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Science, Public Health, and the Politics of Truth
Presented as part of the McCloskey Speaker Series.Peter Hotez, M.D., Ph.D., professor and dean of the National School of Tropical Medicine at Baylor College of Medicine, joins the Aspen Institute for a keynote lecture on the intersection of science, medicine, and public trust. A leading authority on vaccines and neglected tropical diseases, Hotez reflects on the challenges facing public health today, the growing politicization of science, and what it will take to rebuild trust in scientific institutions in the years ahead.Paepcke Auditorium, doors at 5:00 pmRegistrationThis event is free and open to the public, but registration is required, and capacity is established on a first-come, first-served basis. Once an event is at capacity, we will have an in-person waitlist at the door.Public registration is now open for summer 2026. Please click here to register.ParkingParking is very limited. Please carpool, walk, bike, or ride RFTA.Book signing will immediately follow the event. To learn more about his book or to order a copy, please click here.
Tampa Sports Authority rejects local attorney's claims of conflict of interest
The agency's counsel said the accused members would not see "private gain or loss” if a Rays' stadium was near their properties. Tampa resident Jared Willis, who made the allegations, vowed to press on.
Trump says he is canceling DNI hearings as he vents frustration at legislative maneuvering over surveillance law
President Trump says he is canceling a planned hearing Wednesday for his nominee to serve as Director of National Intelligence, venting frustration at legislative maneuvering over a US surveillance authority.
Kraft Group sues Foxboro over nearly $1M entertainment license fee for Gillette Stadium
The Kraft Group filed a lawsuit against Foxboro on Tuesday over an entertainment license fee of about $1 million for Gillette Stadium they say is part of a pattern of the town improperly using licensing authority to “extract…
Kraft Group sues Town of Foxboro over entertainment licensing - Boston News, Weather, Sports
FOXBORO, MASS. (WHDH) - The Kraft Sports + Entertainment Group is suing the Town of Foxboro, accusing it of misuing its licensing authority. The companyRead More
Why are American politics so volatile?
Both parties are divided. Older issues divide Republicans by education, while newer ones divide Democrats by race.
Oregon Health Chief’s New York Times Essay Draws Response From State Primary Care Group
Oregon Academy of Family Physicians says maternal health care model promoted by Oregon Health Authority Director Sejal Hathi already exists in Oregon—but needs her support.
Gmail's AI summaries are live for everyone, but here's how you can turn them off
Google is bringing Gmail's automatic AI email summaries to users across the globe for free. No paid AI plan required.
I spent 48 hours comparing Siri AI to Gemini — and Apple really impressed me
Apple’s new Siri AI finally delivers on its promise. After 48 hours of testing, here’s how it compares to Gemini.
Hillsborough county attorney clarifies commissioners can't remove sports authority members
The legal opinion was requested by Commissioner Christine Miller after TSA voted to draft a letter to elected leaders seeking to prioritize Raymond James Stadium renovations over a new Rays ballpark.
Cleveland County residents may soon be able to invest in the Rock Creek Entertainment District arena
The Cleveland County Recreational and Entertainment Facilities Authority unanimously approved a resolution naming a trustee bank and underwriters for anticipated bonds up to $230 million to finance the Rock Creek
Big 12 pursues legal action against Texas Tech, Texas Attorney General in Brendan Sorsby case
The Big 12 seeks clarity in its authority to enforce bylaws after a previous judge granted the Texas Tech QB an injunction to play in 2026 despite gambling on his team's games
State names first round of projects funded by federal rural health program
The state this week announced its first round of federal rural health grant funding, which allocated $36 million to projects to help communities with one-time infrastructure improvements and improve technological gaps. The Nevada Health Authority on Monday named the 25 projects that were awarded funding as part of the $180 million part of the Rural […]
Google leaked its next Pixel Drop with Screen Reactions and paid features
Google's next Pixel Drop looks set to add Screen Reactions, Gemini Omni video tools, and AI music creation.
Why Squeezing Big Business Harder Won’t Close the UK Tax Gap
The UK’s tax authority should use artificial intelligence to monitor small and medium-sized businesses the way it does large corporations to help close the nation’s tax gap, Ryan’s Jenny Batchelor says.
Tom Pelissero Offers His 2 Cents on Top Vikings Issue
Tom Pelissero is a national insider who has strong connections to the Minnesota Vikings. He therefore brings some authority behind […]
5 hidden features I didn't know my Samsung phone had
Compass, ruler, Wi-Fi analyzer, and more. These hidden Samsung features made me realize I don't know One UI as well as I thought.
Emboldened Senate Democrats block even bipartisan bills in hardball approach to counter Trump
The decision by Senate Democrats to let a key surveillance authority lapse comes as they’re increasingly emboldened in their legislative fights against President Donald Trump
Slow ICE reporting on infectious illnesses threatens El Paso outbreak response, health authority says
El Paso’s top public health official warned that delays in ICE reporting of infectious illnesses at detention facilities are hampering outbreak response efforts and endanger the broader community.
What to know about Trump's $100,000 H-1B visa fee, and the legal rebuke that followed
On Monday a federal judge struck down the fees, siding with 20 states and ruling that the Trump administration exceeded its authority by raising the charge without congressional approval.
Wellston Industrial Park to Transition to Manufacturing, Logistics Business Park
City of Wellston, County LCRA working with THO Investments on project Working together, the Land Clearance for Redevelopment Authority of the County of St. Louis (LCRA), managed by St. Louis…
After years of waiting, One UI 9 finally brings this status bar feature to Galaxy phones
One UI 9 now supports adding a network speed indicator to the status bar and disabling live activities using a Good Lock module.
After political standoff, Wisconsin closed fish hatcheries. Anglers say it's a huge mistake.
A battle over funding for the state's fish and wildlife account and a lack spending authority forced the closure of Brule and Osceola fish hatcheries and deep cuts to fish stocking statewide.
Alexander Chambers calls for faster business growth in Navajo presidential bid
Alexander Chambers says the Navajo Nation does not need more authority to build its economy. It needs a president who can move faster.
PARAGON SPORTS- Specializes in NYC
Paragon Sports, New York City's independently owned Sports Specialty Store, today announced a series of in-store transformations and brand partnerships that underscore the company's strategy as the definitive sports specialty retail authority of New York City. The announcement coincides with the company being voted the #1 Sporting Goods Store in the United States by the USA Today Readers' Choice Awards.
Tampa Sports Authority puts spending priority in writing. It's Raymond James Stadium
While not choosing between building a Rays ballpark and modernizing the Bucs' facility, a letter from the board to Hillsborough officials urges officials to keep the aging 65,000-seat stadium in money-making form.
Google TV Streamer update unlocks a major hidden upgrade for your smart home setup
The Google TV Streamer received its first major 2026 update, adding the April patch and Thread 1.4 for a convenient smart home experience.
Gemini could soon get a lot better for multitaskers
Google seems to be working on making Gemini more useful for multitaskers by adding useful new features that could roll out soon.
Federal court vacates $100,000 visa fee opposed by radiologists
Judge Leo T. Sorkin on June 8 declared the charge unlawful, contending it “exceeds the fee-setting authority delegated by Congress.”
GEO Group sues Colorado to stop law requiring health and safety inspections of immigrant detention facilities
The private company that operate centers like the one in Aurora claims the new law to oversteps the state's authority.
Samsung and Google are winning the wearable update war by doing nothing
Shocking watch OS 27 compatibility cuts give Samsung and Google a massive victory over Apple in wearable software longevity.
Federal judge voids Trump’s $100,000 fee requirement for H-1B visas
A federal judge on Monday voided President Donald Trump’s requirement of a $100,000 application fee for H-1B visas, ruling that he lacked authority to impose the new policy for a program used by companies to hire highly skilled foreign workers in specialized fields.
Low pay plagues Congo health workers
MONGBWALU, Congo -- The front line is wearing thin in Congo's battle with the world's latest Ebola virus outbreak, as low pay adds to the fatigue plaguing the nation's healthcare workers, says one medical authority.
'It gives us less faith moving forward': State Sen. Tony Strickland slams Newsom's changes to High-Speed Rail Board
Republican State Sen. Tony Strickland slammed the newest leader of California's High-Speed Rail Authority Board after Gov. Gavin Newsom made abrupt changes to the group of people who oversee one of the most expensive transportation construction projects in the world.
Senators Warn of Intelligence Gaps if Surveillance Program Expires
Two senior Republicans urged the Trump administration to prepare for the possible expiration of a contentious intelligence-gathering authority.
Scott asks Tampa Sports Authority to 'carefully review' approval of Ye concerts
In a letter to the TSA, Sen. Rick Scott said he was troubled that taxpayer-supported venue would host an artist who's made antisemitic remarks.
I used the Motorola Razr Ultra (2026) and the Galaxy Z Flip 7, and I only want one in my pocket
The Motorola Razr Ultra (2026) and Samsung Galaxy Z Flip 7 may share a form factor, but they offer very different experiences.
California High-Speed Rail board approves business plan that suggests moving downtown Merced station
A business plan that forecasts where Merced’s proposed bullet train station may ultimately end up has received unanimous approval from the California High-Speed Rail Authority’s board.
New Mexico Wellness Wire: Grocery money, abuse reporting and more Health Care Authority news
The Health Care Authority made announcements this week set to affect summertime food access and care for people with disabilities.
A new breed of power banks is here, and they're built around safer battery chemistry
The semi-solid-state magnetic power banks first unveiled at CES 2026 are now available, promising improved safety, Qi2 charging, and more.
NM Health Care Authority announces $76M in federal rural healthcare funds
When fully implemented, the program aims to reduce long wait times, chronic disease risk factors and readmission rates to rural hospitals.
Free Summer Entertainment Series returns with varied lineups despite reduced budget
The Fairfax County Park Authority has unveiled event lineups for this year's Summer Entertainment Series, which will feature more than 100 outdoor concerts, movie screenings and other free diversions. Kicking off with Springfield Nights at Burke Lake Park and Arts in the Parks at Frying Pan Farm Park on June 24, the 2026 offerings won't
Google Photos on Android finally gets this handy feature months after iPhone
Google Photos on Android is finally getting the saved "Stickers" album in the "Collections" tab six months after it rolled out on iOS.
Christine Miller takes a warning shot at Tampa Sports Authority appointees
There's more drama as negotiations with the Rays move forward.
In the chase for stadium dollars, Tampa Sports Authority wants to prioritize Bucs over Rays
The Tampa Bay Buccaneers and the Tampa Bay Rays are hoping to strike stadium deals.
Pixel 11 leak reveals all the official wallpapers arriving with this year's phone series
Ahead of an expected August launch, the official wallpapers for Google's upcoming Pixel 11 series has leaked.
Is your Google Drive a mess? This new feature will organize your files for you
Google Drive is finally rolling out a new feature that will use AI to suggest file moves to help organize your Drive quickly.
Tampa Sports Authority says Bucs should trump Rays in cash requests
With talks ongoing about an MLB ballpark and renovations to Raymond James Stadium on the horizon, TSA wants to prioritize the NFL team’s request.
Google rolls out fake call detection to protect against AI deepfake impersonation scams
As people increasingly refuse to answer calls from unknown numbers, scammers are shifting their tactics by spoofing trusted phone numbers and using AI deepfake technology to sound like authority figures, family members, or employers.
Oregon Health Authority monitors returning MV Hondius passenger after hantavirus outbreak
KATU ABC 2 offers coverage of news, weather, sports and community events for Portland, Oregon and surrounding towns, including Beaverton, Lake Oswego, Milwaukie, Happy Valley, Gresham, Vancouver, Hillsboro, Oregon City, Tualatin, West Linn, Woodburn, Tigard, Tualatin and Garden Home.
Motorola Edge 2026 arrives with the biggest design change in years, and you might love it
Motorola's new Edge 2026 has launched, and it leads with a stylish Pantone Olive shade and a compact design.
Here's everything new in June 2026 for the Google Play Store
Google Play Store v51.7 makes app deals easier to spot, streamlines installs for upcoming releases, and adds a cleaner experience on Android.
Android 17 Beta 4.1 arrives as Google scrambles to get things ready to hit stable
Android 17 is nearly ready to hit stable, but ahead of that happening, today we've got a new Android 17 Beta 4.1 release.
The Next Step in Trump's War on Science
OMB's new rule attempts to politicize funding for scientific research. It goes far beyond OMB's legal authority.
The Presidential Prayer Team
Each day, we invite you to join us in prayer for our national leaders. As mandated by 1 Timothy 2:1-2, we encourage prayer for those in positions of authority.
Opinion: Untying the hands of Alaska’s most accessible healthcare providers
Legislation giving pharmacists new prescribing and patient-care authority is now in the hands of the governor.
Google’s Gemini Spark is ready to run your digital errands while your phone is off
You can now give Gemini Spark a task, turn off everything, and it still gets the job done.
Google Drive's big document scanner overhaul is finally here — don't overlook its power
Google Drive’s new scanner uses on-device AI to batch-scan documents, fix blurry shots, and skip duplicates.
$3 million awarded for small and minority businesses in Maryland
The Maryland Department of Commerce has awarded six businesses with a total of $3 million in loans and equity investments through the Maryland Small Business Development Financing Authority (MSBDFA). MSBDFA provides various funds to small and...
The Chrome browser is getting a big safety upgrade — if you use Windows
Chrome is making it safer to browse the web after logging in.
Samsung Galaxy Watch 9 codenames suggest there will be a new Classic this year
Despite recent rumors to the contrary, it looks like we may get a Galaxy Watch 9 Classic this year, after all.
YouTube Premium gets three new features for an even better podcast experience
YouTube Premium is getting three new features aimed at people who use the platform to listen to podcasts. Check them out today!
How Asian American politics has changed, and where it stands today
A Good Chat with Janelle Wong challenges the misconceptions about Asian American political behavior.
Vermeer breaks ground on Bondurant facility
Vermeer Corp. marked the beginning of construction of its new manufacturing facility in Bondurant last week. A groundbreaking ceremony was held on May 21, and featured representatives from Vermeer, city leaders, and officials from the Iowa Economic Development Authority and the Greater Des Moines Partnership. The Pella-based company announced plans to expand its operations to…
$5M in Funding Still Available for NJEDA’s Cannabis Business Development Grant Program
TRENTON, N.J. (May 26, 2026) – The New Jersey Economic Development Authority (NJEDA) today announced that approximately $5 million in funding is still available for the Cannabis Business Development (CBD) Grant Program.
Congressional Black Caucus
The Congressional Black Caucus (CBC) has been committed to using the full Constitutional power, statutory authority, and financial resources of the federal government to ensure that African Americans and other marginalized communities in the United States have the opportunity to achieve the American Dream.
Google Play Store could soon warn you about dead Android apps on your phone
Google Play Store code hints at a new feature that notifies Android users when an installed app is removed or delisted.
This Fitbit Air rival skips a monthly subscription, and it finally has a launch date
A smart ring company is preparing to launch its Fitbit Air rival, and it will be ditching the subscription model.
The Presidential Prayer Team
Each day, we invite you to join us in prayer for our national leaders. As mandated by 1 Timothy 2:1-2, we encourage prayer for those in positions of authority.
Gemini user hits 5-hour usage cap after a single prompt, Google responds
"Yikes!" is exactly the right reaction for this situation.
Another Android brand is teasing us with magnetic rear screens
Another Android smartphone maker has launched a magnetic rear display accessory for its smartphones and it is really good.
Galaxy S23 owners say Samsung did them dirty by leaving out this feature in One UI 8.5 update
Galaxy S23 owners are frustrated after the One UI 8.5 update skipped a key feature that newer Samsung devices received.
Federal health department withdraws controversial vaccine panel changes
The U.S. Department of Health and Human Services quietly withdrew revisions to a key vaccine advisory panel after a federal judge ruled officials exceeded their authority in a seeking vaccine changes.
One UI 8.5 breaks dark mode on Samsung phones, but there's a workaround
Several Samsung Galaxy users are reporting that dark mode is broken on their devices since the One UI 8.5 update, but workarounds exist.
I’d switch to a Pixel in a heartbeat if it weren’t for this Samsung app
Pixel offers clean Android and fast updates, but this Samsung app delivers customization and features that Google's phone still can't match.
Local professionals invited to attend Business After Hours
ESCANABA – This Wednesday, the Daily Press, Delta Area Transit Authority (DATA) and the Menominee-Delta-Schoolcraft Community Action Agency (MDSCAA) will be partnering to host Business After Hours, a networking event for local professionals. The event will be held at DATA, 2901 27th Ave. N, Escanaba, on Wednesday, May 27 from 5 to 7 p.m. and […]
Android 17 QPR1 Beta 3 finally enables partial screenshots, but not for everyone
Android 17 QPR1 Beta 3 brings the long-leaked partial screenshot feature and enables it by default, but only for large screens.
Google just replaced another major piece of Fitbit's identity
Older Fitbit Community discussions are no longer easily accessible despite Google promising a read-only version.
Over 20 Aspen businesses plan to shut down in some capacity for 2027 airport closure
Aspen Chamber Resort Association presented to the Aspen/Pitkin County Housing Authority Board Wednesday on potential impacts to the workforce during the 2027 Aspen/Pitkin County Airport closure to help guide initial conversations about waiving required work hours for employee housing.
Android 17 QPR1 Beta 3 reveals new screenshot buttons, likely for Aluminium OS
In Android 17 QPR1 Beta 3, we've spotted new buttons in the screenshot overlay that could potentially be intended for Aluminium OS devices.
Senator Laird Names Salinas Regional Sports Authority 2026 Nonprofit of the Year
Official website of Senator John Laird, representing California Senate District 17.
Galaxy S27 Pro leak suggests a pocket-friendly phone with Ultra features
It sounds like a Galaxy S27 Pro is on the cards for next year, and a new report may have just revealed screen info.
Google quietly nerfed its AI Pro plan, and here's what you get now
Google claims a fairer approach, while users call it a "scam."
Google caps off I/O 2026 day one with Android 17 QPR1 Beta 3 release
As if you didn't have enough Google news to catch up with after I/O's keynote, we've also got a new Android 17 QPR1 Beta 3 release.
Plex announces borderline offensive Lifetime Pass price hike
Starting on July 1, newly purchased Lifetime Plex Pass subscriptions will cost $749.99, three times the current $249.99 rate.
Android users are finally starting to see Google's major Gemini app design overhaul
Google is rolling out a fresh redesign for the Gemini app for Android ahead of I/O 2026, matching the iOS app redesign in early May.
Cleveland County Recreational and Entertainment Facilities Authority seeking proposals for underwriters, trustee bank for future arena bond issuance
The Cleveland County Recreational and Entertainment Facilities Authority approved issuing a request for proposals for an underwriter and trustee bank service for future bond issuance related to the new arena
Ebola outbreak prompts U.S. to screen travelers at airports, other ports of entry
The U.S. is relying on a special public health authority to bar non-U.S. passport holders who have been to Uganda, Congo or South Sudan from entering the country.
Potential federal college sports reform could reshape Florida football
Proposed federal reforms surrounding NIL, transfers and NCAA authority could significantly impact Florida and other SEC football programs.
Amazon's Kindle shutdown is sending users down the jailbreak rabbit hole
Amazon is retiring support for these Kindle models, and many users are finding unexpected ways to keep them alive.
Galileo Galilei, scientist: “In questions of science, the authority of a thousand is not worth the humble reasoning of a single individual”
Galileo’s warning about scientific consensus still resonates centuries later as modern discoveries continue overturning accepted wisdom.
Gemini Intelligence requirements mean most Android phones are going to miss out
Gemini Intelligence's requirements are higher than you might realize.
Sony's explanation for its embarrassing AI photos just leaves more questions
Sony has responded after getting roasted online over its new AI camera tool.
Gemini's Spark agent has leaked, and it looks like it's gunning for Claude Cowork's throne
It could clean up your messy Gmail inbox or make changes to your Google Docs.
Praise to the chief: A week of homage to Trump
Since returning to office, Trump hasn’t just solidified his grip on Republican politics and asserted his executive authority deep into the federal government. He has inspired, encouraged, and, at times, outright demanded to be showered with homage.
Google explains why some new Gmail accounts only get 5GB storage
In a statement to Android Authority, Google confirmed it is testing a new storage policy that offers reduced free storage in select regions.
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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