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Phillies caught surveying Japanese slugger amid impressive NPB season
The Phillies were caught keeping an eye on Teruaki Sato during a recent scouting trip in Japan.
‘Give it some time:’ Inside Tom Dundon’s NHL success amid Trail Blazer uncertainty
In Portland, the cost-conscious Dundon's arrival has been a shock to the system. In Raleigh, some say his NHL ownership has been a shock to the heart.
Cyprus votes amid resentment over corruption, living costs
Cyprus has begun voting in a parliamentary election that could shift the political balance amid public discontent.
KC mini golf, axe-throwing businesses close amid lawsuit over unpaid rent
Sinkers Lounge and Blade & Timber, located in Kansas City’s Power & Light District, shut their doors in May.
Attacks on Ebola centres intensify in eastern DRC amid outbreak fears
Anger and mistrust growing over Ebola burials as traditions clash with medical response to prevent spread.
Will the state help Nashville's struggling small businesses amid $30M grant to Starbucks?
Giants OL Takes Shots At Patriots Amid Jaxson Dart Controversy
A New York Giants offensive lineman tried to redirect outrage toward the Patriots.
Highlights! Usyk Survives Rico, Bad Stoppage Tarnishes Win
Pound-for-pound great, Oleksandr Usyk, was back in action earlier today (Sat., May 23, 2026), defending his WBC Heavyweight title against kickboxing legend, Rico Verhoeven, in front of the Pyramids of Giza in Cairo, Egypt, in what was truly a one-of-kind setting for a boxing match. It took a bit for Usyk to get warmed up, […]
Atlanta, Houston airports can receive passengers from 3 countries amid Ebola outbreak
Airline passengers traveling to the U.S. who have been in the Democratic Republic of Congo, Uganda or South Sudan in the previous 21 days will be able to land at international airports in Atlanta and Houston, as well as Dulles airport outside Washington, for health screenings.
Atlanta, Houston airports can receive passengers from 3 countries amid Ebola outbreak
Airline passengers traveling to the U.S. who have been in the Democratic Republic of Congo, Uganda or South Sudan in the previous 21 days will be able to land at international airports in Atlanta and Houston, as well as Dulles airport outside Washington, for health screenings.
Brandi Glanville worries she contracted ‘sexually transmitted ringworm’ amid health troubles
For years, the reality star has been dealing with health issues tied to a parasite that developed from ruptured breast implants
InRESPONSE, Santa Rosa’s crisis team, faces operational changes amid proposed funding cuts
County funding for Santa Rosa’s InRESPONSE program is slated to be cut by about half as officials wind down spending from the expiring Measure O sales tax. That means big changes ahead for a pioneering, civilian-led team.
WHA Advances Global Health Architecture Reform Amidst Questions About Where Process Will Really Lead
The 79th World Health Assembly adopted a widely anticipated Global Health Architecture Reform initiative. While WHO and many member states lauded it as a
Indiana official touts the state’s low tax rates, business benefits amid NYC exodus
Indiana Lt. Gov. Micah Beckwith promotes the state’s low corporate tax rates, ‘Hoosier hospitality’ and contrasts it to New York City’s tax-the-rich agenda on ‘Fox & Friends Weekend.’
Media, Democrats suggest politics behind Tulsi Gabbard's exit amid husband's cancer battle
The Daily Signal national correspondent Tony Kinnett discusses the response to Tulsi Gabbard's resignation due to her husband's diagnosis with a rare form of bone cancer.
How a Pocatello business is helping eastern Idaho save water, 1 lawn at a time
Amid a water shortage and emergency drought in place across Idaho, a Pocatello business offers homeowners a way to water their lawn more efficiently and help conserve water.
Disney Helped Make the Star Wars Fandom Toxic for Women
Why 'Star Wars' fandom became socially toxic for women amid Disney’s sequel trilogy backlash, culture wars, and brand fatigue under Kathleen Kennedy.
Donald Trump Jr.’s Inner Circle Rallying Around Ex- Vanessa Amid Health Struggle
Donald Trump Jr.’s ex-wife, Vanessa Trump, is reportedly being surrounded by support from both her family and the wider Trump circle following her breast cancer diagnosis. Insiders close to the family...
Missing 'Virgin River' actor Stewart McLean found dead at 45 amid homicide investigation
Stewart McLean, the Canadian actor known for his work on such TV series as 'Virgin River' and 'Arrow,' has been found dead at 45 a week after going missing.
Newsom escalates feud with Chevron, urging boycott amid soaring California gas prices
Pittsburgh-area students create animated film amid growing teen mental health crisis
Senior Walmart executives depart amid reshuffling under new CEO, WSJ reports
At least two senior Walmart executives - COO of warehouse chain Sam's Club, Tom Wardn and head of store operations for the retailer's U.S. business - are leaving, marking a major reshuffle under CEO John Furner, WSJ reported on Friday, citing people familiar with the matter.
Anti-immigrant protests flare up in South Africa
Authorities have removed hundreds of foreign nationals from a church centre in Durban after days of tension linked to anti‑migrant campaigns. The incident comes amid renewed episodes of xenophobic violence in South Africa.
Reno council advances live entertainment ordinance amid noise and enforcement concerns
Reno's independent, online news and events source. Established in 2009.
Conservative Politics in Revolutionary Times
Three books make the case for conservatism amid times of revolution and societal upheaval.
Auditor warns El Paso ISD health insurance fund is $19 million short amid deficit
As the El Paso Independent School District grapples with a $52 million budget deficit, it also has another problem.During the
'Get off your phones': Surgeon general advisory calls on kids to cut screen time
The advisory was released amid a growing debate over cellphone usage and its impact on youth.
GOP immigration enforcement bill stalls amid backlash to $1.8 billion 'anti-weaponization' fund
Senate Republicans abruptly left Washington on Thursday without voting on a roughly $70 billion bill to fund immigration enforcement agencies, frustrated with the White House and at an impasse over whether to try to block a new $1.776 billion settlement fund to compensate Trump allies who believe they have been politically prosecuted.
CEO of Paul Allen’s $3.1B science and tech fund stepping down less than a year after launch
Dr. Lynda Stuart is departing as the first CEO of the Fund for Science and Technology, the foundation created under late Microsoft co-founder Paul Allen's instructions. The change comes amid broader shifts in the Allen philanthropic ecosystem, including the departures of top AI researchers from the Allen Institute for AI.
Long Beach Century Club Hosts 38th Annual Middle School Sports Awards Banquet
The Long Beach Century Club hosted its 38th annual middle school sports awards banquet last Thursday at the LBS Financial Credit Union Pyramid, honoring young athletes from across the Long Beach Unified School District. The club welcomed around 1,500 athletes, coaches, faculty and family members whi
Senate GOP delays vote on reconciliation bill amid opposition to DOJ fund, White House ballroom
UK Business Activity Hits 13-Month Low Due to Middle East War
Business activity in the United Kingdom is declining amid a “perfect storm” of economic factors, said Chris Williamson, chief business economist at
WATCH: Wesley Hunt flips script on Dems' 'Jim Crow 2.0' attacks amid heated SPLC racism hearing
Rep. Wesley Hunt excoriates Democrats and the SPLC for allegedly perpetuating racist tropes by invoking Jim Crow to describe modern voting policies.
World Health Assembly Condemns Iranian Strikes On Gulf States, Health Fallout Of Hormuz Closure
The World Health Assembly (WHA) voted 91-2 to adopt a resolution condemning Iranian attacks on civilian infrastructure across Gulf countries amid its war with
US HHS Launches AI Initiative to Detect Fraud and Waste in Health Programs
May 21 (Reuters) - The U.S. Department of Health and Human Services said on Thursday it has launched a new AI-led initiative to review annual audits to strengthen oversight across federally funded health programs amid concerns around widespread fraud. The program, called the Audit ...
CHA board chair weighs run for mayor amid clash with Johnson: report
CHA board chair Matthew Brewer is considering a run for Chicago mayor as his public feud with Mayor Brandon Johnson intensifies, the Chicago Sun-Times reports.
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.
The Great Pyramid of Giza is surprisingly earthquake-proof
Seismologists found yet another benefit to ancient Egyptian engineering.
Republicans expected to abandon $1B security proposal for White House and Trump's ballroom
WASHINGTON (AP) — Senate Republican leaders on Thursday are expected to abandon a proposal for $1 billion in security money for the White House complex and President Donald Trump’s ballroom amid backlash from members of their own party. Pressured by the White House, Republicans tried to add the money to a roughly $70 billion bill to restore funding to U.S. Immigration and Customs Enforcement and the Border Patrol. But the security proposal met with opposition
Colorado Charts Its Own Course on Vaccines Amid Federal Pullback
Doctors, lawmakers, and other advocates are joining forces to promote recommended childhood vaccines.
Nvidia beats Wall Street expectations amid AI chip boom, Asian tech stocks surge
Rolling coverage of the latest economic and financial news
Bolivia’s president reshuffles cabinet amid anti-government protests
Foreign business owners face frantic scramble to leave Japan amid tiger visa rules
Stricter criteria for the business manager visa has left many owners, some of whom have been in Japan for decades, out in the cold.
Congress increases scrutiny into sports betting, prediction markets
Congress is intensifying its scrutiny of sports gambling and prediction markets amid a wave of scandals in professional and collegiate sports that have raised c
'The Trophy Was Lost!': Kompany Reveals He Lost Bundesliga Prize Amidst Title Celebrations
Vincent Kompany has revealed a hilarious behind-the-scenes blunder from Bayern Munich's Bundesliga title celebrations, admitting he actually lost track of the championship trophy.
Dodgers’ Mookie Betts Fires Back at Shohei Ohtani Criticism
Mookie Betts came to Shohei Ohtani’s defense amid criticism of his offensive start to the season.
RFK Jr. terminates heads of preventive services task force amid overhaul
US Health and Human Services Secretary Robert F. Kennedy Jr. quietly removed the two top leaders of a key preventive services panel last week as he seeks to overhaul its membership.
House Passes Housing Bill, Uniting on a Measure to Bring Down Costs
The legislation, which had been stalled amid Republican divisions, passed overwhelmingly, signaling an eagerness in both parties to address affordability in an election year.
LIV Golf to pitch new business model amid bankruptcy report
LIV Golf is moving forward with its plan to take a new business model to potential investors despite a report that the league is laying groundwork for potential bankruptcy in the U.S.
Phil Collins makes rare appearance at King Charles' charity event
Phil Collins made a rare public appearance at Buckingham Palace for King Charles III's charity amid ongoing health issues.
This week in Santa Cruz County business: Tourism officials focusing on regional visitors amid rising fuel costs; Diversity Center unionizes
Jessica M. Pasko takes the pulse of Santa Cruz County tourism ahead of the crucial summer visitor season, notes another local unionization effort and relays names, dates and numbers to know from the county business scene.
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.
Lebanon and Syria reshape ties amid Israeli attacks and regional shifts
Damascus and Beirut focus on sovereignty and cooperation, moving away from decades of Syrian dominance over Lebanon.
Dodgers to Keep Six-Man Rotation With New Pitching Addition
The Los Angeles Dodgers acquired a pitcher amid the injury crisis and plan to use the left-hander in the rotation.
State health officials step in amid ongoing Wintergreen wastewater issues in Nelson County
State health officials have joined the response to ongoing wastewater overflow issues at the Wintergreen Wastewater Treatment Plant in Nelson County.
How one Pocatello business is helping eastern Idaho save water, one lawn at a time
POCATELLO – Amid a water shortage and emergency drought in place across Idaho, a Pocatello business offers homeowners a way to water their lawn more efficiently and help conserve water. RELATED | Idaho declares drought emergency for all 44 counties as snowpack hits record lows Canopy Lawn Care, now in its second year of operation […]
Sabres reportedly stayed in hotel ahead of hosting Canadiens for Game 7 amid home game struggles
Buffalo has had excellent luck on the road this postseason, going 5-1 in away playoff games, but have gone 2-4 at home.
Philippines launches VP Duterte impeachment trial amid political division
Senate court established despite following House leadership changes and a shootout.
Station Yards eateries hit with drop in business amid LIRR strike
Businesses near one of Long Island's busiest train stations experience a downturn as the LIRR strike disrupts commuter traffic, leading to fewer customers and reduced sales.
Paul McCartney says Beatles classic unites audiences 'in Trump’s America' despite political divide
Paul McCartney says "Hey Jude" brings together Republicans and Democrats at his concerts, calling music valuable amid divisive American politics today.
Trump drops lawsuit against IRS amid talks of establishing a $1.8 billion fund for allies
President Donald Trump is dropping his $10 billion lawsuit against the Internal Revenue Service, according to court documents, a signal that the administration is preparing to go forward with a plan to set up $1.8 billion fund that would compensate those who believe they were subject to unfair investigations under previous administrations.
Amid upfronts sports overload, pitches around data, AI come into focus
Legacy firms NBCU and Disney, tech titans Netflix and Amazon and publishers shaped by M&A showed off evolving offerings during last week’s shows.
Op-ed: Trump Fires All Governing Members of the US National Science Foundation Amidst Major Cuts to Research
Trump Administration efforts to erase the independence of federal agencies, and roll back research, continue in the firing of all 22 National Science Foundation board members
Subnautica 2 Dev Gives Players Hope Amid the Game's First Hot Topic Following Launch
Fresh from its huge early access launch, underwater survival and crafting adventure game Subnautica 2 has sparked a significant debate among fans: to kill or not to kill the fish.
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.
Trump’s Approval Sinks Amid Unpopular War, Darkening G.O.P. Prospects
With the midterms nearing, President Trump’s approval rating has hit a second-term low as voters question his handling of the economy, according to the latest New York Times/Siena poll.
Amid dysfunction in Congress, some Republicans hope to ditch DC for governorships
In an exclusive interview with USA TODAY, the nation's top GOP governor urged Republicans to run on affordability. But will Trump get in their way?
Historic Entertainment Venues in Oxford, Valparaíso, and Osaka Reflect Growing Pressures on Cultural Infrastructure
Explore community-led efforts to restore historic theaters and preserve cultural heritage amid real estate pressure.
Philippines to convene court for VP impeachment amid political turmoil
The Philippine Senate was due to convene as an impeachment court on Monday that could decide the future of Vice President Sara Duterte, with a heated battle between two rival political camps set to be front and centre in the trial.
Dodgers Signing Left-Hander Amid Pitcher Injury Crisis
The Los Angeles Dodgers are acquiring left-handed pitcher Eric Lauer from the Toronto Blue Jays, per Katie Woo of The Athletic.
Knicks Bulletin: ‘I just try to look at the positives’
Nothing better than a Game 7, amirite? Actually, there’s something even better about today’s matchup, as the Knicks aren’t involved and will be just enjoying the bloodbath from afar! Here’s the latest from Tarrytown as New York patiently waits to know its ECF foe. Mike Brown On supporting Mikal Bridges amid benching questions: “I was […]
Omaha Steaks, Nerf basketball and Hazmat suits: Former contagion patients describe life in quarantine amid Hantavirus
Former patients share what it’s like to be stuck inside specialized biocontainment facilities like the ones now occupied by passengers exposed to the hantavirus outbreak.
Sen. Lindsey Graham says status quo in the Strait of Hormuz is ‘hurting us all’
The South Carolina senator called on President Donald Trump to renew U.S. attacks on Iran amid a fragile ceasefire and stalled negotiations.
Arsenal in the race for Bradley Barcola, Liverpool interest cooling?
Bradley Barcola (23) could leave Paris Saint-Germain at the end of the season amid reports that the Ligue 1 champions are looking to add another forward to their squad this summer, as per a report fro...
‘Pressures are real’: Colleges grapple with future of Olympic sports amid football spending boom
Apple iPhone 17 sales rise amid Samsung Galaxy S26 delay
Apple had a strong start to 2026 while the rest of the US smartphone market struggled. Delays may have been to blame, Counterpoint Research said.
In Montgomery, thousands rally to defend voting rights
Thousands of people gathered in Montgomery, Ala., to mobilize support for voting rights amid outrage over racial gerrymandering.
Is China becoming Europe’s top science partner amid an American brain drain?
‘Massive changes in the global flow of talent’ are creating opportunities, according to the head of Germany’s Max Planck Society.
Single-payer health care gains momentum in Massachusetts amid affordability crisis
Discover how rising health care costs are driving communities in Massachusetts to push for a single-payer health care system.
Boston City Council ‘mean girl politics’ accusations fly amid $4.9B budget cuts battle
Boston City Councilor Erin Murphy decried “mean girl politics” after her latest late file order was blocked again by Councilor Sharon Durkan, this time delaying a hearing on ways to restore firefighter cancer screening funds.
Scientist's intriguing new theory on Great Pyramid — and how it could be used to communicate with the cosmos
When ET phoned home, was he using the Great Pyramid?
As global crises multiply, scores of US diplomats say they have been forced out
Amid ongoing foreign policy crises around the globe and as the Trump administration struggles to reach a deal to end the war with Iran, the State Department last week finalized the firings of nearly 250 foreign service officers in a brief, impersonal email.
Trump defends saying he isn’t thinking about Americans’ finances amid Iran talks
The president also said he’s not considering the political implications of the Iran war on the midterms, when Republicans will be defending slim majorities in each chamber.
Two Cranston restaurants close amid business dispute, fraud allegations
A business dispute and fraud allegations landed a local restaurant owner in hot water, forcing two popular Cranston restaurants to shut their doors.
With Possible Raúl Castro Indictment, U.S. Eyes Venezuela Playbook
Amid stepped-up surveillance flights, a visit of the C.I.A. director and an energy embargo, the White House is trying to increase pressure on Cuba.
GOP congressman is under doctor’s care, his father says amid mysterious absence from Washington
Top House Republicans have grown increasingly concerned by Rep. Tom Kean Jr.’s mysterious absence from the chamber.
US plans to indict Cuba’s Raúl Castro, DOJ official says
The development comes amid heightened tensions between Washington and Havana.
Starbucks announces third round of corporate layoffs in restructuring
Starbucks cuts 300 US corporate roles under CEO Brian Niccol's turnaround plan, aiming for efficiency and growth amid restructuring efforts.
Health execs persevere in new policy landscape
Despite a prolonged period of policy uncertainty in the U.S.—and the ripple effects across the global life sciences and healthcare industries—executives at health companies are still seeing opportu | Despite a prolonged period of policy uncertainty in the U.S.—and the ripple effects across the global life sciences and healthcare industries—executives at health companies are still seeing opportunities amid the tumult.
Health officials raise alarm over new Ebola outbreak in DR Congo
Concern is high regarding the potential spread of the virus amid a precarious security situation in the affected area.
Anthony Gordon transfer news: Newcastle head coach Eddie Howe hints at winger's exit amid Bayern Munich links
Bayern Munich have opened talks with Newcastle over a potential transfer for Anthony Gordon; 25-year-old has not played in the clubs last four matches; Newcastle will listen to offers this summer; Watch Newcastle vs West Ham on Sunday live on Sky Sports, kick-off 5.30pm
Top Singapore-based physicist moves to China after superconductor breakthrough
Prominent young professor becomes doctoral supervisor at leading Chinese research university amid high-level recruitment drive.
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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