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New Hawaiian law limits corporate spending on politics, other states work to follow suit
Hawaii’s Democratic Governor on Thursday signed into law a bill to stop corporations and "dark money" groups from spending unlimited amounts of money on politics.
Politics Unplugged Podcast: Dr. Terri Leyba Ruiz on education in Arizona
Dr. Terri Leyba Ruiz is running for Superintendent of Public Instruction. She joins the pod to talk about why she’s running. Then Dennis and Colin discuss the state of the Arizona Cardinals.
(LETTERS) Business council spending, Wyoming judicial retention system and state politics
Oil City News publishes letters, cartoons and opinions as a public service. The content does not necessarily reflect the opinions of Oil City News or its
(LETTERS) Business council spending, Wyoming judicial retention system and state politics
Oil City News publishes letters, cartoons and opinions as a public service. The content does not necessarily reflect the opinions of Oil City News or its
Summer, sunshine and science: Physics Day at Lagoon
Students from across the Intermountain West gathered to explore the world of science — and it was thrilling in more ways than one
WATCH | Vehicle barrels through window of Mechanicsburg business
Business was booming at a Mechanicsburg trailer store on Thursday when a SUV came crashing through the building's window.
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.
Youth sports, Eversource, student mental health: CT politics news
These news briefs are part of The Connecticut Mirror’s 2026 political coverage. For more, sign up for our newsletter 'The Issue.'
Youth sports, Eversource, student mental health: CT politics news
These news briefs are part of The Connecticut Mirror’s 2026 political coverage. For more, sign up for our newsletter 'The Issue.'
These Oshkosh residents want you to log off and talk politics — in real life - Wausau Pilot & Review
by Miranda Dunlap / Wisconsin Watch, Wisconsin Watch May 13, 2026 Click here to read highlights from the story Oshkosh resident Nikolas DeGroot started
Rubio: Iran won’t be able to leverage US politics into forcing ‘bad’ deal on Trump
Secretary of State Marco Rubio on Thursday said Iran attempting to use U.S. politics, specifically rising energy prices and its impact on Americans, will not pressure President Trump and lead him i…
Colorado Gov. Jared Polis grants clemency to Tina Peters, makes her eligible for release from prison
Colorado Gov. Jared Polis on Friday granted clemency to Tina Peters and made the former Republican county clerk eligible for release from state prison as soon as next month, capping months of speculation that the Democratic governor would shorten a nine-year sentence related to her role in a scheme to breach secure voting equipment. Polis, […]
Ozzy Osbourne's son says celebrities should shut up when it comes to politics
The late Ozzy Osbourne’s son Jack said Friday that celebrities should be quiet when it comes to politics.
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
How Rayner, Streeting and Burnham weakened PM in 12 hours of political drama
Three interventions by three senior Labour politicians made for an unforgettable day in British politics.
Continuing The Woodson Legacy: Charles Woodson Jr. Commits to Michigan
Charles Woodson Jr., son of legendary safety Charles Woodson, has followed in his father's footsteps and has committed to Michigan.
Trump Administration Weighs $1.7 Billion Fund for Allies Investigated Under Biden
Critics denounced the highly unusual plan, which has yet to be finalized or approved, as a vast political slush fund financed by taxpayers.
Whole Hog Politics: Idiocracy alert
It is easy — indeed, too easy — to see the damage that the COVID-19 pandemic and lockdowns did to America’s young people. I say “too easy” because, as the most recent estimates from Stanford University’s Educational...
Gov. Green signs law that targets corporate influence in politics
The new Hawaii law is aimed at curbing what is often called "dark money" in politics.
Grand jury indicts 2 petition circulators in 2024 signature-forgery case
A statewide grand jury has indicted two petition circulators on allegations that they forged signatures while gathering support for a proposed constitutional amendment on the 2024 ballot. According to Colorado Attorney General Phil Weiser, the circulators — Cherell Long of Nevada and Martin Arellano of Texas — were working for a Colorado Springs–based canvassing firm […]
Romelu Lukaku Included In Belgium's World Cup Squad For The Fourth Time
Romelu Lukaku was included in Belgium's World Cup squad despite an injury-hit season with Napoli, joining Kevin De Bruyne and Thibaut Courtois as Belgium prepares for Group G play.
Gas Prices, Gerrymandering and Obama’s Return to Texas
Co-hosts Brandon Rottinghaus and Jeronimo Cortina delve into the latest news in politics
How this South Jersey multi-sport athlete made her way onto the U.S. Special Olympics roster
ASUS Republic of Gamers Announces ROG NUC 16
ROG NUC 16: ASUS unveils a compact gaming PC for gamers and creators. Features Intel Core Ultra, NVIDIA RTX 5080 Laptop GPU, AI-enhanced graphics, QuietFlow cooling, and versatile dual-orientation design. Subscribe to ASUS Pressroom for the latest tech updates!
Colin McEnroe (opinion): Peppa Pig invites mudslinging to CT politics
Peppa Pig contributes to Erin Stewart's downfall as a GOP gubernatorial candidate, allowing rival Ryan Fazio to hog the spotlight.
Colin McEnroe (opinion): Peppa Pig invites mudslinging to CT politics
Peppa Pig contributes to Erin Stewart's downfall as a GOP gubernatorial candidate, allowing rival Ryan Fazio to hog the spotlight.
Politics Friday: Minnesota lawmakers reach a session-ending deal, now race to get it through
MPR News politics editor Brian Bakst talks with four caucus leaders about a session-ending agreement and how they’ll shepherd it through this weekend.
A Year Ago, Experts Worried About NAEP’s Future. Now, the Test is Expanding
The results would drill down on what students know in their senior year, as well as in civics and science.
Dispatch Politics Roundup: The Cruise Ship Dispatch
Your weekly roundup from Washington, D.C.
Bridge Michigan News Quiz, May 15: Politics-free trivia
No candidates. No polls. Just 10 answers about the week that was in Michigan.
Now streaming: Gov. Lamont and legislative leaders take the stage at HBJ Politics & Policy Forum
The full video of Hartford Business Journal’s second annual Politics & Policy Forum is now available, featuring Gov. Ned Lamont’s preview of a third-term agenda and a pointed panel discussion […]
Andreas Rettig: 'You can't separate sports and politics'
The World Cup in the USA, Canada, and Mexico is sparking discussions beyond the realm of football. DFB Director Andreas Rettig discusses the Germany team and the geopolitical situation in an interview with DW.
Andreas Rettig: 'You can't separate sports and politics'
The World Cup in the USA, Canada, and Mexico is sparking discussions beyond the realm of football. DFB Director Andreas Rettig discusses the Germany team and the geopolitical situation in an interview with DW.
British Politics Is About to Get Even Messier
The looming contest between Prime Minister Keir Starmer and left-wing mayor Andy Burnham is spooking markets worried about Britain’s finances.
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.
Justice Department challenges efforts to sanction Trump administration lawyers in new lawsuit
The Justice Department is challenging efforts to sanction attorneys from the first and second Trump administrations, asserting in a lawsuit that the District of Columbia Bar is unfairly playing politics with the legal disciplinary process.
Chris Nocco starts SD 21 campaign strong with flurry of conservative support
'He is a proven conservative leader who has always put families, public safety, and our community first.'
Britain Politics
Larry the cat, Chief Mouser to the Cabinet Office and a police officer are next to the 10 Downing Street door in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
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
Andrew Abbott leaned into some science to get his season back on track
Andrew Abbott has been working closely with the Reds biomechanics team
2026 Special Olympics USA Games Announces Opening Ceremony Entertainment Lineup, Tickets on Sale Now
/PRNewswire/ -- Demi Lovato and Jon Batiste will perform during the Opening Ceremony of the 2026 Special Olympics USA Games on June 20 at Huntington Bank...
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.”
NYU's Joshua Tucker on the politics of training AI
Joshua Tucker, New York University Center for Social Media & Politics co-director, joins 'Squawk Box' to discuss details of the university's new research showing that AI chatbots generate more government-friendly responses when prompted in languages tied to countries with tighter media controls, the intersection of politics and AI, and more.
Future of Sports Analytics: Building Trust and Intelligence with SūmerSports and Cisco
Cisco and SūmerSports demonstrate how on-premise AI infrastructure gives sports organizations the security and trust they need to turn proprietary data into a real competitive edge.
The State of Rural Hospitals in the U.S, 2012-2023
ASPE’s Office of Health Policy has developed an Issue Brief modeling the key determinants of rural hospital closure or conversion as well as an interactive Rural Hospital Dashboard to highlight key characteristics and trends among rural hospitals. The Issue Brief uses a Cox proportional hazards model to identify low occupancy rates, for-profit ownership and proximity to an urban county as key determinants of closure or conversion to outpatient only facilities.
Globavend Expands into Digital Entertainment Through Proposed Acquisition of Loomi Entertainment
Proposed Transaction Positions Globavend to Enter the Fast-Growing AI-Enabled Short-Form Digital Entertainment MarketPERTH, Australia, May 15, 2026 (GLOBE NEWSWIRE) -- via IBN -- Globavend Holdings Limited (NASDAQ: GVH) (“Globavend” or the “Company”), an emerging e-commerce logistics provider, today announced that it has entered into a definitive agreement with Zenith Green Limited (the “Vendor”) to acquire 70% of the equity interests in Loomi Entertainment Group Limited (“Loomi Entertainment”,
Whole Hog Politics: Idiocracy alert
[Watch Whole Hog Politics live: Join us today at 9 a.m. ET at TheHill.com as Chris Stirewalt and host Bill Sammon break down this week’s political news and answer questions from a live online audie…
Drake just dropped 3 albums at once — here's what they say about his epic beef with Kendrick Lamar.
The rapper released 'Iceman' alongside 2 surprise albums. Fans searched for Kendrick disses in the lyrics after their explosive 2024 feud.
Trump, Xi and the Politics of Pig Rearing
The presidential summit and hopes for soybean deals are occurring against the backdrop of China’s struggling pork industry.
Security Researchers, Aided By Anthropic's Mythos, Claim To Have Breached macOS
Apple is taking the claims seriously.
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.
Britain Politics
From left, Mayor of London Sadiq Khan, Prime Minister Keir Starmer, Commander Clair Haynes, and Commissioner Mark Rowley meet police officers to discuss operational planning, in London, Friday, May 15,
Germany Politics
A girl protests during German Chancellor Friedrich Merz's speech at a discussion with young people during a congress of the German Catholic people the "Deutscher Katholikentag" in Wuerzburg, Germany, Friday,
Britain Politics
From left, Commander Clair Haynes, Prime Minister Keir Starmer and Mayor of London Sadiq Khan meet police officers to discuss operational planning, in London, Friday, May 15, 2026. (Peter Nicholls/Pool
Brad Raffensperger can’t outrun 2020 election. Neither can Georgia politics.
It's been six years since Donald Trump lost Georgia. But that election is still driving campaigns in both major political parties.
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.
Germany Politics
German Chancellor Friedrich Merz, second right, attends a discussion with young people during a congress of the German Catholic people the "Deutscher Katholikentag" in Wuerzburg, Germany, Friday, May 15, 2026.
Germany Politics
German Chancellor Friedrich Merz, center, attends a discussion with young people during a congress of the German Catholic people the "Deutscher Katholikentag" in Wuerzburg, Germany, Friday, May 15, 2026. (AP
Britain Politics
Britain's Prime Minister Keir Starmer meet with police officers to discuss operational planning ahead of this weekend's protests in London, Friday, May 15, 2026. (Peter Nicholls/Pool Photo via AP)
What crypto’s success means for American politics
The legislative triumph of the crypto industry in the Senate this week may be a Rubicon-crossing moment for the shape of U.S. capitalism.
Germany Politics
German Chancellor Friedrich Merz, center, attends a discussion with young people during a congress of the German Catholic people the "Deutscher Katholikentag" in Wuerzburg, Germany, Friday, May 15, 2026. (AP
Britain Politics
Britain's Prime Minister Keir Starmer and Commander Clair Haynes meet with police officers to discuss operational planning ahead of this weekend's protests in London, Friday, May 15, 2026. (Peter Nicholls/Pool
NMU Athletics announces the 2026 NMU Sports Hall of Fame class
MARQUETTE, Mich. – The Northern Michigan University Department of Athletics proudly announces the newest inductees to the NMU Sports Hall of Fame. The 2026 class includes Bernie Anderson (wrestling/football/coach), Rachel Helm (swim & dive), Shayla Manitowabi-Huebner (track & field), Kirsten (Silvester) Namesnik (swim & dive), Al Mitchell (boxing/coach), Mark Rosen (volleyball/coach), and the 1979 women's field hockey team.
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.
Britain Politics
Journalists wait opposite 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
Journalists wait opposite 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Florida Chamber poll: Florida’s Republican tilt holds steady
Ashley Moody and Byron Donalds both hold 8-point leads against their likely Democratic rivals.
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,
Britain Politics
Britain's newly appointed Secretary of State for Health and Social Care James Murray leaves 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
Britain's newly appointed Secretary of State for Health and Social Care James Murray leaves 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
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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