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Singham funding one of 'most subversive political networks' in America: former senior Treasury advisor
Sam Lyman, former Treasury Secretary Scott Bessent speechwriter, called the Department of Justice grand jury probe into the Neville Roy Singham network an "enormous development."
The Tricky Politics of Revenue
Our nation’s fiscal trajectory is unsustainable, in part due to the decline in revenue collection stemming from a series of tax cuts. Often enacted with bipartisan support, these tax cuts have severely damaged the linkage between economic growth and revenue flows to the U.S. Treasury. The result: Ev
Trump moves oversight of special education, civil rights out of Education Dept.
The Department of Justice will take on enforcement of civil rights in education, while the Department of Health and Human Services will oversee special education
Trump moves oversight of special education, civil rights out of Education Dept.
The Department of Justice will take on enforcement of civil rights in education, while the Department of Health and Human Services will oversee special education
First lady introduces Trump Accounts for foster youth
The U.S. Treasury is allowing states' child welfare agencies to set up the investment accounts
WATCH: First lady Melania Trump announces new investment accounts for foster youth
First lady Melania Trump and Treasury Secretary Scott Bessent on Thursday announced the launch of Fostering the Future Accounts, a spinoff of the Trump Accounts investment funds meant to give $1,000 to every newborn whose parent opens one.
Stitch Fix and AMC Entertainment Stocks Trade Up, What You Need To Know
A number of stocks jumped in the afternoon session after the consumer discretionary sector recovered alongside a broad market rebound, helped by easing geopolitical risk and a retreat in Treasury yields from the levels that triggered the previous week's selloff.
United Parks & Resorts and Flutter Entertainment Shares Skyrocket, What You Need To Know
A number of stocks jumped in the morning session after the consumer discretionary sector recovered alongside a broad market rebound, helped by easing geopolitical risk and a retreat in Treasury yields from the levels that triggered the previous week's selloff.
Stitch Fix and AMC Entertainment Stocks Trade Up, What You Need To Know
What Happened? A number of stocks jumped in the afternoon session after the consumer discretionary sector recovered alongside a broad market rebound, helped by easing geopolitical risk and a retreat in Treasury yields from the levels that triggered the previous week's selloff.The sector was among t…
Student-loan transfer to Treasury may bring back aggressive collectors
The transfer of defaulted student-loan from the Education Department to the Treasury brings back agencies once criticized for predatory behavior.
Trump family, business tax shield: House Ways & Means Dems press Treasury secretary for answers
WATCH LIVE: Bessent returns to the Hill after being questioned on Trump's IRS deal, Pulte pick
2026 Tax Treaty Survey Highlights U.S. Business Priorities - National Foreign Trade Council
Washington D.C. – The National Foreign Trade Council (NFTC) today released results from its annual Tax Treaty Survey. The survey, which was answered by tax professionals from NFTC member companies, asked businesses to rate their tax treaty priorities around the world. “Tax treaties are essential for U.S. businesses, and we are thankful that Treasury is […]
WATCH: Bessent recalls telling acting intelligence director Pulte he was 'going to kick his ass'
Bessent said he made the comment in the summer of 2025. President Donald Trump named Pulte acting director of national intelligence this week.
Bessent sets record straight on Trump team dinner clash that nearly turned into a throwdown: ‘Kick his a--’
Treasury Secretary Bessent downplayed his reported feud with Bill Pulte, saying he called to congratulate him on his new role leading intelligence.
Treasury preps Trump $250 bill while Tubman $20 bill takes more than a decade
Legislation would allow Trump’s portrait on a $250 bill, amending a law that bans living people from appearing on currency
Hasan Piker says UK has barred him, trashes 'unbelievable...power' of pro-Israel groups
Hasan Piker faces a turbulent week after a Treasury subpoena over his Cuba trip, heckling at a Newark protest and a reported UK travel ban.
CodePink's Media Benjamin confirms getting 'serious' Treasury Department query over Cuba trip
CodePink co-founder Medea Benjamin confirms Treasury Department OFAC inquiry into the organization's Cuba trip, calling it an intimidation tactic.
Scott Bessent says US seized roughly $1B in Iranian crypto as regime nears 'end of their tether'
Treasury Secretary Scott Bessent announced the U.S. has seized roughly $1 billion in Iranian cryptocurrency assets as Operation Economic Fury pushes Iran's economy toward collapse.
Treasury pushes for $250 bill featuring Trump’s face
Currently, no living person can legally appear on U.S. tender
Bessent: Nothing 'untoward' about Trump appearing on $250 bill
The treasury secretary said his department has been preparing in case Congress approves legislation creating the $250 bills
GOP lawmakers urge Treasury to press ahead with probe of Hasan Piker over Cuba trip
U.S. lawmakers push for a full investigation of influencer Hasan Piker over his Cuba trip as a Jewish advocacy group alleges FARA violations.
‘Anti-Weaponization Fund’ revives yearslong fight over Democrat-backed settlements
President Donald Trump’s nearly $1.8 billion “Anti-Weaponization Fund” is triggering bipartisan concern on Capitol Hill while simultaneously reigniting a years-old conservative argument against administrations from both parties using the Treasury Department’s Judgment Fund to finance politically sensitive settlements with little congressional oversight. The fund stems from Trump’s settlement with the Internal Revenue Service over the […]
Semiconductor decoupling. Powell's politics. Industrializing Ogaden. Free trade and the Magna Carta.
Thank you for opening your Chartbook email. Feliks Topolski, 1907-1989 8th Army’s Front, Italy 1944 Semiconductor decoupling Source: FT One thing that Jerome Powell deeply understood is that chairing the Fed under current conditions is a deeply political job. “Powell has successes and mistakes to his name. But he stands out as having thought more carefully about the Fed’s democratic legitimacy than any chair since Paul Volcker,” said Paul Tucker, a former deputy governor at the Bank of England, referring to the Fed chair who successfully fought the great inflation of the 1970s and early 1980s. … While Powell was at the Treasury in the early 1990s, he watched Alan Greenspan build relationships within the government. That convinced Powell he needed to follow the former Fed chair’s lead and spend more time in Congress than his predecessors Yellen and Bernanke. “The accountability for the Fed runs through Congress,” said Claudia Sahm, a former Fed official who is now chief economist at New Century Advisors. “That’s not just about having people on speed dial — it’s answering questions, explaining policy and getting feedback.” Source: FT Ethiopia’s PM Abiy and Nigerian business tycoon, with Chinese engineering, are driving industrialization in Ogaden/Somali region of Ethiopia. - Michael Masri’s reporting for Africa Report if fascinating. Ethiopia has launched a cluster of large industrial schemes in the Somali region, laying foundation stones for a urea plant and an oil refinery in Gode while opening the first two phases of the Ogaden LNG project. Abiy Ahmed framed the push as part of a broader strategy to link energy, agriculture and industry. “These projects embody more than industrial growth,” he said. “They represent our shared responsibility to harness opportunities, strengthen co-operation and promote peace.” The Gode urea plant, backed by Dangote Group and Ethiopian Investment Holdings (EIH), is designed for 3m tonnes a year. Dangote owns 60%, while EIH holds 40%. Officials say Dangote’s equity totals about $2.5bn, while the state provides land and implementation oversight. Gas from the Calub fields will be piped 108km to the site. Construction is slated for 40 months, with operations targeted for 2028. Ethiopia imports most of its fertiliser, spending more than $1.2bn a year for 1.5m–2m tonnes. Usage was roughly 1.7m tonnes in 2023, almost half of it urea, and demand for 2024–25 is put above 2.4m tonnes. If delivered on time, the Gode plant could cover domestic needs and allow exports to neighbours. Brook Taye, chief executive of EIH, called the venture “a significant milestone in the journey toward industrial self-sufficiency”. Dangote told the groundbreaking crowd that the complex would be integrated with gas supply and a polypropylene unit to support local inputs. He pointed to Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), with a capacity of more than 5,000MW, and noted his group’s cement operations and expansion plans. The Gode refinery is being developed by Golden Concord Group of China. It is designed to process 3.5m tonnes a year of crude and condensate from the Hilala field, with associated storage. Backers say it will ease foreign-exchange pressure from fuel imports and anchor further industrial activity, including a proposed steel smelting site in Dire Dawa. GCL’s chair, Zhu Gongshan, cast the project as “a key step in Ethiopia’s path to energy sovereignty”, underscoring the Beijing–Addis ties. Financing details are still being finalised, but the refinery is central to the government’s energy-security narrative. Source: The Africa Report Dangote’s Ethiopian vision: Dangote began with cement. His crown jewel, Dangote Cement, dominates Nigeria’s market and has 10 operations in other nations in Africa. The formula has been consistent: identify sectors with chronic shortages – cement, fertiliser, sugar – commit massive local investments, and scale up to serve regional demand. Ethiopia was a natural extension of that model. In 2015, Dangote launched the Mugher Cement Plant outside Addis Ababa at a cost of $600m, with an annual capacity of 2.5 million tonnes. The investment gave him a firm foothold in one of Africa’s fastest-growing construction markets. But success came with risks. In May 2018, violent unrest led to the killing of Dangote’s country manager and temporary shutdowns at Mugher. While other investors might have retreated, Dangote doubled down. Today, he is preparing to spend $400m to expand Mugher’s capacity to 5 million tonnes, alongside a new grinding unit near Addis Ababa. Cement is just one market Dangote is targeting. Ethiopia’s enormous state-controlled sugar industry, long plagued by inefficiency and debt, has struggled for years to reform. Its Omo Kuraz Sugar Development Project, touted as one of the continent’s largest initiatives, continues to face delays and mismanagement. … The most ambitious venture of all is the planned fertiliser production complex in Gode, Somali region. Publicised on 28 August 2025, the Dangote Group and Ethiopian Investment Holdings (EIH) deal plans one of the world’s largest single-site urea manufacturing plants. The project costs an estimated $2.5bn and has an estimated capacity of 3 million metric tonnes annually, a rate that would not only render Ethiopia independent, but even a net exporter of fertiliser. EIH, the state wealth fund of Ethiopia, will hold 40%, while 60% is held by Dangote Group. … For Dangote, Ethiopia is a trifecta: Cement demand is projected to grow by 10% annually, its sugar consumption is growing with rapid urbanisation, and fertiliser demand is all but insatiable, given that farming supports the livelihood of 70% of Ethiopians. Source: The Africa Report The stakes for Abiy are high: For Addis Ababa, the $4bn fertiliser project in Ethiopia’s Somali region is no longer simply a manufacturing investment. It is increasingly being framed as a strategic state project tied to food sovereignty, import substitution and the government’s broader attempt to build economic resilience under mounting fiscal pressure. “Becoming self-sufficient in food is our main agenda,” Abiy says during the visit. “Land is needed; we have it. Water is needed; we have it. Human resources are needed; we have it.” The scale is enormous even by African industrial standards. Once operational, the plant is expected to produce three million metric tonnes of urea annually, potentially making it one of the continent’s largest fertiliser complexes. Ethiopian officials say the project now includes a 110km gas pipeline, a 120MW power plant, a polypropylene packaging facility and a two-million-tonne NPK blending plant. For a government grappling with chronic foreign exchange shortages, ballooning import bills and pressure on agricultural productivity, the numbers matter politically as much as they do economically. The decision to anchor the project in Gode is deliberate. Long viewed as peripheral to Ethiopia’s industrial economy, the Somali region is now being repositioned by the federal government as a future irrigation and agro-industrial corridor. Officials argue that the area’s vast land reserves and access to water could eventually support large-scale commercial farming capable of reshaping Ethiopia’s food economy. The government is simultaneously building housing infrastructure for about 5,000 residents near the plant, while officials project broader industrial expansion along the corridor. Abiy goes further, comparing the long-term revenue potential of the Gode development zone with Ethiopia’s flagship state enterprise. “The investments we are making in this Gode area, combined, will generate high revenue for Ethiopia, at par with Ethiopian Airlines,” he says. Source: The Africa Report Feliks Topolski 1907-1982 Topolski’s Chronicle, ‘Nazi Revival’, Vol. 8, Is. 1-2, 1960 HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. Photo by Jakub Dziubak on Unsplash If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Grim vision of drone warfare by Sylvie Kaufmann For contributing subscribers only. Subscribe The state of the art in Colbert-studies. Jean-Baptiste Colbert was Louis XIV chief minister from 1661 to 1683 and traditionally seen as an architect of absolutism and mercantilism. Alexander Hamilton later cited him as an inspiration in 1782. Now his legacy is disputed. Daniel Dessert, the chief critic, sees Colbert as the orchestrator not so much of an absolutist state as of an elite cabal. Would be great to have a good English-language review of this important debate. Source: lhistoire Didn’t know that the Magna Carta included free trade provisions Fighting for the right to the beach in Oregon in 1967: Source: Research Gate RAF Station – British and Polish Flags, c. 1940-45, The Ingram Collection Feliks Topolski, 1907-1989 ink and wash If you’ve scrolled this far, you know you want to click: Subscribe
US Treasury rout tests Washington's tolerance for higher borrowing costs
President Donald Trump's room to wage war while maneuvering on economic policy is being tested by a force largely beyond his control: the bond market.
Feds subpoena Hasan Piker, Medea Benjamin over Cuba trips
Hasan Piker and CodePink cofounder Medea Benjamin face Treasury subpoenas in a federal probe into whether activists violated U.S. Cuba sanctions.
Bonus 228: The $1.776B Political Question
Every so often a story comes along that is so brazen, so cleanly emblematic of the moment we are living through, that staying quiet about it feels like a kind of complicity unto itself. Monday’s announcement by the Department of Justice that the Acting Attorney General has unilaterally created a $1.776 billion “Anti-Weaponization Fund” to compensate so-called “victims of lawfare” is one of those stories. And the reason I want to write about it here, in a newsletter ostensibly devoted to the Supreme Court and the law and politics surrounding it, is that I’m increasingly worried that we’re asking the wrong institution to save us from one of the most offensive, alarming, and anti-constitutional things we’ve seen from any president in American history. As I explain below the fold, the Anti-Weaponization Fund is not principally a legal problem awaiting a judicial fix. It is a shockingly egregious political abuse—the President suing his own government, purporting to settle with himself, and routing nearly $2 billion from the Treasury to his own supporters as a not-so-subtle (and not-so-formal) reward, if not an incentive, for political violence. And the Constitution’s answer to political abuses of this kind and magnitude is a political remedy, not a legal one. In his majority opinion in NFIB v. Sebelius (the Affordable Care Act case from 2012), Chief Justice Roberts defended the Court’s endorsement of Congress’s power to adopt the individual mandate by noting that it is “not our job to protect the people from the consequences of their political choices.” As much of a judicial supremacist as I am, that sentiment is, for better or worse, an entirely correct (and, in the long term, normatively desirable) institutional assessment. One can believe in substantial judicial power without believing that literally every political dispute in our country can and should be resolved by unelected judges. The real upshot of this latest headline (among so, so many other similar headlines) is that it is past time to reinvigorate impeachment—not because conviction is realistic in this Senate, or even because impeachment itself is feasible in this House, but because forcing every member of Congress to vote on the record whether this brazen, corrosive, and affirmatively dangerous corruption is impeachable is itself a point worth fighting for (and fighting with our friends over). Assuming the courts will save us absolves our political leaders of both responsibility and accountability for allowing this kind of mischief to continue, and it absolves all of us of our responsibility to refuse to tolerate those who would just as quickly shrug their shoulders and move on. For those who aren’t paid subscribers, we’ll be back (no later than) Monday with our continuing coverage of the Supreme Court. For those who are, please read on.
Rich already being taxed properly, says minister, as Streeting calls for ‘wealth tax that works’– UK politics live
Treasury’s Lucy Rigby says Rachel Reeves introduced measures in her first budget as Streeting calls for capital gains rates to be aligned with income tax
30-year US Treasury yield hits highest level in 19 years
A bond rout is deepening as inflation fears take hold of the Treasury market, threatening to raise borrowing costs across the US economy.
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
Small Business Deduction Shouldn't Exclude Independent Financial Advisors - Americans for Tax Reform
Americans for Tax Reform urges the Trump Treasury Department to issue guidance allowing independent financial advisors to fully qualify for the 20 percent
National Academy of Sciences elects six Berkeley researchers to its
The National Academy of Sciences announced its newest members this week, among them six eminent UC Berkeley faculty members, including former U.S. Secretary of the Treasury Janet Yellen. Membership
National Academy of Sciences elects six Berkeley researchers to its
The National Academy of Sciences announced its newest members this week, among them six eminent UC Berkeley faculty members, including former U.S. Secretary of the Treasury Janet Yellen. Membership
TrumpIRA website will expand access to retirement accounts next year
The president signed an executive order directing the Treasury Secretary to establish TrumpIRA.gov by Jan. 1, 2027
Despite Trump’s push, most Americans still oppose his ballroom, poll finds
The president’s planned 250-foot arch and a Treasury department plan to put Trump’s signature on paper money are also unpopular ideas.
Businesses Working With Iranian Airlines Risk Sanctions, Warns U.S. Treasury Secretary
Treasury Secretary Scott Bessent warned that the U.S. will place sanctions on anyone conducting business with sanctioned Iranian airlines as commercial flights resume from Tehran. “Doing business with sanctioned Iranian airlines risks exposure to U.S. sanctions. Foreign governments should take all
Judge appears skeptical of Trump’s $10 billion lawsuit against IRS and Treasury
A federal judge on Friday questioned the constitutionality of President Donald Trump’s $10 billion lawsuit against the IRS and Treasury Department over the leak of his tax returns, ordering a hearing to determine whether the president can sue federal agencies that he oversees.
Regions Bank + Dash Solutions Collaborate on New Treasury Management Solution to Modernize Client Payment Operations
Regions ReimbursePro delivers fast, flexible and convenient options to help clients initiate real-time money movement. Regions Bank on Thursday announced the launch of Regions ReimbursePro , the bank’s latest Treasury Management innovation designed to help business clients modernize their payment processes and expedite real-time money movement. Regions ReimbursePro is a new, forward-thinking Treasury Management solution designed to help business clients accelerate refunds, modernize their payment processes and fuel growth. Regions ReimbursePro is powered by Dash Solutions , a leading payments enablement company also headquartered in Birmingham. The solution provides Regions’ Treasury Management clients access to a modern, secure digital platform that helps transform refund operations away from older, manual, time-consuming processes that include paper documents and physical checks. Key upgrades include: Once a reimbursement is initiated through this new solution, recipients can choose
America's Open for Business
Just over one year into the second Trump presidency, trillions of dollars have poured into American manufacturing, AI infrastructure, energy, and technology. Treasury Secretary Scott Bessent makes the case for how the administration’s bold trade policy, deregulation, and America First economics are redefining the United States as the world’s premier destination for capital.
The Treasury Secretary vs. Climate Science
In comments on Tuesday, Treasury Secretary Scott Bessent dismissed the scientific consensus on the causes of climate change.
Adyen tool speeds business payments
Financial operations at global enterprises remain “stubbornly complex,” as treasury teams juggle multiple banking and payment systems, the company said.
Treasury Wine Estates’ Elise Spangenberg named to North Bay Business Journal’s Forty Under 40
“Being part of a newer generation of leaders allows me to challenge legacy thinking, introduce modern people practices, and help organizations adapt in ways that keep them competitive and relevant.”
Trump administration ends transgender student protection deals at schools
The decision affects five school districts and a college
Judge halts requirement that colleges show race isn't considered in admissions
The states argue the data collection effort threats student privacy and could lead to baseless investigations of colleges and universities
Judge halts requirement that colleges show race isn't considered in admissions
The states argue the data collection effort threats student privacy and could lead to baseless investigations of colleges and universities
Judge halts requirement that colleges show race isn't considered in admissions
The states argue the data collection effort threats student privacy and could lead to baseless investigations of colleges and universities
Treasury Secretary Scott Bessent visits Long Island to tout small business under Trump
Democrats Examine Elon Musk’s Role in Suspension of Business Disclosure Law
Lawmakers have asked the Treasury Department for information on how Mr. Musk may have influenced the decision to end enforcement of the Corporate Transparency Act.
Treasury plans to put Trump's signature on all new U.S. paper currency in break with tradition
The plans come in tandem with an ongoing effort to get Trump’s face on a coin, which has also drawn criticism since federal law prohibits the depiction of a living president on U.S. currency.
Trump's signature to appear on future currency, Treasury announces
The move breaks with longstanding precedent. For more than a century, US banknotes carried the signatures of Treasury officials, not the president.
Trump’s signature will soon appear on US dollar bills, a first for a sitting president
US paper currency will soon feature President Donald Trump’s signature going forward, the US Treasury Department announced Thursday, the latest of the president’s efforts to leave his mark across the federal government.
Trump’s Signature to Appear on U.S. Paper Currency
The Treasury Department said he was set to be the first sitting president to have his name on American money
State health plan for teachers faces 'death spiral,' Treasury warns
Rates expected to go up at least 10%, actuarial report says, as local districts pull their employees from system in search of lower premiums
Treasury secretary defends U.S. military actions in Iran: 'Sometimes you have to escalate to de-escalate'
Scott Bessent said "all options" were on the table to secure Kharg Island.
Treasury Department to take over some federal student loans, as Trump administration works to dismantle Education Department
The Treasury Department will begin to manage federal student loans in default, taking on a key function of the Education Department as the Trump administration further pushes to dismantle it.
Bessent rules out government intervention in oil futures market during Iran war
Treasury Secretary Scott Bessent said the U.S. won't intervene in oil futures markets, focusing on physical crude supply to offset Iran conflict disruptions.
Treasury Secretary Bessent unveils plan to flood market with oil amid Iran war
Treasury Secretary Scott Bessent joins ‘Mornings with Maria’ to discuss the Iran war, surging oil prices, market volatility, Fed uncertainty, Powell’s future and the U.S. strategy to stabilize the global economy.
Trump suggests he may delay China trip due to Iran war, but Bessent says it's not to pressure on Strait of Hormuz
Bessent downplays rising oil prices and says the Treasury Department doesn't plan to intervene.
NHS and MoD will be urged to buy British tech to drive growth amid Iran crisis
Treasury minister Spencer Livermore trails new strategy as chancellor pins hopes on benefits of AI amid global uncertainty
Trump Removes Sanctions on Russia to Help Oil Flow Amid Iran Conflict
Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term.
Treasury’s FinCEN Whistleblower Portal Presents Business Risks
The Treasury Department’s new whistleblower portal is likely to increase enforcement risks for companies that must comply with the Bank Secrecy Act, US sanctions, and beyond.
Priority Unified Commerce Strategy Drives Growth Across All Business Segments
Priority Technology Holdings saw growth across its three segments in the fourth quarter as customers sought the payments and treasury solutions delivered
Reeves to face MPs’ grilling over cost-of-living pressures
Chancellor to take Treasury questions amid market turbulence linked to Middle East conflict
IRS unveils proposed regulations for new Trump Accounts savings program
The IRS and Treasury proposed new rules for Trump Accounts, including details for make the elections to open an account and take the federal seed money if eligible to do so.
Treasury Secretary Bessent forecasts largest bombing campaign yet, says Iran attempting 'economic chaos'
Treasury Secretary Scott Bessent said Iran fights on military and economic fronts as U.S. launches biggest bombing campaign against Iranian missile launchers and factories.
Scott Bessent shares details on Trump's maritime reinsurance plan
Treasury Secretary Scott Bessent discusses the United States’ new $20 billion maritime reinsurance plan, conflict in Iran and more on ‘Kudlow.’
Mortgage rates are back below 6%, the lowest since 2022
A stock-market sell-off sent investors into bonds, lowering Treasury yields and dragging mortgage rates down.
Bessent blames left's political 'venom' for violence after deadly Mar-a-Lago incident
Treasury Secretary Bessent blames political "venom" after deadly security incident at Trump's Mar-a-Lago estate. Suspect shot, killed by authorities Sunday.
Wellspring Launches Treasury Management Platform for Small and Mid-Sized Businesses
The solution integrates liquidity management, payments infrastructure, and yield across banking and stablecoin rails within a governed treasury framework.Los Angeles, CA, Feb. 21, 2026 (GLOBE NEWSWIRE) -- Wellspring today announced the launch of Wellspring Institutional, a Treasury Management platform designed for small and mid-sized businesses. The solution provides finance teams with centralized cash visibility, integrated domestic and cross-border payments, and the ability to generate yield o
China has reportedly told banks to scale back Treasury holdings
A report on Monday said regulators told banks in China to dial back Treasury holdings. Bond yields edged higher and the dollar dropped.
How bitcoin's crash battered Michael Saylor's Strategy, in 3 charts
Strategy, Michael Saylor's iconic bitcoin treasury, has seen its stock plunge and its cost basis for its bitcoin trove soar amid the token's bear market.
Fiscal Policy Institute: BET tax cut would fail to spur business growth
A cut in the Business Enterprise Tax (BET) that recently won approval in the Republican-led House of Representatives would cost the state treasury $26 million a year and do little
How Americans could get a $1,000 boost this tax season
The filing season for 2025 tax returns is officially open and American taxpayers are expected to see larger tax refunds after filing due to the One Big Beautiful Bill Act.
Treasury chief unloads on Gavin Newsom’s Davos stunt, mocks governor’s ‘brain the size of a walnut’
Treasury Secretary Scott Bessent escalates feud with California Gov. Gavin Newsom after comparing him to "American Psycho" character.
Trump's Greenland play puts Europe's $8T US assets in the spotlight
Geopolitical tensions over Trump's Greenland push highlight Europe's role in US Treasurys and rising risks in American capital markets.
Treasury Secretary Bessent says Denmark and its investment in the US are ‘irrelevant’
Treasury Secretary Scott Bessent on Wednesday offered some biting words about Denmark, which maintains territorial control over Greenland, after the European country’s pension fund announced it would unwind its investment in US government bonds.
Tax committee Republicans press for Treasury crackdown on nonprofits promoting fraud, 'anti-American' hate
House Republicans demand Treasury Secretary Bessent crack down on nonprofits allegedly manipulating tax codes for anti-American activities and fraud schemes.
Scott Bessent says Greenland is 'essential' for Trump's Golden Dome defense plan
U.S. Treasury Secretary Scott Bessent says the Trump administration views Greenland as a critical part of America's national defense and plans for a Golden Dome.
Treasury Wine Drops Most in a Month on New Risk to US Business
Treasury Wine Estates Ltd. shares fell the most in a month after reports that an American distributor may sell its operations raised the prospect of further disruption to the company’s already struggling US business.
Bessent unhappy with criminal investigation of Fed Chair Jerome Powell
Treasury Secretary Scott Bessent has told people that he is unhappy with the decision to criminally investigate Fed Chair Jerome Powell, a source with knowledge of the matter told CNN.
Treasury notifies some businesses amid Minnesota fraud probe, Bessent says
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has notified some businesses that they are under investigation for alleged fraud involving COVID-era tax incentives, U.S. Treasury Secretary Scott Bessent said Friday.
Treasury implementing Trump’s car loan interest tax break: 'Putting money back in the pockets'
Treasury Secretary Bessent announces implementation of Trump's car loan interest tax deduction policy, putting money back in working families' pockets.
David Beckham-Backed Health Sciences Company Kills Bitcoin Treasury Plan
Health Sciences company Prenetics Global Ltd. (NASDAQ:PRE) has said it is abandoning its Bitcoin treasury strategy. The David Beckham-backed company on Dec. 30 said it would no longer acquire Bitcoin and would instead focus on its supplement brand IM8. It...
Reckless breaches of contract will not make America great
The Trump administration has violated the fundamental business principle of honoring legally binding contracts, which will cost both the Treasury and the people dearly and create obstacles to futur…
Americans will get 'gigantic' tax refund next year, Treasury Secretary says
Treasury Secretary Scott Bessent predicted "gigantic" tax refunds of $1,000-$2,000 for many Americans filing in 2026 due to Trump's tax cuts.
Market-savvy Treasury chief Scott Bessent emerges as unlikely MAGA warrior
Treasury Secretary Scott Bessent’s partisan comments are causing concern among investors and lawmakers, as he breaks with tradition and engages in combative rhetoric.
Do it for Trump: Treasury pushes businesses, wealthy people to contribute to 'Trump Accounts'
A pair of major contributions from business titans recently is part of a strategy to pump money into the new savings plans for children.
Reeves faces Treasury committee before Tory censure motion in Commons saying she misled voters about budget
The chancellor will give evidence to the Commons Treasury committee about the budget from 10am