Security’s (DHS) Customs and Border Protection (CBP) will apply enhanced public health screening at IAD in response to the Ebola outbreak. The Dulles requirement applies to all passengers, including U.S. citizens and LPRs, who were present in those countries. Please be prepared for flight changes or cancellations. Actions to take: Read the Department of Homeland Security Alert on Enhanced Ebola Screening. Review Consular Information for Americans Regarding the Ebola Outbreak. If you are planning to travel to the United States, contact your airline to confirm your flight and route. You may also contact the State Department – Consular Affairs: Phone: +1-888-407-4747 or +1-202-501-4444 Enroll in the Smart Traveler Enrollment Program (STEP) to receive safety and security updates.
Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening – May 21, 2026 - U.S. Embassy In Nicaragua
Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening Event: As of May 21, 2026, all U.S.-bound American citizens and lawful permanent residents (LPRs) who have been present in the Democratic Republic of the Congo, Uganda, or South Sudan within 21 days of arrival in the United States must only enter through Washington Dulles International Airport (IAD) for enhanced screening. The U.S. Centers for Disease Control and Prevention (CDC) and the Department of Homeland Security’s (DHS) Customs and Border Protection (CBP) will apply enhanced public health screening at IAD in response to the Ebola outbreak. The Dulles requirement applies to all passengers, including U.S. citizens and LPRs, who were present in those countries. Please be prepared for flight changes or cancellations. Actions to take: Read the Department of Homeland Security Alert on Enhanced Ebola Screening. Review Consular Information for Americans Regarding the Ebola Outbreak. If you are planning to travel to the United States, contact your airline to confirm your flight and route. You may also contact the State Department – Consular Affairs: Phone: +1-888-407-4747 or +1-202-501-4444 Enroll in the Smart Traveler Enrollment Program (STEP) to receive safety and security updates.
Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening – May 21, 2026 - U.S. Embassy & Consulates in Brazil
Health Alert: Worldwide Caution – Public Health Arrival Restrictions and Enhanced Ebola Screening – May 21, 2026 Event: As of May 21, 2026, all U.S.-bound American citizens and lawful permanent residents (LPRs) who have been present in the Democratic Republic of the Congo, Uganda, or South Sudan within 21 days of arrival in the United States must only enter through Washington Dulles International Airport (IAD) for enhanced screening. The U.S. Centers for Disease Control and Prevention (CDC) and the Department of Homeland Security’s (DHS) Customs and Border Protection (CBP) will apply enhanced public health screening at IAD in response to the Ebola outbreak. The Dulles requirement applies to all passengers, including U.S. citizens and LPRs, who were present in those countries. Please be prepared for flight changes or cancellations. Actions to take: Read the Department of Homeland Security Alert on Enhanced Ebola Screening. Review Consular Information for Americans Regarding the Ebola Outbreak. If you are planning to travel to the United States, contact your airline to confirm your flight and route. You may also contact the State Department – Consular Affairs: +1-888-407-4747 or +1-202-501-4444 Enroll in the Smart Traveler Enrollment Program (STEP) to receive safety and security updates.
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.
Better Business Bureau: Businesses must protect sensitive information
BBB of the Mid-South CEO and president Randy Hutchinson gives weekly tips about how consumers can protect assets and avoid scams.
Scientists discover the nutrient that can supercharge cellular energy
Researchers discovered that leucine, a nutrient found in protein-rich foods, can supercharge mitochondria by protecting crucial energy-producing proteins inside cells. The breakthrough uncovers a powerful new link between diet and cellular energy — with possible implications for cancer and metabolic disease treatments.
Where do citizen science data come from?
Citizen science projects are playing an increasingly important role in ecological and conservation research worldwide. In these programs, members of the public support researchers by submitting photographs, audio recordings, observations, or even by contributing to data analysis. In Hungary, no fewer than 17 such initiatives combined their datasets in a joint study. The authors aimed to understand which socio-economic and environmental factors influence participation patterns in Hungary. By comparing the spatial distribution of citizen science data with an independent administrative dataset (municipality level data on income, education, demography, density and protected areas), the researchers identified several general trends as well as numerous project-specific relationships. For example, they found more per capita observations from municipalities with higher proportions of protected natural areas and lower population densities. Furthermore, excluding Budapest, the capital, both the proportion of people with diplomas and the proportion of elderly people showed a positive correlation with participation activity. In contrast, no consistent general pattern emerged regarding wealth or the proportion of children, although several project-specific relationships were observed. The study not only reveals how citizen science data are distributed across Hungary, but also provides robust support for the view that various biases must be taken into account when analyzing such data. The authors hope that their findings will help researchers in other countries design more effective projects and produce more accurate analyses by accounting for some of these or similar biases.
Screen time limits can protect children’s health, U.S. surgeon general advisory says
The Trump administration warned that too much screen time for children is linked to poor sleep, bad behavior and less physical and social activity
Sky bridges, citizen science protect endangered Malaysia monkeys
A graceful black monkey edges across a swaying red rope bridge strung over a busy residential road in Malaysia's Penang, watched by local conservationists who carefully record her movements.
Scientists bring crop protection research to local science classes
As the world’s population continues to grow, farmers across the globe are working hard to feed more than 8 billion humans. Agriculture at that scale requires interventions, including herbicides and pesticides to keep crops healthy and free from disease and insect infestations. Chemical herbicides and pesticides were, and are, a common solution...
Scientists found a hidden Alzheimer’s trigger and shut it down
A newly identified enzyme called IDOL could become a major new target in the fight against Alzheimer’s disease. Researchers found that removing it from neurons sharply reduced amyloid plaques and improved key brain processes linked to resilience and communication between cells. The discovery may lead to future treatments that go beyond slowing Alzheimer’s — potentially helping protect the brain from further decline.
Election Year Politics Killed Oklahoma’s Eviction Reform Bills, Advocates Say
Oklahoma's tenant protection bills failed this legislative session, leaving renters without new legal remedies against problem landlords. House Bill 2015, which would have given courts power to hold landlords accountable for habitability failures, stalled, as did an eviction timeline extension bill. Advocates blame election-year politics and landlord influence at the Capitol.
Sky bridges, citizen science protect endangered Malaysia monkeys
A graceful black monkey edges across a swaying red rope bridge strung over a busy residential road in Malaysia's Penang, watched by local conservationists who carefully record her movements.Key to the...
Discord rolls out end-to-end encryption on voice, video calls
Discord announced that all voice and video calls through the communication platform are now protected by default with end-to-end encryption (E2EE).
Protecting Maternal Heart Health and Lives: Key Takeaways from the New NASEM Report
Visit the post for more.
If/Then: Pending Deregulation of Greenhouse Gas Emissions Could Create Significant Negative Health Effects
If the US Environmental Protection Agency finalizes a rule on greenhouse gas emissions without quantifying related effects on human health, then Congress could respond by requiring this and future rules to account for human health effects.
Thank you, Mississippi Legislature, for protecting businesses, values
Mississippi legislators made the right call in opposing anti-free market legislation this session, such as HB 1597 and SB 2714.
Trump eyes new White House lawn project that could reshape presidential travel
President Trump is weighing whether to install a helipad on the White House South Lawn to protect the grass from newer Marine One helicopter engines.
Redistricting debate shifts to South Carolina as Republicans target Rep. Clyburn's seat
The Southern redistricting efforts come after a recent U.S. Supreme Court ruling that weakened Voting Rights Act protections for minority districts.
EPA announces new selections to Science Advisory Board
The U.S. Environmental Protection Agency (EPA) has announced the selection of new members to its Science Advisory Board (SAB), which provides expert
Delaware health protections, human trafficking awareness bills advance
A slew of health care affordability, protections made waves in Dover, while bill to preserve lottery sales cleared committee. Catch up here.
Markel introduces new media and entertainment coverage to professional liability offerings
Markel, the insurance operations within Markel Group Inc., has expanded its professional liability offerings for insurance protection against
DeerTV Reports Surge in Demand for Outdoor TV Enclosures Ahead of Summer 2026 Outdoor Entertainment Boom
Changan, China--(Newsfile Corp. - May 18, 2026) - DeerTV, a manufacturer of weatherproof outdoor TV and projector protection systems, is...
Budget conference: House, Senate disagree on earplugs earmark for police hearing protection
The Senate has so far declined to match the House’s proposed $2 million allocation for the equipment.
Advice from Medstar Health on protecting against melanoma in the summer sun
Maryland is expecting summer-like sunshine this week and that means protecting our bodies from harmful UV rays. Medstar Health shares their guidance for skin safety in the sun.
Scientists uncover surprising health benefits of watermelon
Studies suggest watermelon could be a hidden powerhouse for better health. Researchers found that people who eat watermelon tend to have higher-quality diets packed with more vitamins, fiber, and antioxidants — while consuming less added sugar and saturated fat. Another study showed watermelon juice may help protect blood vessel function and support heart health.
Scientists uncover surprising health benefits of watermelon
Studies suggest watermelon could be a hidden powerhouse for better health. Researchers found that people who eat watermelon tend to have higher-quality diets packed with more vitamins, fiber, and antioxidants — while consuming less added sugar and saturated fat. Another study showed watermelon juice may help protect blood vessel function and support heart health.
China launches new war on deserts with technology tested on far side of the moon
Projects meant to help Xinjiang region build ecological barrier to protect its arable land from erosion and desertification.
First Public macOS Kernel Exploit on Apple M5 Prepared Using Mythos Preview in Five Days
Apple's M5 silicon has reportedly been exploited for the first time in a public macOS kernel memory corruption attack, successfully bypassing the company's notable hardware-level memory protection.
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.
Corsair explains why 12V-2x6 still needs protection despite revised connector design
Corsair’s Jon Gerow explains why 12V-2x6 still needs monitoring Corsair recently published a technical overview for its ThermalProtect 12V-2x6 cable, this
Indiana Farmer Balances High-Profile Ag Politics With Family Farm Values
Indiana farmer Tyler Everett shares his experience welcoming Brooke Rollins into his combine and meeting President Trump. Back on the farm, he focuses on making smart financial choices and protecting family time.
DACA recipients are losing protections and work permits as renewal delays surge
Marco, 26, graduated from one of the country’s top medical schools last week. He found his calling after witnessing his grandmother battle cancer, and he sometimes worked up to 40 to 60 hours a week to afford his education.
Scientists say just 30 minutes of exercise a week could transform your health
You may not need hours at the gym to boost your health after all. Researchers say just 30 minutes of high-intensity exercise per week — broken into tiny bursts of effort that leave you out of breath — can dramatically improve cardiovascular fitness, lower the risk of dozens of diseases, and even help protect the brain as we age. The key isn’t how long you exercise, but how hard you push yourself.
US moves to end job protections for hundreds of health department workers
President Donald Trump's administration on Friday moved to strip U.S. Department of Health and Human Services workers of civil service job protections, according to an email reviewed by Reuters.
New bipartisan Senate bill backed by White House set to be NCAA's best chance yet for college sports reform
A bipartisan Senate bill backed by the White House offers the NCAA its best chance to secure antitrust protection and codify rules
Safety Tips: Environmental health, safety and risk management
New Mexico State University's Department of Environmental Health, Safety and Risk Management (EHS&RM) is dedicated to protecting the health and safety of students, faculty, staff and visitors...
Better brain health linked to resilience against early Alzheimer's in adults 65 to 80
A healthy brain may help protect thinking and memory skills from the early effects of Alzheimer's disease, a new study has found. Dementia is currently the leading cause of death in Australia and Alzheimer's ...
West Ridge business accused of bilking millions from unsuspecting customers in nationwide scam
The Federal Trade Commission and the state of Illinois filed a lawsuit against Premium Home Service and founder Yosef Banath for violating consumer protection laws.
Commentary: Rent control does more than protect tenants from rent hikes
R.I. city councilors should overturn Mayor Smiley’s veto of the rent stabilization ordinance, which will help support community health, write city councilor and public health leader.
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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AGADIR, Morocco — A coalition of U.S. military and research organizations deliver integrated biosurveillance support, strengthening commanders’ situatio...
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