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Trump gets back at Louisiana senator who voted to convict him
Louisiana Sen. Bill Cassidy placed last in a three-way race.
Kentucky’s curious cast of political characters
Rep. Thomas Massie is just one of a tradition of powerful and iconoclastic politicians from Kentucky.
Former Gov. Christine Gregoire blasts WA Democrats’ tax strategy, warns businesses will leave state
Former Washington Gov. Christine Gregoire is publicly breaking with many fellow Democrats over the state’s tax-and-spending strategy, warning lawmakers they risk driving businesses and wealthy residen...
Everton 1-3 Sunderland: What Moyes said
Merlin Rohl is the very first German player to score for Everton in the Premier League and the newest nationality to strike for the Toffees in the competition since Guinea-Bissau's Beto in December 2023. Everton manager David Moyes has lost his last three Premier League meetings with his former sides.
Sway a crowd, wear a martyr’s crown: how one NSW politician went from scandal to political success – and wrote a playbook still used today
At the turn of last century, an ambitious young solicitor caused a scandal in a high-profile murder case. Years later he was a political leader in a new nation. How did he do it?
Packers last Wednesday game came nearly a century ago
The NFL has successfully invented a new timeslot with the Packers and Rams playing on “Thanksgiving Eve” this year. And though a game on the night before Thanksgiving might be a new phenomenon, it’s not the first time the Packers have played on a Wednesday. Buckle up, because this is a weird one. Though it’s […]
Reims’ Ewen Jaouen agrees to Newcastle United move
Stade de Reims goalkeeper Ewen Jaouen (20) has reached an agreement in principle to join Newcastle United, as per a report from Sacha Tavolieri. Jaouen impressed last season while on loan at USL Dun...
Aston Villa and Newcastle enquire about Toulouse’s Dayann Methalie
Dayann Methalie (20) is one of the breakout stars of the Ligue 1 campaign, and the Frenchman is now attracting interest from clubs across Europe, as per a report from Téléfoot.Last summer, it was J...
This Week in Gaming (Week 21)
Welcome to the second to last week of May and this week is packed with bigger releases, so hold on to your hat as we kick off with this week's AAA release which involves you driving fast cars in exotic environments all over Japan. The rest of the week starts with a family friendly game where you ope...
A measles outbreak crossed into Mexico from Texas. A larger tragedy followed
It all started when a 9-year-old boy went with his parents to visit relatives in Seminole, Texas, early last year. After he returned home to Mexico, a red rash erupted on his skin. Within weeks, so many of his classmates fell ill that their school shut down.
Sooo ... About Last Night
Last night (Sat., May 16, 2026), Netflix hosted its first-ever MMA event, the MVP MMA 1 card from Intuit Dome in Inglewood, California. It was great to have another player in the MMA scene! MVP MMA’s inaugural event brought an exciting mix of legendary names from years past as well as some truly excellent up-and-coming […]
Hearts say ‘shameful’ scenes at Celtic ‘embarrassed Scottish football’
Hearts blasted the ‘shameful, unacceptable’ scenes at Celtic which ‘embarrassed Scottish football’ as their Premiership title dream ended on Saturday.The Jambos lost the crucial away game 3-1 ...
MVP MMA 1 Highlights: Mike Perry vs. Nate Diaz
"Platinum" Mike Perry made his return to mixed martial arts on Saturday, defeating Nate Diaz via corner stoppage in the second round. It was both fighters’ return to mixed martial arts. Perry last fought an MMA bout in April 2021. Diaz was last in the cage in September 2022, but they put on an ...
Steven Soderbergh used AI in a documentary about John Lennon. And he wants to talk about it
The day John Lennon was shot in 1980, he and Yoko Ono gave an interview to a San Francisco radio crew from their home in New York’s Dakota Apartments | WWJ Newsradio 950
Steven Soderbergh used AI in a documentary about John Lennon. And he wants to talk about it
The day John Lennon was shot in 1980, he and Yoko Ono gave an interview to a San Francisco radio crew from their home in New York’s Dakota Apartments | Talk 1370
New study debunks the biggest fear about yo-yo dieting
For years, “yo-yo dieting” has been blamed for wrecking metabolism and causing lasting damage, but a major new review says the fear may be wildly overblown. After analyzing decades of studies in humans and animals, researchers found little convincing evidence that losing weight and regaining it actually causes long-term harm. While regaining weight can erase some health improvements, it doesn’t appear to make people worse off than before.
Letter from the editor: Farewell from the executive science editor
Journalism was probably the last thing on my radar when I walked through the club fair as a first-year. And for most of my time at Tufts, it stayed that way. My best friend Carmen was super involved in that world, but her involvement was the closest I got to that space.
Report: Just 3% of Israeli ninth graders met science requirements in latest tests
Education minister claims results were leaked for 'political' reasons, without addressing why it withheld the science scores from the rest of the exam data published last month
Winter Sports Wrap: See Belmont’s League All-Stars
In Mackenzie Clarke’s own words, she felt FOMO (Fear of Missing Out). After missing her sophomore season of ice hockey to focus on year-round field hockey in the most important year for her college recruiting, she yearned to return to her first sport at the high school level. Two years later, she’s graduating as the lone Belmont High School All-Scholastic honoree across all Marauders winter athletes. “It’s always been a part of me,” Clarke said. “I started to miss it, and a bunch of people who I played field hockey with were on the team that year.” The senior forward
ACC backs Duke's TV deal with Amazon
Amazon and Duke announced an agreement last month for Prime to exclusively air three Blue Devils men’s basketball games in the 2026-27 season.
ACC backs Duke's TV deal with Amazon
Amazon and Duke announced an agreement last month for Prime to exclusively air three Blue Devils men’s basketball games in the 2026-27 season.
Checking in with Dodgers relievers Will Klein, Wyatt Mills
With the Dodgers on a three-city road trip to Anaheim, San Diego, and Milwaukee, here are a few leftover tidbits from the last homestand at Dodger Stadium. Toast of the town First, I spoke with reliever Will Klein, who has kept his late-season surge and World Series heroics going in the early part of the […]
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.
America In Focus: Hotter inflation doesn’t stop consumers, investors
American consumers are keeping a close eye on economic data, as gas prices fueled an inflation surge of 3.8% in the U.S. last month.
Last Night In Baseball: Pirates Implode Against Phillies
The Phillies stormed back against the Pirates, the Dodgers silenced the Angels, the Reds had a web gem to end the game, three walk offs and more from Friday's action.
What happened the last time Notre Dame played Wisconsin?
Notre Dame vs Wisconsin in Chicago was a long time ago — like 5 years.
UAE says its decision to leave OPEC was a strategic economic move, not a political one
The United Arab Emirates, which joined OPEC in 1967, announced last month it was leaving the oil producer group on May 1.
Gov. Tim Walz embraces the politics of compromise in final year at the Capitol
In the last days of his last legislative session, the governor shelved the more progressive elements of his agenda and cut deals that zeroed in on infrastructure, fraud prevention and a distressed health care system.
AI images are distorting plastic surgery expectations
Patients are turning to ChatGPT for beauty standards. The results aren't physically possible.
Did You Mean to Share That Selfie? What to Know About Instagram Instants.
Instagram’s new feature blasts photos to your mutual followers or close friends, immediately.
DACA recipients are losing protections and work permits as renewal delays surge
Marco, 26, graduated from one of the country’s top medical schools last week. He found his calling after witnessing his grandmother battle cancer, and he sometimes worked up to 40 to 60 hours a week to afford his education.
907 Sports: Talkin’ the history of baseball in Alaska
In this edition of 907 Sports, we discuss the history of baseball in Alaska with clips from a longform interview with State Historian Katie Ringsmuth, while discussing our own experiences with ‘America’s Pastime’ in the Last Frontier.
Art shop, tattoo business move to new Downtown Schenectady location
A local art shop and tattoo business celebrated the move to their new location in Schenectady on Friday afternoon. Mohawk Valley Art Shoppe and Last Nerve Tattoo now occupy a building at 701 Union …
Caitlin Clark sends Fever-Mystics to OT, but Washington holds on for the 2-point win
Clark's last-second 3-pointer to force overtime wasn't enough for the win, as a career night from Sonia Citron led the Mystics to a narrow victory.
Rory rips PGA Championship course setup and he's not alone
Golfers from Rory to Scottie blast 'absurd' Aronimink course setup at PGA Championship.
Is Rams’ offense more fragile than defense?
In a turn from last season, Rams seem to have a deeper bench on defense
Houston Texans Position Outlook: Cornerback
The Houston Texans have the best defense in football, and while most people immediately look at their ferocious defensive line, their cornerback group is also one of — if not the best — in the entire league. That group is led by Derek Stingley Jr., who has earned All-Pro honors in each of the last […]
Overland Park hotels filling up as sports tourism booms ahead of World Cup
City booked 80% of hotel rooms last June, with Top Gun softball tournament returning this year
Viltrox 75mm f/1.8 EVO for Fujifilm X – Additional Images and Shipping in June
Last month we reported about Viltrox launching two new autofocus lenses for Fujifilm X mount. Viltrox 75mm f/1.8 EVO Viltrox 90mm f/2.2 EVO While we now a lot about the Viltrox AF 90mm f/2.2 EVO, since it is listed at Amazon here with all specs and images, we knew little about the Viltrox AF 75mm…
Feature: Moore ’26 Keeps Busy with Double Science Major and Music
Luke Moore ’26 came to Kansas Wesleyan on a music scholarship. He’s graduating this weekend (May 16) with a double major in Chemistry and Physics. He’s as active on the music side as he is with his science activities — he’s played the cello for 10 years, including four years at Kansas Wesleyan. It’s common, he said, for scientists and musicians to share those interests. “I’ve spoken to plenty of musicians who would have done science if they weren’t musicians, and I’ve talked to plenty of scientists who would have done music if they weren’t scientists,” Mooresaid. He played the cello in the string orchestra, which he’s done since his first year, and as a junior and senior, sang in the Philharmonic Choir as a bass. He hadn’t sung in a choir since middle schoolin Garden City, but he found he really enjoys that aspect of his college career. Also as a junior, Moore helped re-activate the STEM Club as vice president. For two years, he helped build the club’s battlebot. Last year the bot came home from battles in Kansas City in pieces, lots of pieces. This year it came home with the first-place trophy. He’s helped make frozen nitrogen ice cream at Homecoming and other events and helped organize the STEM Club’s first gingerbread house competition for the holidays. Willing to get his hands – and face – dirty for science, he encouraged fellow musicians and scientists to smash him in the face with whipped cream pies on Pi Day (March 14) as a fundraiser for the STEM Club. His capstone project involved developing a metallic organic framework (MOF) that takes a methylene blue dye out of water. “I’m proud that I was able to design this project, and I was proud that I did end up making the MOF,” Moore said. The professors and attitudes at KWU have made all this possible. “I don’t actually have time for everything,” Moore said. “I have to prioritize things. Things inevitably fall through the cracks, but it’s hard for me to choose one over the other, because I like a lot of things. And I don’t want to not do music, and I don’t want to not do science.” Moore said that Kansas Wesleyan, as a smaller university, gives students the opportunity to try things. “If I were to want to be in a music ensemble, it would probably be a bit harder in a larger school. One nice thing about this school is that everyone’s involved in something,” he said. “Professors know that you have other things going on, and they are flexible and understanding.” Moore has applied to grad schools, with an goal of earning his Ph.D. and landing at a university big enough to allow for a small research team that also gives him an opportunity to teach. He’s off to a good start. Moore is receiving the award for Outstanding Research in the Math, Physics and Computer Studies Department at Commencement this year. Story by Jean Kozubowski
Jefferson Health had a $252.6 million operating loss in the nine months ended March 31
The loss included $94.6 million in restructuring charges related to layoffs last fall and other moves designed to improve the nonprofit’s future financial performance.
What It Takes To Build A Lasting Family Business. Plus: Catch Hiring Managers’ Attention In 11 Seconds
Welcome to this week’s ForbesWomen newsletter, which every Thursday brings news about the world’s top female entrepreneurs, leaders and investors straight to your inbox.
Bam! Pow! Krakoom! The everlasting allure of the American comic book
They are ridiculous | Talk 1370
Congressman Cohen Announces Plan for His Political Future
WASHINGTON – Congressman Steve Cohen, who has represented Tennessee’s 9th Congressional District for more than 19 years, held a press conference at his office in Washington this morning to announced that he will not be a candidate for any of the newly drawn Congressional seats carved out of the 9th. His majority-Black district was gerrymandered into three Republican-leaning districts by the state General Assembly last week.He made the following statement:
State senators keep wraparound mental health initiative alive
After the New Hampshire House sidelined an effort to require private insurers to cover wraparound mental health services, the Senate made a last ditch effort to keep it alive.
Stephen Colbert reveals his final guests on 'The Late Show'
Stephen Colbert's final week on "The Late Show" is coming into focus, with CBS revealing the schedule for the show's last stretch of episodes.
Cleveland Browns Predicted to Have Losing Record Again in 2026
The Cleveland Browns went 5-12 last season. How will they do in 2026?
Coe-Brown boys volleyball team bears down, extends streak
DOVER — After going undefeated on the way to winning the program’s first state championship last year, the Coe-Brown Northwood Academy boys volleyball team knows there is a big target
Texas high court rejects removal of Democratic lawmakers who led quorum break over redistricting
The Texas Supreme Court has refused to declare that Democratic state lawmakers who briefly left the state last year in a quorum break to stop a vote on new congressional voting maps pushed by President Donald Trump vacated their offices.
Fitbit 4.69 rolls out with redesign of focus stats and logging
Google has rolled out version 4.69 of Fitbit for Android as the last update before the Google Health rebrand...
Andrew Abbott leaned into some science to get his season back on track
Andrew Abbott locked in on the stick-figure graphic of himself. The world of biomechanics is very advanced. But with Abbott going through the worst rut of his big league career, he opened up to some new ideas to get himself back on track. He asked for some help, and he leaned into some sports science. He said the stick figures made it clear, and he credits biomechanics for helping him get his season back on track. Over his last three starts, he has allowed two total runs in 17 ⅔ innings. “There’s a photo of (me) last year and the year before on a graph, and this year is in a different color,” Abbott said. “You see where you are in comparison to that. Where the hands are at this moment, where your feet are, where the knee is, where your head is at, where your shoulders are at, it breaks it all down if you want it.” When Abbott saw his mechanics in this objective way, he recognized exactly what had been going wrong. “When my tempo, my feet and my hands are aligned, then normally my mechanics are sound,” Abbott said. “And when my mechanics are sound, my stuff behaves normally. The fastball is jumpy. I’m up in velo. My extension is better.” Abbott said that he started diving more into his biomechanics in the middle of April. The Reds have a biomechanics team, which works closely with pitching coach Derek Johnson and hitting coach Chris Valaika. Leading the group is biomecahnics manager Franky Mulloy. “I laugh every day,” Francona said. “When Franky starts talking, I start laughing. I remind him to know his audience.” Francona isn’t a scientist. The Reds’ manager jokes about his own comprehension of the data. But it’s easy for him to recognize the value that the biomechanics team is providing. “That’s why we got them,” Francona said. Abbott said that he had his first big biomechanics-oriented meeting in the middle of April. Behind the scenes, there was already a lot of communication going on within the Reds’ staff. “Franky calculates all the things, builds it into these graphs, and DJ gets them,” Abbott said. “They have their internal communication. Then, we go to them and ask what about this or that. The main thing for me is arm angle.” The data shows Abbott how his arm angle evolves from start to start. He hasn’t meant to change it. But just like all of us, our posture might be different from one day to the next. Pitchers’ arm angles can make minor shifts without the pitcher or even coaches noticing. But the data can’t miss a change like that. Abbott recognized that his arm angle had been moving around without him noticing. Now, he checks in with the data to make sure that his mechanics are in sync. “They get into these cool looking graphs,” Abbott said. “I can’t really describe them. I don’t know what they are. But for me, it’s a photo of a stick figure of myself.” The stick figure of his current positioning is superimposed over previous versions of himself. With that format, Abbott can compare his mechanics on any given day to what they were when he was pitching at his very best. “It was very noticeable from the moment I saw this year as black compared to two years ago and last year, it was very, very different,” Abbott said. “I could see with my eyes without having to ask any questions about the difference in the photos.” For any pitcher, there are a lot of moving pieces in your delivery. For Abbott to be the best version of himself, he needs his head, his arm, his hand, his knee and his feet to be on the right “tempo.” “Tempo is a word I’ve used a lot,” Abbott said. “Getting everything in certain areas working together.” He has been much better at that recently. The data backs that up, and so does Abbott’s ERA. The biomechanics data has also given the Reds’ staff and Abbott some better ideas for some training that he can do between starts. He has added drills to shore up areas of his body that Abbott needed to make stronger. “They make a plan based off what they see,” Abbott said. “If things start changing, we know what to revert back to.” Overall, Abbott says that he’s not a very analytical guy. There’s so much information out there, and he says that it’s important for him to not get too analytical when he breaks down his specific pitches. He has learned the value of being “analytical about mechanics.” And the way that the Reds presented that information to him made it easier for him to make the right adjustments without being overloaded by information. “It was a very simple fix,” Abbott said. “It took a long time to finally get there, feel the results and see it. But for the most part, it was very simple to apply it.”
Scientists discover giant “last titan” dinosaur, Southeast Asia’s largest ever
A massive new dinosaur discovered in Thailand is rewriting Southeast Asia’s prehistoric history. The newly named Nagatitan chaiyaphumensis was a colossal long-necked sauropod that weighed around 27 tonnes and lived more than 100 million years ago. Scientists believe it may be the last giant sauropod ever to roam the region before rising seas transformed the landscape.
Sports are big business in Huntsville
Sports tourism brought more than $60 million to Huntsville last year, per the latest data.
Sports are big business in Huntsville
Sports tourism brought more than $60 million to Huntsville last year, per the latest data.
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
Your Baby’s Gut Health: What Matters Most in the First Weeks of Life
A baby’s gut microbiome starts developing from the moment they’re born, and those early days can have a lasting impact on immune health and development.
Rock legend says new solo tour could be his last, wants ‘less grueling life’
He called the shows "one more for the road."
Cursed Children’s Entertainment: A Reading (and Watching, and Gaming) List
I’ve spent the last two decades trying to smuggle darkness into your brain under Spider-Man sheets. It’s the theme of my writing career: Give you something fun, strange, and frivolous, then rip the…
CIA chief makes historic trip to Cuba as US blockade chokes island's energy supplies
The U.S. has been restricting oil shipments to Cuba since January, plunging the country into blackouts lasting days at a time.
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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