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The Rockstar Game Workers Union breaks cover
Developers at Rockstar Games have announced the Rockstar Game Workers Union, a subsidiary of the Independent Workers' Union of Great Britain.
IAM Activists Build Political Power at Weeklong Training Seminar
IAM Union political activists from across North America gathered this week at the William W. Winpisinger Education and Technology Center for the IAM Political Education Seminar, a weeklong training focused on strengthening political action, legislative advocacy, member mobilization and worker power. Throughout the week, participants received hands-on training on lobbying elected officials, organizing political campaigns,
Young submarine workers are leaving for less demanding jobs
Retention rates are highest among young, entry-level workers who leave the demanding roles for similar jobs in other industries.
King County logistics facility to close, lay off more than 100 workers
The North Bend facility’s activities will be relocated to other facilities of its owner Terex in Redmond; Southaven, Miss.; and Rock Hill, S.C.
Opinion: Follow California’s lead in protecting workers from AI displacement
By an Executive Order, Gov. Gavin Newsom seeks to fill a gaping public policy void on a bread-and-butter issue for workers. Illinois and Gov. JB Pritzker would do well to follow suit.
How a health clinic in South Africa is navigating Trump's cuts to HIV funding
Community health programs in South Africa have been heavily impacted by U.S. cuts to global aid. Which means there are fewer community and health workers to support low-income people with HIV and AIDS.We recently visited one of those programs, called We Care, to learn more about the experiences of the few employees who still remain.For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org. Email us at considerthis@npr.org.This story was supported by the Pulitzer Center.This episode was produced by Matt Ozug, Karen Zamora and Elena Burnett, with audio engineering by Peter Ellena.It was edited by Patrick Jarenwattananon and William Troop.Our executive producer is Sami Yenigun.
Death of doctor treating Ebola patients raises fears among Congo health workers
Doctors, relatives and Red Cross volunteers gathered in the eastern Congolese city of Bunia for the burial of a doctor who died after treating Ebola patients, underscoring growing fears among frontline health workers as the outbreak worsens.
LA’s program that diverts mental health crisis calls away from police to expand
Trained clinicians with the city’s Unarmed Model of Crisis Response have handled over 20,000 calls since 2024.
Why a Confusing Job Description Hurts Workers—and Quietly Sabotages Businesses
Not knowing where workplace duties begin and end can lead to long-term issues for workers and their employees.
Ball State Settles With Ex-Employee for $225,000 Over Charlie Kirk Posts
Ball State University is the latest institution to agree to pay workers who lost their jobs over their posts about the conservative activist.
CEO compensation grows 6% as worker pay gap widens
The typical CEO compensation package rose nearly 6% in 2025 to $17.7 million.
When Dedication Meets Debt: Why Public Health Careers Are Becoming Financially
Many public health workers now face a growing financial strain: significant student loan debt paired with wages that are not keeping pace with inflation.
Frontline Workers ‘Risking Everything’ To Contain ‘Catastrophic’ Ebola Outbreak (Live Updates)
More than 220 people have died and there's no sign the spread is slowing.
Amendments to the Code Regulating Health Worker Mobility Were Adopted at the World Health Assembly. Now What?
At the 79th World Health Assembly, Member States adopted landmark amendments to the World Health Organization’s (WHO) Global Code of Practice on the International Recruitment of Health Personnel. But what were these changes, and how can they be operationalised in practice?
Ebola, chemical plants and health, hantavirus, common colds, heat and more
As they say, bugs have ears. Public health has had a relentless May. Chemical plant (near) explosions, Ebola, hantavirus, and that's before you even get to the usual suspects: common colds, heat, and ticks. Here’s an attempt to keep you up to speed and, more importantly, what it means for you and your community. But first, an announcement: World Cup The World Cup starts in 15 days (not like anyone is counting down), and we are hanging TVs in the Health Security Operations Center. It’s going to be a gorgeous, chaotic celebration of basically every culture on earth. And it’s going to take a team effort—from communities to individuals, from public health to health care—to keep people healthy. That’s where you come in. If you’re going to the games or live within 30 miles of a stadium, we would love to hear from you. Sign up for a weekly survey here. Thanks to the more than 1,280 people who have already signed up…you will be hearing from us soon!! Global disease “weather report” Hantavirus: Two more cases The global count of cruise ship passengers with hantavirus has now increased to 13 cases (11 confirmed), with three deaths. The two new cases are overseas and among people who were already quarantining: A crew member in the Netherlands. A Spanish national passenger who was quarantining at home tested positive through daily monitoring. They are now in a biocontainment unit. In the U.S., everyone remains negative. There may be more cases, given that the incubation period of hantavirus (the time from exposure to infection) is 45 days. But this week, we will reach a major milestone: the median incubation window is 18 days, and that will pass on May 29. What this means for you: Your risk from this cruise ship outbreak remains essentially nil at this point. Ebola rages on in Central Africa Big thanks to Dr. Craig Spencer, a humanitarian physician who has treated and survived Ebola, for jumping in to provide the YLE community with an update. Craig, take it from here… The combined confirmed and suspected Ebola cases in DRC are now more than 1,000. All signs are pointing to a very long and catastrophic outbreak in Central Africa: This is a vast undercount. We know this because the test positivity rate is hovering around 50%, only 20% of contacts are being traced (and in some areas, no contacts at all), and more cases keep popping up with no known connection. This all points to widespread and undetected community transmission. This is in only a week of detection. Compared to previous outbreaks, the growth is very fast, as the huge West Africa outbreak in 2016 was first detected at 49 cases and rose to 208 cases a month later. It took four months for that outbreak to reach the size of the current one in the DR Congo. The cases are spread out across 16 health zones. There are now multiple epicenters, making containment very difficult. Next door in Uganda, the case count is seven. While this number is low compared to DRC, a concerning development is that two health care workers recently tested positive with uncertain exposure histories. If they weren’t treating known Ebola cases, this means it’s spreading undetected in Uganda as well. On the ground, backlash, including the burning of health centers, has emerged, a pattern seen in nearly every outbreak and rooted in deep community distrust. It often stems from outside actors working in communities without fully understanding or addressing local priorities. Affected populations may recognize the severity of Ebola while still holding other concerns as more pressing, such as where their loved ones are buried. Community trust is essential to an effective response, but difficult to build during an active emergency. It is best established long before a crisis begins. U.S. priorities are made clear, and may backfire. The U.S. Administration has shown that its first priority is keeping Ebola out, with helping end the outbreak in the DRC a secondary concern. That's meant travel restrictions broader than anything we've imposed before — covering travelers from across the region, and reportedly some green card holders and permanent residents as well. For example, just these past two days, news broke that high-risk American travelers will be subject to a mandatory quarantine in Kenya before they are allowed to return. If an American is infected, the U.S. government plans to send them to a hospital it is standing up from scratch in Kenya. (Currently, Americans who were in the area are allowed to return but are diverted to three airports—Houston, Atlanta, and DC—for further screening.) Past administrations have used travel notices and stepped-up screening; this goes much further. At first blush, these strict precautions may sound prudent. But this approach could backfire in three ways: Restrictions this blunt give people every reason to hide where they’ve been and whom they’ve been near — making the people we most need to find harder to track, not easier. They also breed a false sense that this is someone else’s problem. But diseases are humbling. They find the small cracks in even the most impenetrable-seeming defenses. Lives lost. There is no treatment for this Ebola strain, which means survival depends heavily on the quality of the health system. We have that system in the States, but we are choosing not to use it for infected Americans. This is unbelievable and infuriating. (See a deeper dive from me here.) The only real way to lower the risk to Americans — and everyone else — is to end the outbreak in the DRC and across the region. What this means for you: If you have travel plans to this region, it’s time to cancel them. This is a high-risk situation in Central Africa, and CDC released a Level 4 Travel Advisory. There is also great uncertainty if and when the Administration will let you back in. To the general public in the U.S., your risk remains very, very low right now. U.S. disease “weather report” Ticks: past peak season? Good news, especially for people in the Northeast and Midwest: tick numbers continue to decline. Though we are at the peak of the season, this unusually early year is trending favorably. Heat-related illnesses in the North Heat risk is certainly not blanketing the entire country yet, but this week it will be moderate in the Midwest and the Southeast. What this means for you: Be sure to check the CDC HeatRisk tool. A red day isn’t the best day for that soccer game for a kid with asthma, and a stretch of orange days is a great time to check on your elderly neighbor. Common colds surging As far as respiratory viruses go, the only thing really going around right now is the common cold. It is higher this year than last year, but should peak very soon before returning this fall. Spotlight: Chemical plants Over the weekend, YLE California covered the serious situation that unfolded around a chemical plant in Orange County, California. Thankfully, the worst-case scenario (a chemical explosion) was mitigated, but only through luck. The health implications in a densely populated area could have been catastrophic. As the situation was winding down, another chemical explosion struck Washington State. This one was fatal. Health officials say the risk to surrounding residents from chemicals in the air and ground remains low, though the community deserves far greater clarity. Clean air and clean water consistently rank as Americans’ top public health concerns — yet when chemical disasters strike, communities are too often met with reassurances rather than transparency and accountability. Residents near the 2023 East Palestine, Ohio train derailment, for example, are still waiting to understand the long-term impact on their health, with few clear answers. What this means for you: Many are wondering if facilities processing potentially dangerous materials are in their neighborhoods. This interactive map allows you to enter your ZIP code and see all facilities monitored by the EPA, including any violations. Good news Ebola vaccines and treatment for the Bundibugyo species are in development. Two vaccine platforms are being explored, at least one of which may be deployable in as little as 2 months. One vaccine is being developed by Oxford, and the other uses the same biotechnology as the FDA-approved Zaire species of Ebola. (It may provide cross-protection, but it’s unclear at this point.) On the treatment side, two promising monoclonal antibody cocktails are likely to be deployed, though doses are limited and logistical hurdles remain significant challenges. Anni over at The Biotech Tea had a great explainer about the Ebola vaccine gap, if you want to read more. [ The Biotech Tea The Ebola vaccine gap, reading vessel damage, & the Makary exit 🗝️ Paid subscribers get the Biotech Term of the Week at $30/year (~$2.50/month). I try to keep it intentionally accessible, but if cost is ever a barrier, send me a message. A few people asked about expensing your subscription, so I put together a short email template… Read more 6 days ago · 10 likes · Annicka Evans, PhD ](https://www.thebiotechtea.com/p/the-ebola-vaccine-gap-reading-vessel?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Polycystic ovary syndrome (PCOS) has been officially renamed polyendocrine metabolic ovarian syndrome (PMOS), following more than a decade of debate and input from roughly 22,000 clinicians, researchers, and patients worldwide. This is good because the old name was medically misleading, leading to patients without visible cysts being dismissed or overlooked entirely. The WHO estimates that 70% of people with the condition remain undiagnosed. A more accurate name should improve recognition, reduce stigma, and ultimately help the millions of people living with this condition get diagnosed and treated sooner. Poll Loading... Bottom line Public health situations are everywhere right now. Staying healthy takes public health professionals and systems working tirelessly behind the scenes and each of us showing up for our neighbors and communities. Love, YLE Big thanks to Ed Nirenberg for staying on top of the Ebola vaccines, Hannah Totte for all the figures, Dr. Craig Spencer for the Ebola insight, and Dr. Matt Willis for covering the chemical situation in CA. Your Local Epidemiologist (YLE) comprises a team of experts, ranging from physicians to immunologists to epidemiologists to nutritionists, working together with one goal: to “Translate” ever-evolving public health science so that people are well-equipped to make evidence-based decisions. YLE suite of newsletters reaches over 475,000 people across more than 132 countries. This newsletter is free to everyone, thanks to the generous support of fellow YLE community members. To support the effort, subscribe or upgrade below: Subscribe
PSU graduate program focuses on mental health of infants and toddlers
The Infant/Toddler Mental Health graduate certificate is designed to help educators, social workers, counselors and other early childhood specialists foster strong connections between caregivers and their children during the earliest stages of life.
LA TIMES: In deal with business leaders, $30 minimum wage for L.A. hotel and airport workers will be delayed - UNITE HERE Local 11
In May 2025, the council approved a proposal that would have increased the minimum wage to $30 in July 2028 and also raised an hourly payment for healthcare coverage. In response, a coalition of airline and hotel businesses gathered enough signatures to place a measure on the Nov. 3 ballot that took aim at the city’s gross […]
I'm an immigration lawyer. Here's my advice for tech workers on visas.
An immigration lawyer says the new memo stating I-485 forms will only be approved in "extraordinary circumstances" will have a ripple effect.
Worker health and safety should be greater priority for WHO, experts say | Harvard T.H. Chan School of Public Health
Worker health and safety is not a core priority of the World Health Organization—but it should be, say experts.
The Justice Department wants to interview 2020 election workers
The Justice Department wants to interview some poll workers and ballot counters who participated in the 2020 election in Fulton County, Georgia, in a new effort to dig up details about the ballot-processing, prosecutors revealed at a court hearing last week.
Faith leaders, healthcare workers call for reopening of West Suburban Medical Center
The hospital has been closed since late March. The business partners who own the hospital have sued each other, and a judge is expected to rule this week on whether to appoint a receiver to oversee its operations.
Trump administration proposes having all federal workers sign NDAs
The White House is preparing a government-wide nondisclosure agreement aimed at curtailing federal workers’ sharing of “confidential government information,” as it seeks to stop internal leaks to media organizations.
Meta layoffs hit shocking number of Seattle-area workers
The layoffs are part of the job cuts announced last month and will hit workers in Seattle, Bellevue and Redmond, as well as remote workers in Washington.
Holding the Veterans Affairs Secretary Accountable for the Severely Damaged Veterans’ Health Care System | American Postal Workers Union
In February 2025, representatives from Elon Musk’s Department of Government Efficiency (DOGE) began working with the newly appointed Department of Veterans Affairs (VA) Secretary Doug Collins to identify alleged wasteful contracts and improve VA operations. DOGE cancelled hundreds of VA contracts and carried out thousands of staffing reductions, including the dismissal of probationary employees, under […]
The future of the American healthcare workforce
The U-S is facing a steep healthcare worker shortage. A 2025 federal analysis projected that by 2038, 30 out of 35 physician specialties will be hurting for practitioners, with over 140,000 roles left unfilled. And for nurses, that shortage is projected to be over 108,000. And last week, 24 states plus the District of Columbia filed a lawsuit against the Department of Education over new federal student loan limits on graduate degrees. Those caps apply to programs that could graduate workers into these threatened health care fields. But Education Secretary Linda McMahon say these worries are overblown and that these new rules aim to force colleges to lower tuition rates. So, what do these changes really mean for the future of our healthcare workforce in the U.S.?
Health insurers point fingers over affordability woes
Added insurance costs are being passed through to workers who are already reeling from inflation.
AI is making the workplace more productive
Workers are increasingly turning to ChatGPT and Claude instead of their colleagues. It's making the workplace more productive — and more isolating.
The rare Ebola outbreak is one danger. Attacks on healthcare workers are another
Healthcare facilities have been attacked at least three times in the past week, forcing evacuations and hindering response efforts.
Workers At TheGamer Say Site’s New Pay-Per-Session Contract Is ‘Heartbreaking’
Under a new payment system, writers at Valnet-owned TheGamer would no longer be guaranteed consistent pay for their work
The rare Ebola outbreak is one danger. Attacks on healthcare workers are another
BUNIA, Congo (AP) — Every time Vanny Birungi, a volunteer with the Red Cross in eastern Congo, goes out to raise awareness about the latest Ebola outbreak as suspected cases near 1,000, she faces a double threat.
The rare Ebola outbreak is one danger. Attacks on healthcare workers are another
By JUSTIN KABUMBA and OPE ADETAYO BUNIA, Congo (AP) — Every time Vanny Birungi, a volunteer with the Red Cross in eastern Congo, goes out to raise awareness about the latest Ebola outbreak as suspected cases near 1,000, she faces a…
The rare Ebola outbreak is one danger. Attacks on healthcare workers are another
Health workers responding to a rapidly spreading outbreak of a rare type of Ebola in eastern Congo face two threats.
Latino-owned businesses grow, but venture capital remains an issue
“Latino-owned businesses rose by nearly 48% between 2017 and 2023,” said Marketplace senior economics contributor Chris Farrell.
Michigan housing gap tightens for workers and businesses statewide
Michigan faces a severe housing shortage driving up costs, limiting growth and squeezing workers, as leaders push faster building and policy reforms.
Workplace partners: Rogue Valley medical team targets employee health and recovery
Through occupational health and injured worker care, Valley Immediate Care helps keep southern Oregon on the job When someone is injured on the job, the last thing they – or […]
Bernie Sanders warns of 'the most transformative economic revolution in the history of this country'
Sen. Bernie Sanders warned that AI and robotics controlled by billionaires could replace American workers and harm children's social development.
How integrating tradition and self-care has strengthened public health in the Americas
On 13 May 2026, a regional dialogue for the Americas titled, Innovative Experiences to Strengthen Health and Self-Care through Traditional, Complementary, and Integrative Medicine, was hosted by EsSalud, the government agency responsible for social security and health care in Peru.The event brought together representatives from the World Health Organization (WHO), the Pan American Health Organization (PAHO), WHO collaborating centres, the health sector and academia. It presented regional perspectives from BrBolivia, Brazil, Mexico and Peru to explore how self-care and traditional medicine can strengthen public health, empower communities and support more inclusive models of care. Across all four countries, a clear message emerged: traditional medicine is not being positioned as an alternative to formal systems, but as a way to strengthen them. In the Americas region, the challenge is to consolidate intercultural and holistic care, with the aim of strengthening the healthcare system – making care more preventive, culturally relevant and community-based.Peru: institutionalizing complementary care over 28 years Dr Martha Villar López from EsSalud Peru demonstrated how integration can be institutionalized over time. With nearly three decades of investment, including a research programme dating back to 1998, traditional medicine is now embedded within public health infrastructure. EsSalud’s flagship programme, Reforma de Vida, operating as Prevenir, takes multidisciplinary teams into workplaces to reduce and detect risk factors for chronic noncommunicable diseases. Education cycles are structured around three pillars: celestial nourishment, focused on life purpose and movement; terrestrial nourishment, centred on regional food and healthy diets; and human nourishment, addressing identity, relationships, stress and spirituality. Grounded in Andean cosmovision and the principle of the ayllu, the programme aligns with local cultural values. Since 2007, it has trained over 6600 health leaders, certified more than 3100 health-friendly organizations and built alliances with nearly 11 000 employers.Bolivia: legal recognition and medical pluralism Adelino Pau Carpacheco, an 82-year-old Callawaya healer, described working with more than 220 medicinal plants, supported by deep generational knowledge. Traditional healers and plant medicine are highly respected in the country. Bolivia’s contribution also highlighted the role of policy in enabling integration. Through Law 459, traditional medicine has been formally recognized within a legal framework and led the country to medical pluralism where traditional medicine coexists with biomedicine, and both are now offered free of charge through the public health system. Mexico: preserving Indigenous knowledge and reinventing food culture Mexico presented two complementary approaches focused on knowledge preservation and food systems. In Veracruz, communities partnered with a university to safeguard Totonac traditional medicine through a diploma programme launched in 2019. This collaboration has already produced practical outputs, including manuals and a dictionary, helping to sustain knowledge at risk due to migration and generational change. Alongside this, Dr Hernán García, Directorate of Traditional Medicine and Intercultural Development – Mexico, explained how the Dieta de la Milpa programme addresses Mexico’s dual burden of malnutrition and rising noncommunicable diseases. Rooted in traditional Mayan cultivation systems and ingredients, it promotes healthier diets through community-led, intercultural approaches involving local authorities, Indigenous leaders and cooks. By reconnecting food, culture and health, it offers a practical pathway to prevention. Brazil: community therapy as a public health tool Brazil’s experience centred on Integrative Community Therapy, a methodology developed over 40 years ago by Dr Adalberto Barreto and now used in more than 47 countries. Therapy circles create spaces where participants share experiences and coping strategies, building social support networks at very low cost. Within Brazil’s Unified Health System, the approach has expanded rapidly since its inclusion in national policy in 2017. By 2025, more than five million integrative practice procedures were delivered annually in primary care, with registrations for this therapy increasing by over 500% in eight years. The main challenge now is equity, with access still concentrated in urban areas such as São Paulo. A shared regional direction against a global backdrop Drawing these experiences together, Dr Natalia Aldana of the TCIM Network of the Americas highlighted the shared outcomes of the interventions discussed. Such approaches strengthen healthy behaviours, social networks and community resilience; they are low-cost, adaptable and enable active participation in care, while showing potential to reduce the burden of noncommunicable diseases.The regional momentum mirrors a broader global shift. Dr João Paulo Souz, Director of BIREME (Latin American and Caribbean Center on Health Sciences Information), the specialized center of PAHO/WHO, emphasized that the Global Traditional Medicine Strategy 2025–2034 promotes a vision centred on people, evidence and integrated use. He noted that health should be understood through the relationships between people, community, nature and spirituality. Self-care interventions as a critical pathway towards universal health coverage Dr Manjulaa Narasimhan, Unit Head for Sexual Health and Well-being across the Life-course at WHO, delivered a presentation titled Advancing Self-Care in Traditional Medicine: Aligning the WHO Traditional Medicine Strategy 2025–2034 with the WHO Self-Care Framework, co-authored by Dr Geetha Krishnan Gopalakrishna Pillai, Unit Head for Research, Data and Innovation at the WHO Global Traditional Medicine Centre. WHO recommends self-care interventions for every country and economic setting as a critical path to reach universal health coverage – and traditional medicine acts as a bridge for self-care. Dr Narasimhan explained that traditional medicine contributes most effectively to self-care when embedded directly into primary health care, not operating in parallel, siloed systems. This, she stated, “is possibly the only sustainable way to deliver continuity of care that meets the needs, rights and priorities of communities and individuals”. The Global Traditional Medicine Strategy 2025–2034 is a move towards a more people-centred approach to health care that champions holistic approaches to health equity and patient autonomy.The integration of traditional medicine and self-care requires collaboration across disciplines, clear referral pathways, trained health and care workers, and strong leadership that supports integration. The WHO self-care competency framework defines 10 key competencies for health and care workers to support self-care in their clinical practice, supported by the WHO guideline on self-care interventions for health and well-being. These documents help health-care workers safeguard their own well-being and ensure that care is consistent, safe and grounded in shared standards and values.Together, the discussion through this dialogue points to a fundamental shift in how health systems are designed in the region, and globally, towards models that are more inclusive, culturally-grounded and responsive to the needs of the communities they serve. It is a move towards a system where traditional medicine is respected and responsibly integrated, where self-care provides empowerment and evidence-based care, and where health systems are supportive rather than being distant from these systems.Traditional medicine perspectives from Bolivia, Mexico and Peru - WHO's "Restoring Balance" seriesInnovative Experiences to Strengthen Health and Self-Care through Traditional, Complementary, and Integrative Medicine was streamed in Spanish, with Spanish and Portuguese subtitles. Recordings are available through the CABSIN YouTube channel with Portuguese subtitles and on the BVS MTCI Americas YouTube channel with Spanish subtitles. Dr Narasimhan’s session can be watched in English on both channels.
Suspected Ebola cases in eastern DR Congo pass 900 as health workers struggle with aid cuts
As the number of suspected Ebola cases in the eastern Democratic Republic of Congo pass 900, health workers say that the chaos left by years of fighting and local government failures has been compounded…
Number of suspected Ebola cases in DR Congo passes 900 as health workers face attacks and shortages
World Health Organization says outbreak poses ‘very high’ risk for Congo, but risk of disease spreading globally remains low
School workers pass first goal post towards health insurance reform in final day of legislative session
On the last day of the Minnesota legislature’s 2026 session, lawmakers voted to fund a data collection project to study the spiraling health insurance costs for Minnesota school districts – a first step in reforming the health insurance program for school district employees as a whole.
Camp Mystic health chief, Starbase death topped week's news
A state board suspended the nursing license of Camp Mystic's health chief, and OSHA is investigating a worker's death at SpaceX's Starbase. Here's the top news.
French Ent. Workers Union Files Law Suit Against Canal+ Boycott Threat
SEO Description (150 character max) French Entertainment Trade Union Files Law Suit Against Canal+ Over Threat To Boycott Signatories Of Anti-Bolloré Letter
Bond breakout? Big effects of bad data. Immigration and thermostatic politics & dad-chat is coming for dad-books.
Thank you for opening your Chartbook email. Anna Airy, A Shell Forge at a National Projectile Factory, Hackney Marshes, London, 1918 Bond breakout - John Authers Across the developed markets, bond markets are staging a slow-motion car wreck. Looking at the drastic moves in the US, Japan, the UK and France, Barclays’ Ajay Rajadhyaksha commented: “Last week, long bonds broke. Not in one country. In all of them. Simultaneously. Four countries. Four different political systems. Four different central banks. But the same trade — “get me out of duration!”” Each country has its own contributing political problems, but the uniformity of the shift out of long-term bonds with high duration makes clear that something broader is afoot. For Rajadhyaksha, it is “simple and uncomfortable.” The developed world “has too much debt, too little fiscal discipline, and no political appetite for fixing either.” If there’s a trigger, it has been the Iran war and the resulting shock to oil supply. Source: Bloomberg G7 countries are now borrowing at rates that were enjoyed by EM in the early 2020s For contributing subscribers only. Subscribe Trade between China and Russia has grown in recent years For contributing subscribers only. Subscribe Big effects of bad data A decade ago nearly nine in ten Americans, when approached, agreed to fill out the Current Population Survey, which is administered to about 60,000 households each month and asks about, among other things, employment. Fewer than seven in ten do so now (see chart 1). For the Consumer Expenditure Survey, which tries to capture 3,700 households monthly, the response rate is down from 68% to 40%. … When the information becomes less reliable, investment decisions get more difficult to make. Some may be delayed, creating a potential drag on the economy. A new working paper by Nicholas Bloom of Stanford University, Erica Groshen, former head of the Bureau of Labour Statistics (BLS) now at Cornell University, and Duncan Hobbs and Michael Strain of the American Enterprise Institute, a think-tank, hazards an estimate. Preserving trust in “the integrity and quality of official statistics”, the authors claim, generates economic benefits of about $25 for every $1 spent on the BLS, the agency with an annual budget of $700m that is responsible for many of these data. To arrive at their conclusion the quartet analysed an ignoble episode in the BLS’s recent history. On August 1st 2025 Donald Trump sacked Erika McEntarfer, appointed as the agency’s commissioner by his predecessor, Joe Biden. The president alleged, without evidence, that the BLS’s steep downward revision to recent jobs numbers had been “RIGGED in order to make the Republicans, and ME, look bad”. In fact, it was the wanton dismissal that looked bad in the eyes of many observers. In the following seven days there was a 50% leap, relative to the week before, in the average value of the index of Economic Policy Uncertainty (EPU), which tracks the number of articles mentioning such uncertainty that are published daily in American newspapers. This was a discernible jump even when compared to the chaos caused by Mr Trump’s trade war in April 2025 and his real one in Iran in the past two months (see chart 2). Based on Mr Bloom’s earlier study with other colleagues of the EPU’s impact on business investment, industrial production and employment, the authors estimate that the jump reduced American GDP by over $100bn (0.3%) and non-farm payrolls by 168,000 (0.1%). Source: The Economist Immigration and thermostatic politics (Sarah O’Connor in the FT) A strange thing happened a year and a half ago. No sooner had Americans elected Donald Trump as president on an explicitly anti-immigration platform than US public opinion began to swing much more favourably towards immigration. … to political scientists who study “thermostatic” politics, this development is no surprise at all. Public opinion often moves against the prevailing party, especially if they are perceived to have gone “too far” in one direction. The phenomenon was first explored in the 1990s with reference to fiscal policy, but in recent years it has been particularly evident in the realm of immigration policy. While these swings in opinion polls can make it seem as if people don’t know their own minds, they can be a useful democratic check on governments by sending bright flashing warning lights when policies stray too far from the public’s comfort zone. The problem comes when politicians misinterpret those signals. When people tell pollsters they want less immigration, or think it is bad for the country overall (or the converse), they are often expressing an opinion about how things appear to be going in that moment relative to their preferences, rather than a deep shift in their underlying views. According to Alexander Kustov, a political scientist, most Americans’ views are quite stable and moderate: they support immigration that is controlled and in the national interest, and oppose flows that are disorderly or under-enforced. In the US, he argues the Trump administration over-interpreted dissatisfaction with high immigration under Joe Biden, and implemented policies that went too far for many voters. “People don’t necessarily change their idea about their ideal immigration policy, but they can react to what the government is currently doing,” he told me. “A lot of people are not happy with what the Trump administration are doing — right now we’re not talking about border enforcement, we’re talking about people not just getting harassed, but killed.” But similarly, he added, pro-immigration advocates would be making a mistake to interpret the recent, more favourable swing towards immigration as a deep-seated ideological shift in attitudes. The recent history of UK immigration policy offers another cautionary tale. After the 2016 Brexit referendum, public concern about immigration fell. This was partly because net migration statistics declined, but also because people felt a sense of catharsis and control, says Sunder Katwala, director of British Future, a think-tank. By 2019, the public ranked immigration as only the ninth biggest issue of concern, according to Ipsos polling. But when the Conservative government liberalised visa routes for students and care workers between 2019 and 2022, that helped net migration to surge. And so, too, did public concern. Today’s Labour government has implemented another sharply restrictive turn in immigration policy. As Kustov and researcher Caitlyn Yates argue, thermostatic public opinion should be a useful check on politicians. Instead it seems to have helped to magnify the pendulum swing in the UK. The government over-interprets and overreacts to a change in public opinion, which reacts in turn, prompting a sudden swing the other way. Source: Financial Times 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. 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 Anna Airy, Shop for Machining 15-Inch Shells: Singer Manufacturing Company, Clydebank, Glasgow, 1918 Racing for a vaccine … we have been here before! The deadly Ebola outbreak in two African countries driven by a virus species with no vaccine has triggered an urgent search for a potential jab, in a test of troubled global efforts to avert threats posed by emerging diseases. A World Health Organization advisory group is due to would meet on Tuesday to recommend candidate jabs to prioritise for clinical trials, the global health body said. It will assess data including an analysis by the Coalition for Epidemic Preparedness Innovations (Cepi), which was set up after failures in the international response to a previous Ebola crisis. The latest Ebola outbreak in Democratic Republic of Congo and Uganda has infected hundreds of people and killed more than 80, health authorities say. Cepi’s reaction will be a crucial indicator of its progress towards its wider goal of producing vaccines for pandemic threats in just 100 days, despite steep cuts to international health funding. “If there was ever a time that we could show the world why Cepi is needed and show the world why the 100-day mission is needed, it’s now,” Nicole Lurie, the organisation’s executive director for preparedness and response, told the FT. “We’re happy to accept that responsibility, but obviously we need help from partners — particularly financial help in the long run.” DR Congo and Uganda would make the final decision on whether to press ahead with any vaccine candidates endorsed for clinical trials by the WHO experts, the global health body said. “Other ethical and community acceptability issues will be considered,” said the WHO, which declared the latest outbreak a public health emergency of international concern on Sunday. “This will be important to make sure that the trial, if it happens, will be adequately communicated to the population.” Lurie said Cepi had provided information from a survey of research teams and companies working on drugs that might be effective against the Bundibugyo virus behind the outbreak. The organisation hoped soon to announce partners in the quest for a jab, she added, although she declined to give a timescale for when one might be developed. Cepi’s Nicole Laurie said global health bodies were ‘getting some live-fire drills’ with hantavirus and the latest Ebola outbreak. The hunt for a vaccine should be helped by scientific advances including the use of artificial intelligence to find drugs active against viruses, Lurie said. Existing jabs against the Zaire Ebola virus responsible for many previous outbreaks might provide a basis for tackling the Bundibugyo species, she added. “We’ll see how far and how fast we can get,” Lurie said, adding that Cepi had done preliminary work recently on a possible jab for the rat-borne hantavirus responsible for a recent fatal outbreak on a cruise ship. “Both with hantavirus and now with Ebola, [we] are getting some live-fire drills.” Source: Michael Peel in the Financial Times Dad-chat is coming for dad-books. (By Pamela Paul and Jeffrey A. Trachtenberg in the WSJ) They were the go-to gifts for Father’s Day: a book about some little-known chapter of World War II, the sweeping narrative of a shipwreck, perhaps the latest presidential biography. These days, dad books are a dying breed. Nonfiction book sales have been in decline for the past four years, and are now the most challenged segment of the print book market. Publishers say certain types of books still fare well—including celebrity memoirs and religious titles. But in recent years, print sales in such categories as biography, current affairs and business and economics—what publishers refer to as “serious nonfiction” and which tend to resonate especially with men—have fallen considerably. Sales of nonfiction print titles were down nearly 8% through May 9 this year, and sales of books about politics and current affairs were down 19%, according to book tracker Circana BookScan. Publishing has long been subject to cyclical changes, with trends in format and genre taking over bookshelves in grand sweeps. (Remember the adult coloring-book craze? Or the stratospheric rise of romantasy?) But many in publishing believe the decline in serious nonfiction is more existential. “The trend couldn’t be clearer,” said Jonathan Karp, the former chief executive of Simon & Schuster and publisher of the new Simon Six imprint. “This is a sea change and people should wake up and realize we’re living in a new world.” One culprit for the shift: a new media diet for fans of more serious nonfiction. … Sixty-two percent of men and 54% of women consumed a podcast in the prior month, according to a recent survey by Edison Research at SSRS, up from 46% and 39%, respectively, in 2023. “When we have internal meetings to talk about this problem, it always comes around to podcasts,” said Jonathan Burnham, president and publisher of the Harper Group at HarperCollins Publishers. “The man who wants to read American history is now tuning into one of the many good podcasts about history that lends the quiet attention to a serious subject he’s looking for. It makes the idea of sitting down with a 700-page Ron Chernow book less appealing. You’ve scratched that itch.” Source: Wall Street Journal Remarkable report by Novara from the nationalist rally in London in mid May. Anna Airy, Leopard Moth and Plums, 1915 If you’ve scrolled this far, you know you want to click: Subscribe
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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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