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Street drinking at some downtown Fresno events could be on its way. Council to vote
It would establish three ‘entertainment districts’ along Fulton Street, allowing patrons to take alcoholic drinks outside of bars and into the street during events.
Nvidia delivers earnings beat. See the key numbers.
Wall Street is closely watching Nvidia's fiscal year Q1 2027 earnings for signals on wider AI demand and the chipmaker's China business.
‘Still shakes me’: Contractor recounts finding human skull in crawl space of Rock Hill business
The remains were discovered around 11:30 a.m. on Tuesday at a business along Oakland Avenue near North Trade Street.
How America’s Leading Retail Banks Work to Understand their Small Business Clients and Build Frameworks to Support them Best
The Consumer Bankers Association (CBA) is excited to celebrate Small Business Month 2026 with a new series of blogs highlighting the many ways in which America’s leading retail banks are working to support small businesses on Main Streets across the country. This blog showcases how three CBA members – TD…
I spent $350 designing my dream work bag. It became a business.
Iluka Cindi Greentree turned frustration over impractical work bags into a growing business after designing her own tote.
Italy India Politics
Italian Premier Giorgia Meloni, right, and India's Prime Minister Narendra Modi shake hands in front of cameras after planting a mulberry tree donated by Modi in the gardens of Villa
DoorDash Launches National Small Business Campaign » CBIA
DoorDash launches national Unlocking Main Street campaign to empower small businesses, making it easier for them to open, operate, and grow.
Britain Politics
Britain's Prime Minister Keir Starmer departs 10 Downing Street to go to the House of Commons for his weekly Prime Minister's Questions in London, Wednesday, May 20, 2026. (AP Photo/Alastair
Britain Politics
Britain's Prime Minister Keir Starmer departs 10 Downing Street to go to the House of Commons for his weekly Prime Minister's Questions in London, Wednesday, May 20, 2026. (AP Photo/Alastair
The inside story of ‘Spygate’ — featuring a pine tree, disguises, damning WhatsApps and a sport in shock
The Championship has been thrown into chaos by one of the most remarkable stories of the season
May 20, 2026: The political unknown shaking up the GOP primary for governor; climate-proofing Denver's urban trees; what's wrong with the 'tree of heaven'
Victor Marx has millions of followers online but is a new face in Colorado politics
Bakersfield businesses describe struggle with construction on 18th and 19th streets
If you’ve walked down 18th or 19th Street in Bakersfield lately, you’ve likely hit a few obstacles. Literally.
Google’s interactive world builder, Project Genie, will drop you in real places using Street View
Google just announced its world-exploring game, Project Genie, is getting a new feature that drops you in real-world locations, like...
OpenAI’s Legal Win Against Musk Still Stings | AI & Business for May 19
Plus, a Wall Street-backed cloud-computing effort and rising opposition to AI
VIDEO: NFIB’s Josh McLeod Discusses Top Small Business Issues on C-SPAN
WASHINGTON, D.C. (May 19, 2026) – NFIB Director of Federal Government Relations Josh McLeod joined C-SPAN’s Washington Journal on Monday to discuss the current state of the small business economy and the top issues that are impacting Main Street. McLeod explains how the 20% Small Business Deduction
Fire destroys 2 uptown Lexington businesses
LEXINGTON, N.C. (WGHP) — Two businesses in uptown Lexington are considered to be total losses after an early Tuesday morning fire. Firefighters came to the scene on the 10 block of North Main Stree…
Goldman Sachs, Moelis Say Business as Usual Amid Iran Conflict
Goldman Sachs Group Inc.’s international co-heads say the turbulent start to the year has done little to deter clients, underscoring Wall Street’s bullish outlook despite events like the Iran war.
1 hurt in shooting at west Charlotte check cashing business
It happened just after midnight at the PLS Check Cashers on South Tryon Street at West Boulevard, officials said.
Jacobs Entertainment celebrates the completion of Phase One in Downtown Reno
Jacob’s Entertainment is celebrating the completion of Phase One, following a $400 million investment and five years of revitalizing the historic 4th Street in Downtown Reno.
Pacoima business owners say city cleared troubled street overrun by encampment after ABC7 probe
A street in Pacoima was long overrun with filth. That encampment, once dubbed the "Skid Row of the Valley," has now been cleared, and locals say it happened after they reached out to ABC7.
Arborist urges Shasta County residents to monitor tree health as fire season nears
We're hearing from experts about keeping Shasta County trees healthy and why this matters for fire season.
Oak tree crushes Glen Ellen business, three vehicles
Strong winds blew down a towering, century-old oak tree Monday morning in Glen Ellen, sending it crashing into a power line causing an outage and then onto a business, damaging the building and crushing three parked vehicles, fire officials…
TXSE pulls from Jane Street, blockchain, D-FW business for new leaders
The upstart exchange announced its board of directors, while its parent company TXSE Group named a CFO.
Carvana Makes Shift Into New Car Business
Used-car giant Carvana is reportedly making a push into the new vehicle market. As The Wall Street Journal (WSJ) reported Monday (May 18), the company has
55-Story Tower could become Reno’s tallest building in J Resort plans
The celebration took place in the property's new 4th Street expansion.
Whoa! Netflix is Sending Narnia Heading to Theaters...What This Means for the Future of Film
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Here’s a funny thing about the debate over whether streamers should release their movies in theaters first: Both sides think the other side represents the “conventional wisdom”. If you’ve been reading me for any amount of time, or even just scanned my front page, you know I think movies make more money by having a robust theatrical window compared to going straight-to-streaming. I’ve published thousands of words on this topic. And for years, I felt like I was standing up to a wave of opposition. See, while the “put your films in theaters to make money” take was obvious at any point before 2019, post-streaming revolution, most of the trendy thinkers took the opposite point of view. Big names argued that Netflix putting their film straight-to-streaming (“S-to-S” from here on out) actually made more money. Netflix was “disrupting” theaters, just as they disrupted Blockbuster Video, and since innovation is always good, this too was a great idea. This thinking then leaked into the mainstream business outlets like the Wall Street Journal and Bloomberg. I read many articles whose take boiled down to “Netflix makes tons of money from S-to-S releases” and “theaters were in structural decline” anyways. Covid-19 shutting down theaters and the 2023 strikes shutting down film production seemingly justified this point of view, as the box office struggled to return to 2017-2019 heights. Yet I’ve also read folks arguing the opposite point: the conventional wisdom says to put films in theaters! From some writers’ points of view, “everyone” actually agrees/agreed with my “send your films to theaters” take—especially the stodgy traditional studios—and folks still didn’t understand Netflix’s genius. I feel like, for the last two years, many people have argued this point as if it’s conventional wisdom. You know what? I may have been wrong. At this point, the “S-to-S strategy makes money” might be the minority viewpoint. Especially with the news this month that Netflix will put at least one film—Greta Gerwig’s Narnia film The Magician’s Nephew—in theaters in 2027 for a full 49-day run is big news. So that’s the story of the week, but I’ll also explain why they’re making this move now and why Netflix may not completely embrace theaters, along with other topics, like how I don’t buy Disney’s “super app” strategy, the latest good news out of the unions, my take on the latest attacks against free speech, and a whole lot more. Let’s get started. Subscribe Most Important Story of the Week - Netflix Goes to Theaters! Listen, I promise not to victory lap too hard today. As I just wrote, I’ve argued against sending films straight-to-streaming for—checks calendar—eight years now. Since 2018. Yikes. That’s a long time. And for years, others painted my thinking as “conventional” in that I was standing up for the status quo against trendy, cool disruption. And that’s not cool! But math is math, and I never could make the S-to-S numbers work. The only thing that ever enabled that model was Wall Street’s brief exuberance for it. It seems like the heads of Netflix now agree with me. (There were always rumors that former head of film for Netflix Scott Stuber argued internally for theatrical releases as well.) As they announced: “The Magician’s Nephew_—the first film in a Narnia series of films—will open on 12-Feb-2027, with a 49 day theatrical exclusive run.”_ I’m a little surprised at how little coverage this big change actually got. Credit to Bloomberg for leading with it and Matt Belloni’s The Town for highlighting it with the provocatively titled podcast “Hell Hath Frozen Over”. But after that? Instead of getting as much coverage as, say, the FCC’s latest egregious crackdown on free speech, this news story got crickets. But it’s massively more important for the future business of entertainment. So let’s start with the obvious question… Why Put Your Movies in Theaters? So…why should Netflix put (some!) of their movies in theaters? Well, I’ve already written that in a very, very, very long article from 2022: [ ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) [ The Data Is In: Theatrical Films Massively Outperform Straight-To-Streaming Films ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) Entertainment Strategy Guy · April 5, 2023 [ Read full story ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) To summarize, theatrical runs make much more money, especially blockbusters, because they earn more money per viewing,1 and that helps boost home entertainment sales. Theatrical films also perform as well or better than the streaming-only films. Now, partially this is driven by increased marketing for said films, but said marketing ultimately boosts the awareness of the movies and drives improved streaming and library performance as well. Again, I’ve made this case after reviewing the economic models and streaming data for years. Just last week, Emily Horgan also made the case for kids films! Yes, it is probably conventional wisdom, but that’s also because it’s true! I’d also argue we’ve seen a lot of data in the various studios’ behavior. As I’ve noted before, the more a studio needs to make money, the likelier they are to put films in theaters. As such, Disney, Universal, Warner Bros., Paramount and Sony all send their major films to theaters. Even if they once made a big S-to-S push (*cough* Disney *cough*), they’ve since relented and returned to theaters. The tech companies don’t need to make money, per se, so it took them years to embrace theaters. Apple doesn’t need to make money because it doesn’t disclose their (likely) Quibi-sized losses each year. (They fear bad press more than losing money.) Amazon announced two years ago that they planned to make Amazon-MGM Studios/Prime Video profitable on its own, and guess what? Now they’re putting films in theaters. That leaves Netflix. They’re in between the “no need to make money at all” and the “desperately need to make money to offset linear TV declines”, so they had less pressure to put some films in theaters. Plus, for years, they were the sexy disruptor, and Wall Street rewarded them for that. (Honestly, they still do.) Yet, even Netflix likely saw the money they were leaving on the table (I’ve estimated it at an easy billion dollars before) so they changed their course. I heard one pundit argue that, because Netflix already makes so much money, they don’t need to make more money, which sort of goes against everything I’ve ever learned about business and economics. Again, to be super-nuanced, sending “films to theaters” does not mean EVERY film. TV movies have been a thing for decades. Lifetime films, Hallmark holiday films, Disney Channel Original Movies, and so on, don’t need theatrical runs. But films above a certain budget level (say $25 to 50 million) almost certainly need theaters to maximize their revenue. The Scenarios (with a Dose of Skepticism) Now time for some skepticism: it won’t surprise me at all if Netflix re-changes course. Specifically, Netflix announced that their Narnia film will go to theaters. And I’d bet anything we see KPop Demon Hunters 2: The Huntering2 also goes to theaters, cause it’s the surest hit outside of a Disney animated sequel right now. But how much does Netflix truly commit to theaters? They’ve already tried to emphasize that this is a one-off move. I see three broad scenarios:
Jacobs Entertainment completes Phase One of Reno’s Neon Line District
The celebration took place in the property's new 4th Street expansion.
Business Buzz: The mountain market whiplash and the 6th graders beating Wall Street
Appeals court reverses Albert Lea’s denial of cannabis business registration
The Minnesota Court of Appeals reversed the City of Albert Lea’s denial of Jacob Schlichter’s cannabis business registration, The Smoking Tree LLC, ruling the city violated its own ordinance requiring registrations to be issued on a first-come, first-served basis.
Popular Thai-inspired cocktail bar in Highland Park temporarily closed by health department
A popular Highland Park cocktail bar that serves Thai street food-inspired fare has temporarily closed its doors after county health inspectors cited it for health code violations. The Goldfish at …
Meet ‘Snuffleupagus,’ a newfound fish sporting shaggy camouflage
Found near Australia, Solenostomus snuffleupagus is a shaggy swimmer that closely resembles Mr. Snuffleupagus from Sesame Street.
MSU study challenges notions about trees and human health
Researchers found that tree canopies do improve health, but benefits vary based on socioeconomic factors such as income.
This Week In Main Street Technology: Meta’s New AI Glasses, Google Introduces The Googlebook And Claude Has A Small Business Offering
Meta Ray-Bans, Google's Googlebook, Claude For Small Business and other news impacting your small business this week.
Prantl’s owner responds to health department consumer alert
Joe Cugliari, owner and president of Prantl’s Bakery, issued a statement following the Allegheny Health Department’s consumer alert regarding the bakery’s Walnut Street location in Shadyside. According to the department’s Thursday report, the bakery had a presence of rodent droppings on multiple surfaces, damaged exterior walls, soiled food equipment, old
Worsening Nebraska drought could impact tree health amid wildfire concerns
As most of western and central Nebraska faces historic drought, the state’s tree experts are concerned drought could proliferate disease and pest concerns. Dry vegetation and trees also compound wildfire risk.
Gallery of Historic Entertainment Venues in Oxford, Valparaíso, and Osaka Reflect Growing Pressures on Cultural Infrastructure - 4
Image 4 of 6 from gallery of Historic Entertainment Venues in Oxford, Valparaíso, and Osaka Reflect Growing Pressures on Cultural Infrastructure. The Ultimate Picture Palace, Jeune Street, Oxford, England, 2020. Image © Motacilla via Wikimedia Commons, licensed under CC BY-SA 4.0
How Dallas Clinics Overcome Mental Health Stigma
Counselors passed out art supplies at a Dallas mental health workshop last month, encouraging participants to express their emotions. One woman held up a collage with an image of a bare tree, witho…
Trump has only one real option to slash gas prices
The energy crisis is a financial nightmare for Main Street and a political nightmare for the White House.
Earnings & Insights: WWD Launches Hub for Fashion Business Analysis
WWD's new Earnings & Insights hub offers in-depth analysis, CEO interviews, and the latest financial updates in fashion, beauty, and retail sectors.
Elliott builds big stake in life-science tools supplier Bio-Rad Labs, WSJ reports
Activist investor Elliott Investment Management has built a sizeable stake in U.S. diagnostics supplier Bio-Rad Laboratories NYSE:BIO, and plans to push the company to boost its underperforming stock price, the Wall Street Journal reported on Sunday.Bio-Rad's shares have fallen more than 18% so fa…
Elliott Builds Stake in Life-Science Firm Bio-Rad, WSJ Says
Activist investor Elliott Investment Management has built a sizable stake in Bio-Rad Laboratories to boost the firm’s underperfoming stock price, the Wall Street Journal reported, citing people familiar with the matter.
Despite retribution, Cassidy attempted to make amends with Trump after impeachment vote
NEW ORLEANS (AP) — When Charles Wandfluh voted in Louisiana's Republican primary over the weekend, he could only conjure the unflattering image of a panicked rodent when talking about Bill Cassidy's desperate attemp t to cling to his U.S. Senate seat despite opposition from President Donald Trump. “He’s just a squirrel running around the tree, chasing nuts to find whatever he can get to benefit him,” said Wandfluh, 57, in a suburb of New Orleans.
New business opens in Bluefield, celebrates with inaugural spring festival
Bluefield was certainly in bloom at the inaugural spring festival put on by Bella’s Tea & Coffee shop, a new business that officially opened on Bland Street with a ribbon cutting.
Twilight Alive concert series returns to Kingsport in May
KINGSPORT — Twilight Alive — one of the most popular concert series in the region — will soon be jammin’ on the streets of downtown Kingsport this summer, offering fans
Bank of America resets Google stock forecast before key event
BofA reveals what could happen to Google shares.
Busy Ann Arbor construction ‘blindsided’ handful of frustrated downtown businesses
MLive/The Ann Arbor News spoke with owners and managers at four businesses who shared their disapproval of the ongoing street renovations.
I took my Wall Street skills from Goldman Sachs to a dance studio
Caila Moed, 35, went from professional dance, to arts and philanthropy, to Goldman Sachs, to entrepreneurship — and a better work-life balance.
5 Must-Read Analyst Questions From Flutter Entertainment’s Q1 Earnings Call
Flutter Entertainment’s first quarter saw revenue and non-GAAP profitability surpass Wall Street’s expectations, but operating margin declined sharply year-over-year. Management attributed this performance to continued momentum in international markets, especially Italy and the UK, and the rollout of new sportsbook and iGaming features in the U.S. CEO Peter Jackson highlighted the launch of FanDuel’s new loyalty and generosity programs and noted that product enhancements, such as early win promo
Morgan Stanley turns bullish on Ford's EV storage business
Ford Motor stock surged 13% in a single session the week of May 10 after Morgan Stanley issued a bullish call on the automaker's energy storage business. That was Ford’s biggest one-day gain since March 2020. For context, that kind of move doesn't happen without a serious catalyst. And this one ...
UK ex-health minister says will run to replace Prime Minister Keir Starmer
Pressure mounts on Starmer's government, as Labour rivals including recently resigned Wes Streeting circle.
Our Guide to the Small Business Sales Week 2026
Treeline Review’s guide to Garage Grown Gear’s Small Business Sales Week 2026 for ultralight and cottage backpacking brands.
Watch adorable animals compete for best chewer in 2026 Crunch-a-Thon
The campaign spotlights an endangered marsupial.
Verizon adds generous offers for customers after price increase
Verizon has launched new offers after a price hike to appeal to budget-conscious customers.
Band of tech entrepreneurs sounds alarm on Colorado’s business climate
By Vince Bzdek It’s really not a headline you want to see in the national press: “Entrepreneurs Flocked to Colorado. Now Red Tape Is Driving Some Away” warned a recent Wall Street Journal article. “A vocal band of Colorado software engineers and venture capitalists,” wrote the author, “are increasingly grumbling that their tech haven in […]
Band of tech entrepreneurs sounds alarm on Colorado’s business climate
By Vince Bzdek It’s really not a headline you want to see in the national press: “Entrepreneurs Flocked to Colorado. Now Red Tape Is Driving Some Away” warned a recent Wall Street Journal article. “A vocal band of Colorado software engineers and venture capitalists,” wrote the author, “are increasingly grumbling that their tech haven in […]
Band of tech entrepreneurs sounds alarm on Colorado’s business climate
By Vince Bzdek It’s really not a headline you want to see in the national press: “Entrepreneurs Flocked to Colorado. Now Red Tape Is Driving Some Away” warned a recent Wall Street Journal article. “A vocal band of Colorado software engineers and venture capitalists,” wrote the author, “are increasingly grumbling that their tech haven in […]
SF business owners in Mission District say drug use, encampment fires are worsening
Small business owners on Clinton Park and Stevenson Street in the Mission say conditions have worsened in recent months as enforcement and encampment cleanups at major hotspots increase in other parts of the city.
It’s Been a Wild Week in British Politics. What Happens Next?
Nobody has yet challenged Prime Minister Keir Starmer for the leadership, but his leading rival, Andy Burnham, finally has a route to Downing Street.
New Business: Campo Enoteca to expand to Nashua; Yamas Greek Eatery opens in Concord
Eric Maxwell bought Campo Enoteca, a farm-to-table Italian restaurant on Elm Street in Manchester, three years ago with the idea he would eventually expand.
Stunning fossil discovery in Ethiopia rewrites human origins
A stunning fossil discovery in Ethiopia shows that early Homo and a previously unknown Australopithecus species lived together around 2.6 to 2.8 million years ago. The find overturns the classic “ape-to-human” progression and paints human evolution as a crowded, branching tree with multiple species coexisting. Scientists dated the fossils using volcanic ash deposits and are now investigating what these ancient relatives ate and whether they competed for resources.
Local business lost in Crane Street fire
On Thursday afternoon, a large fire engulfed a building on the 800 block of Crane Street in Schenectady. The fire displaced 21 people and destroyed a family business. NEWS10’s Amber Fisher spoke to…
How Rayner, Streeting and Burnham weakened PM in 12 hours of political drama
Three interventions by three senior Labour politicians made for an unforgettable day in British politics.
Gavin Newsom targets California businesses with new digital software tax
‘The Big Money Show’ discusses Gov. Gavin Newsom’s proposed new tax on digital software purchases as Silicon Valley faces mounting pressure from AI disruption and Wall Street volatility.
Forza Horizon 6 Dev Explains Why Shrines, Temples, and Cherry Blossom Trees Are Indestructible
Forza Horizon 6 makes cherry blossom trees and shrines indestructible — here's why.
Forza Horizon 6 Won't Let You Smash Up Cherry Blossom Trees
Playground Games also opted to not include some Japanese temples and shrines to avoid being disrespectful
Britain Politics
Larry the cat, Chief Mouser to the Cabinet Office and a police officer are next to the 10 Downing Street door in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Food, fun & entertainment: Grapevine Main Street Fest has fun for the entire family this weekend
Talking Business with Becky Bradley: Quiet fixes, big results across the Lehigh Valley
These projects in Lehigh Valley’s transportation plan may have smaller price tags, but will have huge impacts.
Britain Politics
Journalists wait opposite 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
Journalists wait opposite 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
Britain's newly appointed Secretary of State for Health and Social Care James Murray leaves 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
Britain's newly appointed Secretary of State for Health and Social Care James Murray leaves 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
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
Public Notice: Ashland City Council Business Meeting Agenda - Ashland News - Community-Supported, NonProfit News
Ashland City Council Business Meeting Agenda Tuesday, May 19, 2026Council Chambers, 1175 E Main Street Live stream via RVTV Prime at rvtv.sou.edu or broadcast on Spectrum 180. Public comment is
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