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World Health Organization Must Prioritize Workers, Experts Say
After Trump stopped funding the WHO, the agency retreated from occupational safety and health programs, putting millions of workers at risk as the planet warms, advocates contend. They hope its leaders change that when they meet next week.
Bagel shop owner pulls AI posts, apologizes after one-star reviews
Adam Jones tried using AI to edit the social media posts for Myers' Bagels. After customer outcry, he apologized — but isn't anti-AI.
Russia’s Putin to visit China following Trump’s trip
Putin and Chinese President Xi Jinping plan to 'further strengthen the comprehensive partnership', the Kremlin says.
Trump returns from China with no Iran breakthrough — and a decision to make
As Donald Trump grew increasingly frustrated with diplomatic efforts to end the war with Iran, administration officials were closely watching whether the president’s trip to China — a nation with close ties to Tehran — would yield a significant breakthrough.
An Upper West Side Primary Presents a Test of Judaism and Politics
Stephanie Ruskay is seeking to become the first female rabbi to be elected to state office in New York, but the race may hinge on whether voters find her progressive enough.
Barcelona outcasts now attracting serious interest from Ajax
Barcelona could soon receive an unexpected helping hand in their plans for next season, with Ajax showing concrete interest in two goalkeepers currently tied to the Catalan side.Barcelona are expected...
Trump’s Hormuz ship insurance facility has done $0 business
US president’s $40bn scheme has had zero uptake due to absence of naval escorts through key waterway
Sen. Cassidy battles Trump-backed challenger in Louisiana Republican primary
Republican Sen. Bill Cassidy of Louisiana is fighting for his political life in Saturday’s primary against a challenger who has been endorsed by President Donald Trump
Marc Benioff said Salesforce will spend $300M on Anthropic tokens
Salesforce CEO Marc Benioff said he's able to work faster with AI agents and that the company is working on tech to make coding easier at Slack.
Andrew Left's defense goes on the offense in securities fraud trial
Andrew Left's defense pressed a federal official on why the government targeted him instead of a company he accused of fraud.
Biggest NFL storylines to watch going into OTAs
There's no such thing as an "off" season in the NFL, there's always something to talk about, especially ahead of OTAs.
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.
Rensselaer coalition bring Dunn Landfill health concerns to state Health Commission
For years, residents in the city of Rensselaer have raised concerns about their health and their children’s health because of the proximity of the Dunn landfill
Backd Business Loans Review 2026
Backd is an online lender offering business term loans and lines of credit with same-day decisions and funding in as soon as one business day.
Inside Trump’s Midterm Strategy: a Mountain of Cash to Stem GOP Losses
Redistricting battle provides glimmer of hope for Republicans in November.
Consumers sue Amazon for not refunding Trump tariff costs
Amazon.com Inc was sued on Friday by consumers seeking refunds for costs passed on to them in the form of higher prices as a result of tariffs the U.S. Supreme Court later concluded had been unlawfully imposed by President Donald Trump.
Stunning fossil discovery in Ethiopia rewrites human origins
A stunning fossil discovery in Ethiopia shows that early Homo and a previously unknown Australopithecus species lived together around 2.6 to 2.8 million years ago. The find overturns the classic “ape-to-human” progression and paints human evolution as a crowded, branching tree with multiple species coexisting. Scientists dated the fossils using volcanic ash deposits and are now investigating what these ancient relatives ate and whether they competed for resources.
Downtown Youngstown entertainment venues rebound financially
YOUNGSTOWN — The city-owned entertainment facilities started the year off strong with a $300,448 operating surplus during the first quarter — the fourth-best January-March in its history — rebounding from a $484,728 loss in 2025. “It’s a great start for the year,” said Eric Ryan, president of JAC Management Group, which operates the Covelli Centre, […]
Political analyst says Schlossberg has some ‘serious problems’ as the Kennedy heir’s campaign flops
Political analyst Matt Towery analyzes Jack Schlossberg’s, grandson of former President John F. Kennedy, troubled congressional campaign on ‘The Ingraham Angle.’
Health officials track fourth King County resident tied to MV Hondius Andes hantavirus
Public Health – Seattle & King County officials are monitoring a fourth King County resident for possible exposure to the Andes type of hantavirus linked to the
Supreme Court rejects bid to restore Virginia congressional map favoring Democrats
In recent days, the justices have sided with Republicans in Alabama and Louisiana who hope to redo their congressional maps to produce more GOP-leaning seats following the court’s voting rights decision.
Live Results: Louisiana midterm state and congressional primaries
Louisiana voters will participate in a revamped and stripped-down state primary Saturday and decide the political fate of an embattled Republican U.S. senator targeted for defeat by President Donald Trump.
CDC tightens home monitoring guidance for high-risk hantavirus contacts
People in the “high-risk” category are instructed to stay home and limit contact with others, avoid being in buildings other than their home and avoid visitors to their residences. They are also supposed to coordinate any essential travel with their state or local health department.
Beijing Summit Highlights U.S.-China Business Ties — Like Them Or Not
"Both sides need each other,” China business expert and author Ker Gibbs says.
Windows 11 tests an adjustable taskbar and resizable Start menu
Windows 11 Insiders can choose a smaller taskbar as well.
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…
Lawmakers considering raising taxes on sports betting operators
People familiar with state budget negotiations told WRAL that lawmakers have discussed increasing the tax rate paid by sports betting operators to generate more money for the state.
PGA Championship: Michael Block, after missing the cut, has 'no doubt' he will make a return to the major
Michael Block posted a 5-over 75 on Friday and fell outside the projected cutline at Aronimink.
The movable Taskbar is back on Windows 11 — here is how to test it now
Microsoft is now testing the option to move the Taskbar to the side of your screen on Windows 11.
CDC Didn’t Tell New York About Resident on Hantavirus-Plagued Cruise
There’s no indication that the New Yorker was returning to the U.S. But public health experts said the city and state still should have been informed.
Connecticut health officials warn of hepatitis A outbreak linked to shellfish
The Connecticut Department of Public Health warned residents about a hepatitis A outbreak in New York that has been linked to shellfish.
US moves to end job protections for hundreds of health department workers
President Donald Trump's administration on Friday moved to strip U.S. Department of Health and Human Services workers of civil service job protections, according to an email reviewed by Reuters.
Citius Oncology, Inc. Reports Fiscal Second Quarter 2026 Financial Results and Provides Business Update
/PRNewswire/ -- Citius Oncology, Inc. ("Citius Oncology" or the "Company") (Nasdaq: CTOR), the oncology-focused subsidiary of Citius Pharmaceuticals, Inc....
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
I dropped out of Wharton to start a padel club
Abigail McCulloch left Wharton to launch a padel club, investing most of her savings into the fast-growing business.
NSF Announces $1.5 Billion X-Labs Initiative to Pursue Generational Breakthrough Science Efforts
The U.S. National Science Foundation announced a $1.5 billion, decade-long NSF X-Labs initiative aimed at funding research teams.
The DOJ Just Made a Shocking Confession About One of Trump’s Worst Early Executive Orders
On Thursday, the U.S. Court of Appeals for the D.C. Circuit heard argument in two cases about when the president can target private attorneys.
Why Xi Took Trump Inside Zhongnanhai, China's Most Guarded Political Compound
Zhongnanhai, named after two lakes located within the compound, is not only a workplace but also the residence of China's senior leadership.
AI reshapes seed investing: Business Insider's 2026 Seed 100
In this live Q&A catch interviews with two prominent early-stage investors from BI's Seed 100 list, and learn the trends reshaping the VC landscape.
A ‘Man With No Country,’ Cassidy Fights for Political Future
Senator Bill Cassidy, targeted by President Trump, is walking a political tightrope as he battles other Republicans for the chance to seek a third term.
State senators keep wraparound mental health initiative alive
After the New Hampshire House sidelined an effort to require private insurers to cover wraparound mental health services, the Senate made a last ditch effort to keep it alive.
San Antonio Metro Health, H-E-B relaunch insulin assistance program for residents
SAN ANTONIO - San Antonio-area residents who are struggling to afford insulin may be able to get help starting today.San Antonio Metro Health and H-E-B are re-l
Trump leaves China with breakthroughs — and unfinished business on Xi’s biggest fights
Trump returns from China summit praising Xi and trade progress, but Taiwan, AI, human rights, and Iran remain unresolved after high-stakes talks.
Cuban political detainee released after US issues 2-week deadline
Cuban political prisoner Sissi Abascal Zamora is seen hugging loved ones outside La Bellotex women's prison in video posted of her release.
The 13 highest-paying jobs in the US
New data showed which US jobs pay well on average. Many healthcare jobs, such as those of various surgeons, are high-paying.
Paramount's tech chief is leaving after 7 years, read the memo
Paramount's chief tech officer is stepping down during David Ellison's digital transformation. Read the memo to employees.
THE HISTORY OF CHARGING THE MOUND, EPISODE 4: GEORGE BELL
In episode three of this series, I began a two-part exploration of the encounter between Toronto’s George Bell and Boston’s Bruce Kison on June 23rd, 1985. Having visited Kison side of things, we will now consider the life and times of George Bell. In the late 1970s scouts all around major league baseball began descending […]
A political dynasty heiress and a former trade minister advance to Peru’s presidential runoff
LIMA, Peru (AP) — Peruvian voters will choose their next president between a political dynasty heiress and a former trade minister who has promised to reform Peru’s mining sector, after advancing on Friday to Peru’s June presidential runoff election.
What happens when you put a health clinic inside a preschool? This Michigan district is finding out
The Saginaw County Health Department will provide nutrition education, healthy food resources, breastfeeding support, and referrals to additional community services through the clinic space.
Trump says sculpture garden honoring prominent Americans is planned for park along Potomac River
President Donald Trump plans to build an exhibit of statues featuring prominent Americans in a tightly regulated park along the Potomac River, potentially opening a new legal fight over whether his administration is ignoring the approvals process that typically governs Washington's monumental core.
Andy Reid: Chiefs' schedule no hint on Patrick Mahomes' health; QB 'making progress' on knee injury
The Kansas City Chiefs have been scheduled to play in primetime twice to open the 2026 campaign. Appearing on The Insiders Thursday, Andy Reid says he didn't talk to the league about Patrick Mahomes (knee) health but the star quarterback is making progress.
Dallas weighs City Hall’s future as potential Mavericks sports, entertainment site
There were 418 submissions from residents, developers, architects, business leaders and others who responded to the city’s call for concepts favored repairing or restoring the Dallas City Hall.
CMC staff focus on mental health
California Men’s Colony (CMC) staff came together for a wellness-focused event hosted by the institution's Mental Health Department.
Navy Federal Business Loans Review 2026
Navy Federal Credit Union offers business loans and credit lines to small-business owners with a military connection. Some products are competitive.
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.
The most famous hotel in every state
The US is packed with hotels known for being historic, haunted, or simply the best.
City Launches Diabetes Insulin Assistance Program with H-E-B
The San Antonio Metropolitan Health District and H-E-B are relaunching the Diabetes Insulin Assistance Program beginning May 15, 2026, to help residents manage the cost of life-saving diabetes medication.
Google's slimmed down Gemini model is quietly winning AI customers
Vercel CEO Guillermo Rauch highlights Google's Gemini Flash model's rise in AI demand, overtaking Anthropic in Vercel's AI Gateway.
Starbucks announces third round of corporate layoffs in restructuring
Starbucks cuts 300 US corporate roles under CEO Brian Niccol's turnaround plan, aiming for efficiency and growth amid restructuring efforts.
Philippines vows to hand fugitive senator to ICC following shootout
Senator Ronald 'Bato' dela Rosa wanted for alleged role as top enforcer of ex-president Duterte's deadly drug war.
Trump and top CEOs leave a more self-reliant China with few deals to show for it
Before leaving a two-day summit in Beijing, President Donald Trump said he had made many trade deals with China, accompanied by a cohort of “brilliant” tech billionaires.
Why Trump (rightly) Fired the National Science Foundation Board
President Trump’s recent firing of all 22 members of the National Science Foundation board ignited the sort of institutional panic one normally associates with medieval villagers spotting a comet.
Stefan Vedovelli Claims College Sports Communicators Academic All-District® Recognition
Junior Honored for Dedication to His Studies
As a French mom raising my kid in Florida, I've had culture shock
I'm a French mom raising my daughter in Florida. I've noticed differences between the way I parent and how people in the US parent their kids.
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.
Health care's solvable problem: maternal mortality
Making a dent in maternal mortality stands out for its bipartisan support and lack of downsides.
VIDEO: Bill in the works to lower cost of youth sports
Many families are paying about $5,000 per child to get them involved in competitive sports outside of school, according to Sen. Chris Murphy.
How a Jim Caviezel film got mixed up in a Brazilian political scandal
American actor Jim Caviezel's upcoming feature "Dark Horse," a biopic about former Brazilian President Jair Bolsonaro, has been billed by a movie industry publication as a thriller about the far-right firebrand's battle "against a corrupt establishment."
Official: ‘Proud’ Italy starlet Inacio signs new Borussia Dortmund deal
Italian wonderkid Samuele Inacio has signed a contract extension with Borussia Dortmund until June 2029, just days after scoring his first senior goal with the Bundesliga side: ‘I want to celebrate ...
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.
EY AI leader says 3 engineering roles are converging
Dan Diasio, EY's consulting CTO of Americas, said that the work of data, software, and AI engineers is overlapping much more today.
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.
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.
After a Google layoff, I booked a flight and started my family
Shanon Morris and her husband lost their jobs around the same time. Instead of looking for new ones, they started traveling — and started a business.
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.
A Republican’s Mysterious Absence Reflects Congress’s Silence on Health
Presidents are expected to tell the public basic health information, but members of the House and Senate often stay silent about medical conditions, even those that affect their ability to do their jobs.
The biggest surprise I saw from Sam Altman's testimony at Musk trial
A Business Insider tech reporter was in the courtroom for CEO Sam Altman's testimony in the Elon Musk and OpenAI trial. Here's the biggest surprise.
Senator proposes bill to lower youth sports costs
Many families are paying about $5,000 per child to get them involved in competitive sports outside of school, according to Sen. Chris Murphy.
Scientists identify massive new dinosaur following Thailand dig
Nagatitan chaiyaphumensis had enough unique features to be considered a new species.
When Trump met Xi as peers
The image of two superpowers on similar footing was exactly what Chinese President Xi Jinping aimed to achieve with the visit, analysts said.
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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