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Papa Johns shuts down dozens of locations across 17 states as fast-food competition intensifies
Papa Johns follows through on plans to close 300 stores, targeting franchise-owned locations generating less than $600,000 in annual sales by 2027.
Scammers are targeting online searches for Medicare health insurance
Searching online for Medicare health insurance could lead users to scam websites designed to steal personal information.
Kansas City mayor proposes ordinance targeting unlicensed businesses after mass shooting
Kansas City Mayor Quinton Lucas is proposing a new ordinance that would make it easier for the city to shut down unlicensed and unpermitted businesses.
Intel’s Project Firefly Takes The Best of Phones To Build Laptops In A Slim 12.9mm Metal Chassis With No Vents
Intel's Project Firefly aims to deliver premium-grade budget laptops with Wildcat Lake SoCs and a metal chassis, targeting affordability.
Big money fuels 2 Portland initiatives targeting November ballot
The ballot initiatives have until July 6 to submit over 40,000 to quality for the general city election.
Pate lauds new Iowa law targeting fake business filings
Iowa Secretary of State Paul Pate says a new state law is a good first step to address scammers using an actual Iowa address when filling out online forms to register the name of a fake business. “What they’re doing to these poor homeowners is now setting them up for concern about what liabilities they […]
Spotlight Now: New Aloha Stadium Entertainment District timeline
Aloha Stadium’s final “tripping” is complete and demolition remains on schedule with the new stadium district still targeting a 2029 opening.
Neemias Queta’s Breakout Season Should Earn Him an Extension
When the 2024-25 season ended, the Boston Celtics were faced with frontcourt issues. With Al Horford and Luke Kornet departing in free agency and Kristaps Porzingis being traded to the Golden State Warriors, Boston needed to find help in the frontcourt. Instead of targeting another big man in the market, the Celtics decided to give developing center Neemias Queta a chance. This […] The post Neemias Queta’s Breakout Season Should Earn Him an Extension appeared first on The Lead.
Lawmakers accuse SPLC of fomenting hate, political bias
'Outnumbered' reacts as lawmakers grill Southern Poverty Law Center officials for allegedly fomenting hate, displaying political bias and targeting conservative and religious groups.
Tennessee to report disabled immigrant kids getting public healthcare to ICE, advocates say
Scores of low-income immigrant children living with critical illnesses could soon lose access to life-sustaining medical care after Tennessee officials directed public health departments to verify their immigration status and report to the federal government, according to the Tennessee Justice Center. The Tennessee Department of Health is targeting Children’s Special Services, a last-resort public health […]
GOP senators rally around new DHS proposal targeting sanctuary cities: 'Should pay a price'
Republican senators signal support for pulling CBP officers from sanctuary city airports as Mullin says the proposal is still actively being considered.
Lyme Primer: How the New HHS Strategy Stacks Up To Science
Experts support targeting ticks but caution against the long-term use of antibiotics.
Once-Weekly Drug Demonstrates Promising Dual Benefits in Obesity and Metabolic Health
/PRNewswire/ -- New data highlight the potential benefits of survodutide, a once-weekly injectable therapy targeting both the glucagon and glucagon-like...
The Bidens Return With New Book and South Dakota Speech Targeting Trump
The re-emergence of the former first family has been fraught for some Democrats who just want to move on.
DSA looks to grow their political power in Brooklyn
The group is targeting one Assembly race and two local races as ways to push further into Black communities.
Pennsylvania man gets 2 life sentences for 2024 Maryland shooting targeting business partner
A Pennsylvania man was ordered to serve two life sentences, one without the possibility of parole, for a 2024 shooting in Carroll County, Maryland, that targeted his business partner, according to the Carroll County State's Attorney's Office.
New York state lawmakers pass bill targeting surveillance pricing
Gov. Kathy Hochul would need to sign the bill for it to become law.
AI-designed universal coronavirus vaccine passes first human trial
Scientists have successfully tested an AI-designed universal coronavirus vaccine in humans for the first time, finding it to be safe and well tolerated. The vaccine generated immune responses against multiple coronaviruses, including SARS-CoV-2, SARS, and related bat viruses with pandemic potential. By targeting features shared across an entire virus family, it aims to provide protection even as viruses evolve.
Barcelona battling Atletico Madrid for three blockbuster signings this summer
Barcelona and Atletico Madrid appear to be heading towards one of the most intriguing transfer battles of the summer, with both clubs targeting several of the same high-profile players ahead of the ne...
LAPD and feds conduct drug-busting operation in fentanyl hotspot MacArthur Park
The Los Angeles Police Department and federal agents are working on a joint operation targeting "illegal narcotics activity" in MarArthur Park, a hotspot for fentanyl sales and use, on Thursday afternoon, authorities said.
Involuntary commitment bill targeting mental health, crime passes NC House
A bill that's part of the state legislature's efforts to ramp up the number of criminal suspects involuntarily committed to mental hospitals passed, despite criticism that it proposes few immediate solutions.
Rogers? Kroupi? Alvarez? Gunners weigh up incomings and sales
Mikel Arteta has been central to the club's planning for next season, with the Gunners targeting a central midfielder, forward and full-back in the transfer market. Given last season's £250m spend on new players, a number of player renewals and lucrative bonuses paid to players in lieu of their Premier League success, the club are mindful of ensuring finances are balanced during the close season. For the forward position, three players are known to be on the shortlist - Aston Villa's Morgan Rogers, Bournemouth's Eli Junior Kroupi and Atletico Madrid's Julian Alvarez.
Rayman Legends Retold targeting 60 FPS on Nintendo Switch 2, will have content parity with other platforms
Ubisoft has provided the early word on what to expect from Rayman Legends Retold on Nintendo Switch 2. For those that missed out on the news, the game was just revealed today. It’ll be a remake of the beloved 2013 game, now in 2.5D / 3D plus new content. As for the Nintendo Switch 2 version, it looks like Ubisoft...
Milford Haven postal worker jailed for illegal streaming business
Michael Barrow ran a sophisticated piracy business targeting Sky, BT and TNT sports content.
US FDA proposes using existing science to speed up gene therapy development
The U.S. Food and Drug Administration on Tuesday proposed allowing makers of cell and gene therapies targeting rare and life-threatening diseases to use existing scientific knowledge to expedite development.
Morningstar values SpaceX at $780 billion, half its IPO target
Morningstar analysts pegged SpaceX's valuation at $780 billion, less than half of what the Elon Musk-led company is reportedly targeting in its initial public offering, ahead of a planned roadshow this week.
Palestra wanted by Newcastle, Inter, Arsenal and Manchester City
Newcastle United are the latest club said to be targeting Atalanta talent Marco Palestra, along with Inter and Arsenal, but there are mixed Manchester City reports.The wing-back has attracted huge int...
China team drafts sanctions list targeting US, allies on 63 key tech sectors
Scientists have listed sensitive or globally competitive tech that may benefit from export restrictions to keep them out of foreign hands.
How Federal Attacks on Diversity and Inclusion Policies Have Dismantled Public Health Infrastructure and Threaten National Health Security
Federal executive orders targeting initiatives that seek to ensure diversity and equity for all are systematically dismantling America’s public health infrastructure—cutting research, surveillance systems, and workforce programs while raising costs and putting national health security at risk.
Trump flips script on left, maneuvers to use foreign influence law against the them
Trump aims to use FARA and other legal tools against alleged foreign influence on the left after years of probes targeting his allies, experts say.
Kamden Lopati Is Driving Michigan’s 2027 Class
Kamden Lopati is helping shape Michigan football recruiting in 2027 by targeting key prospects. See what it means for the Wolverines.
Apple destroyed the mid-tier watch market. Now it’s coming for the $200 billion eyewear industry.
Swatch revenue fell 28% and Fossil's dropped 70% after the Apple Watch launched. Apple is planning the same playbook for glasses, targeting a late 2027 launch.
Power of Two: Health plans becoming fiduciary litigation target
A new wave of litigation is targeting health and welfare plans, particularly voluntary benefits, pharmacy benefit managers, and fee structures embedded in vendor arrangements.
Mullin plan to punish sanctuary jurisdictions by targeting their airports faces fierce headwinds
Department of Homeland Security Secretary Markwayne Mullin is getting pushback for his idea to pull resources from airports in sanctuary jurisdictions.
Arsenal aiming to dethrone dynasty-chasing PSG
Arsenal seek to finally conquer Europe by wresting the Champions League crown from holders Paris Saint-Germain, who are themselves targeting back-to-back titles in Budapest on Saturday."Paris Saint-Germain have the experience of knowing what it is to win it."
Snapdragon C wants to be Windows’ answer to the MacBook Neo, targeting $300 laptops
Apple’s launch of the MacBook Neo has sent the world of Windows spiraling as, in the midst of global RAM/storage...
Qualcomm announces the Snapdragon C for entry-level Windows laptops
Qualcomm's Snapdragon C chip is designed for Windows laptops targeting a $300 price point.
New depression treatment targets the immune system instead of the brain
A surprising new approach to depression treatment is showing early promise — not by targeting brain chemicals, but by calming the immune system. In a small clinical trial, researchers found that an anti-inflammatory drug normally used for rheumatoid arthritis appeared to ease symptoms in people with hard-to-treat depression, while also reducing fatigue and anxiety and improving quality of life.
Scientists say they’ve reversed brain aging with a simple nasal spray
Researchers at Texas A&M have developed a nasal spray that appears to reverse brain aging by calming inflammation and restoring the brain’s energy systems. After just two doses, memory and cognitive function improved for months, raising hopes for future treatments targeting dementia and brain fog.
FBI warns of Kali365 phishing service targeting Microsoft 365 accounts
The FBI is warning about the Kali365 phishing-as-a-service platform (PhaaS) that is used to hijack Microsoft 365 accounts by abusing OAuth device code authentication to steal session tokens and bypass multi-factor authentication (MFA).
Semiconductor decoupling. Powell's politics. Industrializing Ogaden. Free trade and the Magna Carta.
Thank you for opening your Chartbook email. Feliks Topolski, 1907-1989 8th Army’s Front, Italy 1944 Semiconductor decoupling Source: FT One thing that Jerome Powell deeply understood is that chairing the Fed under current conditions is a deeply political job. “Powell has successes and mistakes to his name. But he stands out as having thought more carefully about the Fed’s democratic legitimacy than any chair since Paul Volcker,” said Paul Tucker, a former deputy governor at the Bank of England, referring to the Fed chair who successfully fought the great inflation of the 1970s and early 1980s. … While Powell was at the Treasury in the early 1990s, he watched Alan Greenspan build relationships within the government. That convinced Powell he needed to follow the former Fed chair’s lead and spend more time in Congress than his predecessors Yellen and Bernanke. “The accountability for the Fed runs through Congress,” said Claudia Sahm, a former Fed official who is now chief economist at New Century Advisors. “That’s not just about having people on speed dial — it’s answering questions, explaining policy and getting feedback.” Source: FT Ethiopia’s PM Abiy and Nigerian business tycoon, with Chinese engineering, are driving industrialization in Ogaden/Somali region of Ethiopia. - Michael Masri’s reporting for Africa Report if fascinating. Ethiopia has launched a cluster of large industrial schemes in the Somali region, laying foundation stones for a urea plant and an oil refinery in Gode while opening the first two phases of the Ogaden LNG project. Abiy Ahmed framed the push as part of a broader strategy to link energy, agriculture and industry. “These projects embody more than industrial growth,” he said. “They represent our shared responsibility to harness opportunities, strengthen co-operation and promote peace.” The Gode urea plant, backed by Dangote Group and Ethiopian Investment Holdings (EIH), is designed for 3m tonnes a year. Dangote owns 60%, while EIH holds 40%. Officials say Dangote’s equity totals about $2.5bn, while the state provides land and implementation oversight. Gas from the Calub fields will be piped 108km to the site. Construction is slated for 40 months, with operations targeted for 2028. Ethiopia imports most of its fertiliser, spending more than $1.2bn a year for 1.5m–2m tonnes. Usage was roughly 1.7m tonnes in 2023, almost half of it urea, and demand for 2024–25 is put above 2.4m tonnes. If delivered on time, the Gode plant could cover domestic needs and allow exports to neighbours. Brook Taye, chief executive of EIH, called the venture “a significant milestone in the journey toward industrial self-sufficiency”. Dangote told the groundbreaking crowd that the complex would be integrated with gas supply and a polypropylene unit to support local inputs. He pointed to Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), with a capacity of more than 5,000MW, and noted his group’s cement operations and expansion plans. The Gode refinery is being developed by Golden Concord Group of China. It is designed to process 3.5m tonnes a year of crude and condensate from the Hilala field, with associated storage. Backers say it will ease foreign-exchange pressure from fuel imports and anchor further industrial activity, including a proposed steel smelting site in Dire Dawa. GCL’s chair, Zhu Gongshan, cast the project as “a key step in Ethiopia’s path to energy sovereignty”, underscoring the Beijing–Addis ties. Financing details are still being finalised, but the refinery is central to the government’s energy-security narrative. Source: The Africa Report Dangote’s Ethiopian vision: Dangote began with cement. His crown jewel, Dangote Cement, dominates Nigeria’s market and has 10 operations in other nations in Africa. The formula has been consistent: identify sectors with chronic shortages – cement, fertiliser, sugar – commit massive local investments, and scale up to serve regional demand. Ethiopia was a natural extension of that model. In 2015, Dangote launched the Mugher Cement Plant outside Addis Ababa at a cost of $600m, with an annual capacity of 2.5 million tonnes. The investment gave him a firm foothold in one of Africa’s fastest-growing construction markets. But success came with risks. In May 2018, violent unrest led to the killing of Dangote’s country manager and temporary shutdowns at Mugher. While other investors might have retreated, Dangote doubled down. Today, he is preparing to spend $400m to expand Mugher’s capacity to 5 million tonnes, alongside a new grinding unit near Addis Ababa. Cement is just one market Dangote is targeting. Ethiopia’s enormous state-controlled sugar industry, long plagued by inefficiency and debt, has struggled for years to reform. Its Omo Kuraz Sugar Development Project, touted as one of the continent’s largest initiatives, continues to face delays and mismanagement. … The most ambitious venture of all is the planned fertiliser production complex in Gode, Somali region. Publicised on 28 August 2025, the Dangote Group and Ethiopian Investment Holdings (EIH) deal plans one of the world’s largest single-site urea manufacturing plants. The project costs an estimated $2.5bn and has an estimated capacity of 3 million metric tonnes annually, a rate that would not only render Ethiopia independent, but even a net exporter of fertiliser. EIH, the state wealth fund of Ethiopia, will hold 40%, while 60% is held by Dangote Group. … For Dangote, Ethiopia is a trifecta: Cement demand is projected to grow by 10% annually, its sugar consumption is growing with rapid urbanisation, and fertiliser demand is all but insatiable, given that farming supports the livelihood of 70% of Ethiopians. Source: The Africa Report The stakes for Abiy are high: For Addis Ababa, the $4bn fertiliser project in Ethiopia’s Somali region is no longer simply a manufacturing investment. It is increasingly being framed as a strategic state project tied to food sovereignty, import substitution and the government’s broader attempt to build economic resilience under mounting fiscal pressure. “Becoming self-sufficient in food is our main agenda,” Abiy says during the visit. “Land is needed; we have it. Water is needed; we have it. Human resources are needed; we have it.” The scale is enormous even by African industrial standards. Once operational, the plant is expected to produce three million metric tonnes of urea annually, potentially making it one of the continent’s largest fertiliser complexes. Ethiopian officials say the project now includes a 110km gas pipeline, a 120MW power plant, a polypropylene packaging facility and a two-million-tonne NPK blending plant. For a government grappling with chronic foreign exchange shortages, ballooning import bills and pressure on agricultural productivity, the numbers matter politically as much as they do economically. The decision to anchor the project in Gode is deliberate. Long viewed as peripheral to Ethiopia’s industrial economy, the Somali region is now being repositioned by the federal government as a future irrigation and agro-industrial corridor. Officials argue that the area’s vast land reserves and access to water could eventually support large-scale commercial farming capable of reshaping Ethiopia’s food economy. The government is simultaneously building housing infrastructure for about 5,000 residents near the plant, while officials project broader industrial expansion along the corridor. Abiy goes further, comparing the long-term revenue potential of the Gode development zone with Ethiopia’s flagship state enterprise. “The investments we are making in this Gode area, combined, will generate high revenue for Ethiopia, at par with Ethiopian Airlines,” he says. Source: The Africa Report Feliks Topolski 1907-1982 Topolski’s Chronicle, ‘Nazi Revival’, Vol. 8, Is. 1-2, 1960 HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. Photo by Jakub Dziubak on Unsplash If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Grim vision of drone warfare by Sylvie Kaufmann For contributing subscribers only. Subscribe The state of the art in Colbert-studies. Jean-Baptiste Colbert was Louis XIV chief minister from 1661 to 1683 and traditionally seen as an architect of absolutism and mercantilism. Alexander Hamilton later cited him as an inspiration in 1782. Now his legacy is disputed. Daniel Dessert, the chief critic, sees Colbert as the orchestrator not so much of an absolutist state as of an elite cabal. Would be great to have a good English-language review of this important debate. Source: lhistoire Didn’t know that the Magna Carta included free trade provisions Fighting for the right to the beach in Oregon in 1967: Source: Research Gate RAF Station – British and Polish Flags, c. 1940-45, The Ingram Collection Feliks Topolski, 1907-1989 ink and wash If you’ve scrolled this far, you know you want to click: Subscribe
Epic Games Tips Unreal Engine 6 Timeline With Rocket League Reveal, Targeting UE5’s Multithreading Wall
Epic Games hints at Unreal Engine 6 through Rocket League. Tim Sweeney's earlier comments point to a multithreaded future for the engine.
Agitators united by Chinese money, hate for America target data centers, experts warn
Experts warn climate activists, anti-Israel protesters and other movements have formed an anti-American alliance now targeting U.S. AI infrastructure.
Spencer Pratt isn't running on MAGA. He's running on frustration.
Pratt is gaining ground because he hasn't presented himself as a traditional establishment Republican. Instead, he's targeting a very specific voter.
WATCH: Republicans shrug off fears that Trump targeting GOP incumbents could backfire on agenda
House Republicans brush aside fears over Trump backing primary challengers against GOP incumbents after Rep. Thomas Massie's Kentucky defeat.
Bellevue teens targeting salmon die-offs and mental health win big at international science fair
Lakshmi Agrawal, a senior at Interlake High School, and Anusha Arora, a sophomore who also attends Interlake, were among more than 1,700 students from roughly 60 countries who competed at the Regeneron International Science and Engineering Fair in Phoenix.
Trump's revenge politics comes back to haunt him
Trump's targeting of GOP foes is hurting his agenda on Capitol Hill.
Report: NIH, NASA Restrict Co-Authoring With Foreign Scientists
The National Institutes of Health and the National Aeronautics and Space Administration are targeting collaborations between U.S. scientists and foreign researchers, Science reports.
Denver, Boulder prosecutors call congressional immigration probe ‘political theater’
Elected officials in Denver and Boulder are pushing back after the U.S. House Judiciary Committee opened an investigation into their immigration policies, as part of a broader probe targeting “sanctuary” jurisdictions nationwide. On May 20, U.S. Rep. Jim Jordan, R-Ohio, who chairs the House Judiciary Committee, issued letters to the district attorneys, sheriffs and police […]
Legal expert unleashes on Spanberger's new executive order targeting ICE: 'Political theater'
Gov. Abigail Spanberger signs executive order citing concerns that Trump administration could use immigration enforcement to intimidate Virginia voters.
Gov. Polis signs prison bill targeting Colorado’s overcrowding crisis
Colorado Gov. Jared Polis on Tuesday signed a corrections bill that seeks to ease chronic overcrowding in state prisons by expanding earned‑time credits and launching a new working group to overhaul population management. Senate Bill 159 establishes a working group to make recommendations for how the Department of Corrections can reduce overcrowding in its facilities. […]
Gov. Polis signs prison reform bill targeting Colorado’s overcrowding crisis
Colorado Gov. Jared Polis on Tuesday signed a sweeping corrections bill that seeks to ease chronic overcrowding in state prisons by expanding earned‑time credits and launching a new working group to overhaul population management. Senate Bill 159, sponsored by Sens. Mike Weissman, D-Aurora, and Julie Gonzales, D-Denver, and Reps. Javier Mabrey, D-Denver, and Matthew Martinbez, […]
NAACP launches campaign targeting college sports programs in Southern states over voting rights, students respond
Two AI-based science assistants succeed with drug-retargeting tasks
Both tools generate hypotheses; one goes on to analyze some of the data.
Vast Launches Satellite Bus Business Line
The commercial space station company announced this morning that it would start selling satellite buses, specifically targeting the low-cost, high-volume, high-power niche for missions from comms, to EO, to national-security programs.
British Takeovers Up 250% as Global Buyers Bypass Political Flux
Britain has been a go-to destination for international deal hunters. The value of M&A mergers targeting UK companies is up more than 250% this year to around $150 billion, according to data compiled by Bloomberg.
Trump targets political rivals ahead of midterms
Louisiana Senator Bill Cassidy, who’s been at odds with Trump, lost his primary this weekend. It comes as the president is targeting other political foes ahead of midterms, with another primary fight set for this week. NBC’s Julie Tsirkin reports.
Trump sent a message by targeting Bill Cassidy. In defeat, Cassidy delivered one back
Louisiana Republican Sen. Bill Cassidy wanted his reelection campaign to be about the “present and the future.” President Donald Trump had other plans. Cassidy became the first GOP senator to lose renomination in close to a decade, a remarkable downfall that shows again how Trump dominates the party. He signaled in his concession speech, without mentioning Trump, that he could spend the final months of his term being more of a thorn in Trump’s side – or at least more openly critical.
Colorado county Republican chair arrested in sting on allegations he tried to pay for sex with a child
Hunter Rivera, the 24-year-old chairman of the Weld County Republican Party, was one of two men arrested Thursday on suspicion of trying to buy sex from Larimer County Sheriff’s Office investigators who posed as minors as part of an operation targeting child predators. After news of Rivera’s arrest broke late Friday, multiple prominent Republicans denounced […]
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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