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Makary's Resignation Expands Leadership Void at Health Department
Experts say the level of upheaval is unusual and the lack of scientific expertise is concerning
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.
UN Global Compact Africa Business Leaders Coalition Unveils New Roadmap to Accelerate Intra-African Trade and Sustainable Growth
/PRNewswire/ -- The Africa Business Leaders Coalition (ABLC), a CEO-led platform convened by the UN Global Compact to bring together leading African CEOs and...
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.
Subway to Freeway: MLB Rivals Bring The Heat
It’s Rivalry Weekend in Major League Baseball. So, of course, we’re getting Yankees vs. Mets, and Cubs vs. White Sox, and Angels vs. Dodgers. But we’re getting a lot more than that - for better and for worse. Here’s a ranking of all 15 Rivalry Weekend matchups, from best to worst. Hate mail will ...
Colorado Gov. Polis commutes ex-election clerk Tina Peters' sentence after Trump pressure
Trump has championed the case of Peters, a 70-year-old former county clerk who was sentenced to nine years behind bars after being convicted in a scheme to make a copy of her county’s election computer system. She gets released June 1.
5 NFL teams didn't get prime-time treatment. The league told the Jets, Raiders, Titans, Dolphins and Cardinals what it thinks of rebuilds
Jackie Tohn reveals she underwent double mastectomy after health scare
Jackie Tohn is opening up about a health scare and procedure she underwent after learning she had an 85% chance of getting breast cancer.
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.
The 4th Linux kernel flaw this month can lead to stolen SSH host keys
The good news is there's already a patch. The bad news is that the fix isn't available for all Linux distributions yet. Here's what you can do in the meantime.
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.
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.
Sony's explanation for its embarrassing AI photos just leaves more questions
Sony has responded after getting roasted online over its new AI camera tool.
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.
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.
Hayden Panettiere reflects on dating 30-year-old Milo Ventimiglia when she was 18, predicts her daughter will do the same
Hayden Panettiere is preparing for her 11-year-old daughter to date an older man after the actress dated her 30-year-old 'Heroes' costar Milo Ventimiglia when she was just 18.
The Analogue 3D is finally getting save states
A new firmware update for Analogue’s 4K N64 clone will let you save your progress at any point during a game.
EXCLUSIVE: Hackers have breached tank readers at US gas stations; officials suspect Iran is responsible
US officials suspect Iranian hackers are behind a series of breaches of systems that monitor the amount of fuel in storage tanks serving gas stations in multiple states, according to multiple sources briefed on the activity.
Caesars Entertainment: Potential Sale On The Way?
Caesars Entertainment, Inc. is rated a Hold, trades at a justified discount due to low EBITDA growth and high leverage. Learn more about CZR stock here.
Santa Maria Business Expo brings public and businesses together Thursday
The Santa Maria Valley Chamber of Commerce's 2026 Business Expo and Job Fair took place Thursday at the Santa Maria Fairpark, where attendees interacted with various business for networking and
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.
Aronimink is Proving All of Us Wrong
Most of us thought Aronimink would get picked apart by the world's best. We couldn't be happier to be wrong.
Gavin Newsom targets California businesses with new digital software tax
‘The Big Money Show’ discusses Gov. Gavin Newsom’s proposed new tax on digital software purchases as Silicon Valley faces mounting pressure from AI disruption and Wall Street volatility.
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
County getting into the Entertainment (Zone) business
Hoping to help local businesses and attract more visitors ready to spend some money, the El Dorado County Board of Supervisors on May 12 conceptually approved the establishment of Entertainment
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.
GOP congressman is under doctor’s care, his father says amid mysterious absence from Washington
Top House Republicans have grown increasingly concerned by Rep. Tom Kean Jr.’s mysterious absence from the chamber.
How one rural health system is designing targeted AI pilots to ease care delivery pressures
Berkshire Health Systems CIO William Young says artificial intelligence must do more than impress people with new features. It has to save time, cut waste, and help a rural health system survive mounting financial and operational strain.
Rep. Chris Deluzio targets rising youth sports costs in Let Kids Play Act
'Youth sports should not be a luxury item,' Deluzio said.
Rep. Chris Deluzio targets rising youth sports costs in Let Kids Play Act
'Youth sports should not be a luxury item,' Deluzio said.
Google tests 5 GB cap for users who skip phone numbers
New accounts may get only 5 GB instead of 15
Apple Card Promo to Offer Free AirPods Pro 3
Starting as early as next week, customers who sign up for an Apple Card at Apple's retail stores in the U.S. will receive $249 cash back when they purchase AirPods Pro 3, according to Bloomberg's Mark Gurman. The promotion has yet to be officially announced by Apple, so exact terms and conditions are not available at this time. AirPods Pro 3 are priced at $249 in the U.S., so customers who sign up for an Apple Card will effectively get free AirPods Pro through this promotion.
Coe-Brown boys volleyball team bears down, extends streak
DOVER — After going undefeated on the way to winning the program’s first state championship last year, the Coe-Brown Northwood Academy boys volleyball team knows there is a big target
NBA Draft Combine winners: Awards for top performers, including Cameron Boozer and the biggest riser
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.
Democratic Rep. Steve Cohen drops reelection bid after redistricting in Tennessee
Home health aide accused of stealing from elderly Miami Lakes patient with dementia
A home health aide is accused of stealing from the elderly woman with dementia who she was taking care of in Miami Lakes, authorities said.
"I cannot condone piracy, but I get why people do" - Subnautica 2 lead designer airs frustration at 'flagrant' pirates
This comes as Subnautica 2 makes a massive splash on Steam and Xbox, boasting over two million copies sold.
How ESPN’s ‘Take Back Sports’ is Widening Access to Youth Sports | The Walt Disney Company
Learn how Disney and ESPN are working together so the next generation grows up with access to the benefits — and joy — of sports.
CineD tested the Sony A7rVI: Highest DR ever tested (with a caveat) and promising prospects for the A7sIV :)
CineD tested the Sony A7rVI and wrote this: Sony managed to create a very attractive package with the a7R VI – rolling shutter values with or without the dual gain mode are very manageable, and the dynamic range results show the power of dual gain “ON” – we get up to 14 stops at SNR
Some Medicare Patients Can Now Get Free CBD
The Trump administration has authorized a test program to see if the cannabis compound can ease some symptoms and reduce health care costs among older patients.
Googlebook finally delivers a true desktop with app icons and widgets to Google’s laptops
For over a decade, the ChromeOS desktop has been little more than a glorified wallpaper viewer. While there is definitely an appeal to that distraction-free, minimalist approach, users migrating...
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.
14 Cool Mini Gadgets You Can Find On Amazon
From portable projectors to pocket-sized tools and speakers, these budget gadgets pack surprising functionality into their diminutive designs.
Sony Surprise Drops New Feature via May 2026 Beta Update
Sony has just added a new feature to the PS5 via a beta update for May 2026. A new social/community widget is being tested.
PCOS Gets a New Name in Landmark Women's Health Shift
By HealthDay Staff HealthDay ReporterFRIDAY, May 15, 2026 (HealthDay News) — A major women’s health condition is getting a new name—and experts say it could change how millions are diagnosed and treated worldwide. Polycystic ovary syndrome, or PCOS, will now be known as polyendocrine metabolic ...
Detroit’s Business of Food Summit brings chefs, food leaders together
The 2026 Business of Food Summit in Detroit is free to attend and features discussion panels and networking with food industry leaders.
Rocket Science Health validates targeted olfactory-cleft deposition in non-human primates ahead of the 4th Nasal Formulation & Delivery Summit
As the pace of modern drug discovery accelerates, the industry is increasingly recognizing that a breakthrough molecule is only as effective as its ability to reach the target site.
Andrew Abbott leaned into some science to get his season back on track
Andrew Abbott has been working closely with the Reds biomechanics team
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.”
The Weekly Closeout: Another entertainment exec at Gap Inc., and tariff refunds trickle in
The apparel conglomerate beefed up its "fashiontainment" roster, while retailers are getting their money back on import levies canceled by the Supreme Court.
Apple Watch: 15 Tips Every Owner Needs to Know
Apple Watch is now eleven generations in, and packed with useful features that are easy to miss at first glance. To help you get more out of your new device, we've rounded up 15 practical tips you might not have discovered yet, including a few that long-time users often overlook. Bounce Between Two Apps On your Apple Watch, double-press the Digital Crown to see a deck of all currently open apps, and turn it to scroll through them.
Family investors turn to old-economy businesses like dealerships and fisheries to avoid AI disruption
While car dealerships and fisheries are less eye-catching than high-flying AI startups, they offer stability and cash flow that's attractive to family offices.
How Munetaka Murakami is teeing up business for White Sox and Chicago companies
“As soon as we signed him we changed our thinking and moved our ticket sales targets up because we anticipated him bringing in more interest,” Sox chief revenue and marketing officer Brooks Boyer said.
AI research papers are getting better, and it’s a big problem for scientists
Journal editors and peer reviewers are being flooded with AI-generated papers that are almost impossible to detect.
Yuen: Youth sports are getting more intense. Tell me what you’re seeing.
From travel teams to rising costs, youth sports have transformed family life. We’re reporting on the impact in Minnesota — and want to hear from parents, athletes and coaches.
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.
Security Researchers, Aided By Anthropic's Mythos, Claim To Have Breached macOS
Apple is taking the claims seriously.
Idaho farmers can band together to buy cheaper health insurance through Farm Bureau deal
As Idaho farmers struggle to find affordable health insurance, a new deal lets them buy cheaper plans through the Idaho Farm Bureau.
Israel, Jews targeted worldwide as well-funded leftist, Islamist groups join for ‘Nakba 78’ protests
About 425 anti-Israel groups are mobilizing coordinated Nakba 78 protests worldwide, with 736 events planned across 39 countries this weekend.
Your Baby’s Gut Health: What Matters Most in the First Weeks of Life
A baby’s gut microbiome starts developing from the moment they’re born, and those early days can have a lasting impact on immune health and development.
Your kid's more likely to eat vegetables if you stick to an easy healthy habit during pregnancy
The rise of the progressive billionaire candidate
Why some on the left are feeling warmly toward Tom Steyer and other very wealthy contenders.
Galaxy S24 series gets stable One UI 8.5 update in the US
Samsung has released the stable One UI 8.5 update for the Galaxy S24, Galaxy S24+, and the Galaxy S24 Ultra in the USA.
Trump and Xi move towards business-first relationship after Beijing summit
The two leaders did not resolve differences on key issues like Iran and Taiwan, despite push to extend truce.
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.
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.
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.
Crimson Desert Gets Yet Another Major Patch, Adds Blinding Flash Finisher for Unarmed Combat So You Can Live Out Your Batman Fantasies
Crimson Desert update 1.07.00 is out now. Check out the patch notes.
Is women’s health finally getting the attention it deserves?
A new global alliance aims to close the women’s health gap by boosting research, funding and innovation to deliver better outcomes worldwide.
Book Review: The Mind-Boggling Science of Enormous Numbers
In "Huge Numbers," mathematician Richard Elwes spotlights some of the largest numbers humans have ever contemplated.
The ROG Xreal R1 AR Gaming Glasses Are Now Available To Pre-Order For $849
They offer a 240Hz refresh rate and a bundled connectivity dock.
CIA chief makes historic trip to Cuba as US blockade chokes island's energy supplies
The U.S. has been restricting oil shipments to Cuba since January, plunging the country into blackouts lasting days at a time.
Google explains why some new Gmail accounts only get 5GB storage
In a statement to Android Authority, Google confirmed it is testing a new storage policy that offers reduced free storage in select regions.
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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