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These Android Auto and CarPlay features are built in, but most drivers never find them
A split-screen view and home screen customization are available on both Android Auto and CarPlay, but most drivers never discover these features.
GTA 6 Review Copies Won't Be Distributed, It's Claimed
It has been claimed that Rockstar Games and Take-Two will NOT distribute Grand Theft Auto 6 review copies and codes later this year.
Morgan Stanley turns bullish on Ford's EV storage business
Ford Motor stock surged 13% in a single session the week of May 10 after Morgan Stanley issued a bullish call on the automaker's energy storage business. That was Ford’s biggest one-day gain since March 2020. For context, that kind of move doesn't happen without a serious catalyst. And this one ...
Tommy Robinson tells tens of thousands at London rally to prepare for ‘battle of Britain’
Turnout down at second Unite the Kingdom march featuring Islamophobic and ethnonationalist hate speech and flyers
AI Is Forcing Businesses to Adapt. Here’s What Actually Works
Here are six ways founders can be defensive and AI-proof their revenue streams and future business growth.
Kalshi Referral Code SBWIRE | Get $10 Bonus for NBA, Politics Trading & More This Week
Sign up with Kalshi referral code SBWIRE, trade $10 and get $10 in credit. Trade the NBA Playoffs, Stanley Cup Playoffs, MLB, politics, crypto and more.
The buzz on oil prices hitting Redding auto-lube shops. Dunkin' time
This in the Buzz. The surge in oil prices are impacting local oil change businesses. An update on Dunkin's opening day and a job fair is planned.
Louisiana Senate Primary Election 2026 Live Results
See live results from the 2026 Louisiana Senate primary election as votes are counted for Republicans and Democrats.
When should you get a mammogram? Conflicting advice makes it hard to know
Deciding when to get a routine mammogram is confusing. Guidelines disagree on whether to begin at age 40, 45 or 50, and whether a yearly or every-other-year scan is best.
Class of 2027 football recruiting rankings — a Texas DL headlines composite top 50
Jalen Brewster, John Meredith, DJ Jacobs and Maxwell Hiller headline the top 50 Class of 2027 recruits entering the summer.
Fans enjoy activities outside of Dover Motor Speedway before the race
Take a trip to All-Star Weekend at Dover Motor Speedway and see all of the festivities going on around the track on May 15, 2026.
Fans enjoy activities outside of Dover Motor Speedway before the race
Take a trip to All-Star Weekend at Dover Motor Speedway and see all of the festivities going on around the track on May 15, 2026.
Green Bay area high school sports results for Friday, May 15
High school baseball, softball, track and field, and tennis teams were in action.
Andalucíans to vote in election seen as gauge of Spain’s wider political change
Conservatives expected to keep majority as socialists face drubbing and ballot tests trajectory of far-right Vox party
Fake lawyers, scientists, chefs and punters: meet the ‘white monkeys’ paid to make Chinese businesses look global
A foreign face is often thought to add prestige to a product or business – what’s behind this unregulated economy?
Where to watch Baltimore Orioles vs Washington Nationals: TV channel, start time, streaming for May 16
Here's how to watch Saturday's Washington Nationals vs Baltimore Orioles game, including start times, TV channels, scores and how to stream.
WNBA games today: Schedule, times, how to watch for May 15
Here's the full WNBA schedule for May 15, including game times, TV channels, scores and how to stream.
NBC Sports’ betting experts give their best bets for the Preakness
No Kentucky Derby winner? No problem. These are the horses worth wagering on Saturday.
Middle school students in Kaukauna gets hands‑on with food production
Kaukauna teacher brings modern agriculture to middle schoolers with hydroponic growing system.
Stiles couple turns retirement hobby into successful, growing business
What began as a hobby is now a successful business for Irene and Randy Belongia, owners of Willow Buck Creations in Stiles.
Amazon's discounted Fitbit Air deal comes with a free band - but I'd act quick
The latest Fitbit is here, and you can save 26% on it when you preorder on Amazon today.
Can a Republican defy Donald Trump and survive? Kentucky voters will decide
Congressman Thomas Massie, chastized by the US president as a ‘lowlife’, will soon face the ballot box – setting up a crucial test of Trump’s political strength
Abilene Heritage Square opens with new library, science center
Abilene Heritage Square, a revitalized 1924 high school campus, opens Saturday, May 16, featuring a new library, science center and event spaces.
Fond du Lac Agri-Business Council names scholarship winners
Six Fond du Lac County area students were selected for 2026 agri-business scholarships.
Sen. Bill Cassidy faces Louisiana Republican primary for the first time since his Trump impeachment vote
The Louisiana Republican is running for re-election against Trump-backed Rep. Julia Letlow and state Treasurer John Fleming.
Could a seventh downtown business be closing this year? What we know.
Since October 2025, downtown New Bedford has experienced multiple business departures, with the 30 North Water St. space now listed for sale.
From Normal to Ania Magliano: your complete entertainment guide to the week ahead
Bob Odenkirk’s a put-upon lawman in Ben Wheatley’s latest, and the SNL UK star is back out on tour
Declare climate crisis a global public health emergency, experts tell WHO
Exclusive: Commission says alert would trigger coordinated international response that could help avoid millions dying
Trump defends saying he isn’t thinking about Americans’ finances amid Iran talks
The president also said he’s not considering the political implications of the Iran war on the midterms, when Republicans will be defending slim majorities in each chamber.
7 AI Tools to Build a One-Person Business in One Weekend (No Staff, No Code)
Smart systems to help solopreneurs scale fast.
San Antonio Metro Health, H-E-B relaunch insulin financial assistance program
San Antonio Metropolitan Health District and H-E-B will cover $100 per prescription, including refills, under its relaunched Diabetes Insulin Assistance Program to those who need financial assistance.
Supreme Court rejects Virginia Democrats’ attempt to revive new congressional map
The decision leaves in place a Virginia Supreme Court ruling that concluded the process leading up to a referendum approving a new map was legally flawed.
Democrats’ redistricting push in Virginia dies at Supreme Court
The U.S. Supreme Court rejected Virginia Democrats' longshot bid to revive a new congressional map. It leaves the national party at a redistricting disadvantage.
Trump’s flavored vape push sparks backlash from MAHA influencers, health officials
The FDA this month opened a pathway for tobacco companies to sell flavored e-cigarettes and granted its first authorization for fruit-flavored vapes.
Trump’s China trips ends with more questions than answers: From the Politics Desk
Plus, he’s not on the ballot, but Gov. Brian Kemp faces a big primary test in Georgia next week.
Jackie Tohn reveals she underwent double mastectomy after health scare
Jackie Tohn is opening up about a health scare and procedure she underwent after learning she had an 85% chance of getting breast cancer.
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…
The 4th Linux kernel flaw this month can lead to stolen SSH host keys
The good news is there's already a patch. The bad news is that the fix isn't available for all Linux distributions yet. Here's what you can do in the meantime.
USA TODAY Sports Super 25 girls flag football rankings entering mid-May
After another week of play, who are the best flag football teams in the country?
From The Sports Desk: Preakness preview
Our data guru Steve Kornacki expects a wide-open field for the big race. Plus, our World Cup player spotlight and a preview of this weekend’s Premier League action.
Check out UNR graduation photos — science, nursing, speech pathology
Check out photos of the 2026 graduation ceremonies for the College of Science, Orvis School of Nursing and the School of Medicine (Speech Pathology).
Thousands of Latinos could lose health coverage in Florida. Here's why
More than 4 million Latinos are projected to lose their health insurance over the next ten years in the U.S., according to a new report.
See renderings of renovated Cox Science Center & Aquarium in West Palm
The Cox Science Center & Aquarium will expand after its renovation is complete. Here's a sneak peak of what the renovation will look like.
Florida city offers businesses year of free rent. How it works
Hialeah is offering businesses one year of free rent — if they're willing to move into a city-owned building.
Forza Horizon 6 Dev Explains Why Shrines, Temples, and Cherry Blossom Trees Are Indestructible
Forza Horizon 6 makes cherry blossom trees and shrines indestructible — here's why.
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.
ReHouse Architectural Salvage going out of business after 24 years
Retiring owner: ‘I feel terrible about it. But it’s a tough business and hard work.’
Greater Wilmington Sports Hall of Fame set for 19th induction class Sunday
The Greater Wilmington Sports Hall of Fame will induct five new members this weekend. Read about each one here.
Vermont high school sports scores, results, stats for Friday, May 15
Vermont high school sports scores and results as reported to the Burlington Free Press sports department.
AI camera blunder turns new Xperia 1 VIII into a meme: Sony roasted in viral social media trend
Sony faces social media backlash and mockery over the Xperia 1 VIII’s AI Camera Assistant. Users on X are roasting the company by sharing overexposed "before and after" memes after the Japanese giant posted promotional images that appeared lower in quality than the originals. Sony has since clarified that the AI suggests "creative looks" rather than automatic edits.
How a $4 Box of Crunch 'n Munch Taught Me a Lesson That's Shaped Every Startup I’ve Built
Some of the most important entrepreneurial lessons I've learned came when I was 19 working as a vendor at Fenway Park.
"I cannot condone piracy, but I get why people do" - Subnautica 2 lead designer airs frustration at 'flagrant' pirates
This comes as Subnautica 2 makes a massive splash on Steam and Xbox, boasting over two million copies sold.
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.
Craig Bacon to lead U of A Department of Food Science
Having worked for Simmons Foods, Tyson Foods and Oscar Mayer, he brings an industry perspective to the university.
Jackie Tohn Opens up About Her Health Scare With Breast Cancer
Jackie Tohn opens up to TODAY's Jenna Bush Hager and Sheinelle Jones about her recent health scare where she learned she has an 85 percent chance of developing breast cancer and her decision to undergo a double mastectomy. She also discusses the third season of "Nobody Wants This" and facing off against Macaulay Culkin on "Celebrity Jeopardy."
Cape Coral sitcom: Dixie Roadhouse shoot for 'Jimmy on the Rocks'
The pilot episode of new TV show "Jimmy on the Rocks" was shot in June 2025 at Cape Coral's Dixie Roadhouse. It's been screening at film festivals.
Where to watch Washington Mystics vs Indiana Fever on May 15: TV channel, start time and streaming
Here's how to watch Friday's Indiana Fever vs Washington Mystics game, including start times, TV channels, scores and how to stream.
‘A breath of fresh air’: San Antonio businesses cash in on Spurs’ playoff run
San Antonio is feeling more than just playoff excitement as businesses are seeing a real financial boost with the Spurs advancing through the postseason.
Marathon "overwhelming" for newcomers, director admits as plans for PvE and PvP-lite modes revealed
Game director Joe Ziegler has written a lengthy article about the future of Marathon.
Majority of Florida voters favor tighter limits on sports betting, UNF poll finds
A majority of Florida voters want the state to place tighter limits on sports betting, even as nearly one in four say they have placed an online wager, according to a new statewide poll.
New growth of a business community in downtown Bremerton
As Armed Forces Day arrives in Bremerton, visitors who may not come often could be surprised by what's happening downtown.
BioWare had a plan to reboot Star Wars: The Old Republic and make it more KOTOR like, but EA's board of directors shut it down
It was to be called The New Republic and make the Star Wars MMO feel much more like KOTOR. Key figures were on board with it. But the idea crashed on the rocks
Muslim American groups say Republicans are weaponizing congressional hearings
There is no evidence that any mainstream U.S. Muslim group has advocated for imposing sharia on the United States.
Starmer, Burnham, Farage, Polanski: they make a week in politics feel like an eternity in Hades
It’s your life in their hands, but what kind of life is that? No wonder a wearied, confused public has mobilised into tribes – or just tuned out, says Guardian columnist Marina Hyde
Detroit’s Business of Food Summit brings chefs, food leaders together
The 2026 Business of Food Summit in Detroit is free to attend and features discussion panels and networking with food industry leaders.
Microsoft to automatically roll back faulty Windows drivers
Microsoft is introducing a new Windows Update capability that will allow it to remotely roll back problematic Windows drivers delivered through Windows Update.
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.”
Health agency names two schools affected by Berkshire meningitis outbreak
Students from Reading Blue Coat school, and Highdown secondary school and Sixth Form Centre receiving treatment
Should Your Subscription Business Use Auto-Renew?
Subscription businesses obsess over pricing and churn, but the most consequential strategic choice may be far simpler: whether subscriptions auto-renew or auto-cancel. Drawing on a 1.4 million–person field experiment with a major European newspaper, the authors show that while auto-renewal boosts short-term retention, it suppresses trial sign-ups so sharply that auto-cancel ultimately produces more paying subscribers and higher-quality customers over time. The right approach depends on two factors—whether customers are naturally loyal or variety-seeking, and whether a company is an incumbent defending share or a challenger trying to acquire it—making renewal defaults a competitive strategy decision, not merely an operational setting.
Slimy lettuce, moldy jalapeños found during Reno health inspections
Four Reno restaurants were cited in late April for health code violations including improperly thawed tuna, slimy lettuce and visibly expired steaks.
VW Ads Have Occasionally Ventured Into Science Fiction
Usually when I talk about Volkswagen advertising, I tend to talk about their golden age of ads, the midcentury ones created by Doyle Dane Bernbach (DDB) that we all know, the ones that have become icons of advertising. The other day when I wrote about car ads that feature zero cars in them, I referenced […]
Ferrari blends past and future with new HC25 supercar
Special based on F8 Spider introduces thinner headlights and vertical daytime running lights
Urban Science survey: Dealers confident in sales process, wary of AI for lead follow-ups
The sixth annual automotive research study by Urban Science in collaboration with The Harris Poll highlighted that nine in 10 U.S. car buyers said a traditional
The Real Reason Apple Can Survive Without Tim Cook
Build a business that can survive without you by creating systems, developing people, and reducing founder dependence.
Star Wars: The Old Republic Director James Ohlen Discusses BioWare Exit After EA Killed New Republic Reboot
James Ohlen, the former director of Star Wars: The Old Republic, has discussed his exit from BioWare in 2018, after an attempt to reboot the game that was squashed by publisher EA.
Two orphan manatees begin rehab at Bradenton's Bishop Museum of Science
IN BRIEF: Special blessing for new Epiphany Cathedral church bells; SPD supports Special Olympics; new Venice Middle School principal; Pinewood Derby.
California bill pushing to keep games playable after server shutdowns passes key hurdle, paving way for full assembly vote
A Stop Killing Games-backed California bill pushing to keep games playable after server shutdowns has passed an appropriations committee vote.
How new Florida law will change high school sports rosters overnight
Florida Senate Bill 538 requires non-traditional student-athletes to play sports at a high school in the county in which they reside.
Packers' 2026 schedule includes seven national TV games, six at night
As schedules go, the 2026 version for the Packers has some elements not seen before.
Notre Dame says jump. ACC asks how high. Inside college football's most dysfunctional relationship
The Fighting Irish can insult, blame and posture — safe in the knowledge the ACC will never push back.
Ray Mariano: Things I miss most in today's politics
I sure do miss the time when our leaders treated people with kindness and then actually tried to work across the aisle to move our nation forward.
Silicon Valley's latest binge-watch is a humanoid warehouse worker
Figure AI's livestream of a humanoid robot sorting packages drew millions of views, and showed the promise and limits of warehouse automation.
How Mississippi politicians, advocates reacted to redistricting cancelation
Gov. Tate Reeves' decision to cancel the Mississippi Legislature's redistricting special session caused a flurry of reactions from politicians.
Subnautica 2 already has huge concurrent player counts and has swum to one million sales already
Within its first 24 hours live, Subnautica 2 has made a dominating start on Steam, though console figures remain a mystery.
Michigan Health Department releases findings about project on contaminants in firefighters’ blood
The Michigan Department of Health and Human Services (MDHHS) has released findings from a project to determine concentrations of per- and polyfluoroalkyl substances (PFAS) in blood of Michigan firefighters.
Free primary care for all: Democratic think tank pushes the party on new health policy
The Searchlight Institute wants Democrats to shake up their approach to healthcare and offer a fresh vision for the future.
U.S. businesses edge toward another $25 billion tariff refund
Federal courts questioning Trump-era tariffs, raising the possibility that U.S. importers could see a second round of refunds
My unsung hero of science: Carolyn Wood Sherif, pioneer of feminist psychology who foresaw the risks of scientific bias
In 1979, Wood Sherif wrote my favourite psychological paper of all time.
Everything to know about this year's PrideFest in Springfield
Springfield's annual PrideFest is this weekend. Here's a rundown for what you need to know.
Crimson Desert Gets Yet Another Major Patch, Adds Blinding Flash Finisher for Unarmed Combat So You Can Live Out Your Batman Fantasies
Crimson Desert update 1.07.00 is out now. Check out the patch notes.
This founder was nearly homeless after 3 failed startup ideas. Then he built a $150 million business
His story is a master class in pulling off a pivot.
The postwar UAE and the remaking of Gulf politics – European Council on Foreign Relations
Iran’s attacks on the Gulf have convinced Abu Dhabi that accommodation with Tehran has failed. Leaving OPEC reflects the UAE’s turn towards strategic autonomy,
Africa's top health body confirms new Ebola outbreak in remote Congo province
Africa's top public health body has confirmed a new Ebola outbreak in Congo’s remote Ituri province.
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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