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'Work when nobody's looking': How Aaron Rai parlayed two gloves, iron covers and a dream into a PGA Championship
Choose your own adventure: A Business Data Analytics alum goes looking for problems
Jeremy Harris’ love of puzzles and a fascination with cybersecurity took him from Army signals intelligence to building an award-winning IT firm in West Virginia.
Riverrock brings festivities, outdoor sports to Belle Isle for 18th year
Richmond’s beloved sports and music festival Riverrock brought together athletes, crowds and dogs for three days of outdoor activities, family fun and live entertainment this weekend.
Country music star left a ‘vast archive’ of unreleased music after his recent death
The beloved singer died in December.
ESPN predicts Bengals will make AFC Championship
A bold claim, but one we all love.
Why We Can’t Cut Earth Science to Fund the Next Earthrise Shot
We love space, but not as an abstraction. For my twin sons, it is a tradition. Their birthday themes have evolved from “Two the Moon” for their second birthday, featured on NASA.gov, to “From Space to the Farm,” with the boys in those iconic orange astronaut suits, standing in a cornfield. In the ye...
Pep Guardiola ends TNT Sports interview abruptly after Manchester City future question
Guardiola deflects question on his future with a characteristically witty “Have a lovely evening!”Man City boss insists “the future is bright” after his side beat Chelsea in the FA Cup finalCa...
Kiefer Sutherland cancels U.S. tour citing ‘very low’ ticket sales
Hollywood actor and musician Kiefer Sutherland has canceled the U.S. leg of his “Love Will Bring You Home” tour, due to “very low” ticket sales, he announced on social media Friday. “With great dis…
Warriors would ‘love' to have Kristaps Porziņģis and Al Horford back next season
Steve Kerr and Mike Dunleavy discussed Friday the potential returns of veteran big men Al Horford and Kristaps Porziņģis to the Golden State Warriors.
OU softball dominates Kansas in Norman Regional
No. 1 seeded OU softball (50-8) defeated Kansas (36-19) 9-0 in five innings Saturday at Love’s Field.
Get Microsoft’s core productivity apps for $130 with Office 2024
The apps you already know and love but without the subscription.
Bill Nye Says 'It's Still Hard to Grasp' the Impact of His Beloved Science Show: 'Put My Heart and Soul into It' (Exclusive)
'Bill Nye the Science Guy' premiered in 1993 and ran until 1998 on PBS, later becoming a staple across classrooms in the country
Subnautica 2 Xbox players could eventually test new features early like Steam players
Unknown Worlds would love for Xbox players to test Subnautica 2 updates before they launch
Moved from Western US to East Coast; happier in North Carolina
I spent years living in big cities like Denver and Salt Lake City, before moving back East. Now, I love my life in Asheville, North Carolina.
Country music fans heartbroken as two popular groups split: ‘Loved your music’
The groups have gone their separate ways.
Cuban political detainee released after US issues 2-week deadline
Cuban political prisoner Sissi Abascal Zamora is seen hugging loved ones outside La Bellotex women's prison in video posted of her release.
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
2026 Observer Sports All-Commencement teams
Jeremiyah Love and Hannah Hidalgo take home Athlete of the Year honors to lead the All-Commencement teams.
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NBA star Kevin Love spotlights mental health through nonprofit
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Questlove named as entertainment for Lafayette College’s Student Bicentennial Ball
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Amazon's New Prime Business and Amazon Business Credit Cards, Powered by U.S. Bank and Mastercard®, Are Now Available with Enhanced Rewards and Flexible Financing
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Gilts Become ‘Half-Hour Trade’ on Politics, HSBC’s Kettner Says
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Developer Danny Lovell on Rock Creek Entertainment District
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Win the Ultimate Car and Game Lover’s Jacket, Built with Forza Horizon 6
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Goggles on, futures bright: INL gives students a hands-on look at STEM careers
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I didn't even know this Pixel feature existed, but it's changed how I use my phone
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'Big players producing in the big moments'
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How Rich Shertenlieb Turned a Career Setback Into a Boston Sports Radio Comeback at WEEI
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Caring Beyond the Bedside: Carolyn Glover's Story from Nurse to Educator to Volunteer
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Owner revives business in downtown IM with Revival
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Microsoft denies Windows 11 CPU boost trick is a lazy fix, says Apple does this and you love it
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⚫️ Mourning at Barcelona: Hansi Flick's father dies
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Could Dominic Lovett Become the Lions’ Next Surprise Weapon?
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WTAP+ | Belpre business adds a splash of color, love and personality to weddings, events in the Mid-Ohio Valley
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Guardians acquire Patrick Bailey, two-time Gold Glove-winning catcher, in trade with Giants
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Macon's beloved Gallery West has been saved from closure by local business owner Scott Mitchell. Mitchell also owns Sweet Eleanor's Divine Desserts and The Bohemian Den.
How Disneyland Remade American Politics
America is turning 250, and The Free Press is marking the occasion with a yearlong series of events, conversations, and stories celebrating our country’s history. Today, we’re taking a journey with historian Beverly Gage to Southern California. Beverly traded the archives for the open road for her new book, This Land is Your Land: A Road Trip Through U.S. History. We’re proud to publish an excerpt, on the theme park that shaped American politics—and the presidents who loved it. —The Editors On July 17, 1955, Ronald Reagan stood near a mocked-up wood-plank town in Anaheim, California, where a 13-star flag flew incongruously over an “Old West” landscape, and introduced the world to Disneyland. He had been invited by Walt Disney himself to co-host the park’s live ABC broadcast, alongside Art Linkletter and Bob Cummings—three Hollywood actors who seemed to embody a wholesome, all-American ethos. From the imagined past of Frontierland, the show leaped ahead to Tomorrowland, set in the far-off year of 1986, emphasizing the technical marvels yet to come: nuclear energy harnessed for civilian purposes, human beings riding rocket ships into space. Disney foretold great things for a 1980s in which the United States would serve as “a source of joy and inspiration to all the world.” But even he could not predict the most important political fact of the age: that his genial co-host would become president. Southern California was a strange place to build a park about the past, because the region at the time was all about newness and abundance and growth. For a lot of its history, Orange County had been Southern California’s version of flyover country: a vast agricultural expanse between two desirable places, Los Angeles and San Diego. But Disneyland was changing that. Before long, 50 miles south of deep-blue Hollywood, Orange County would become a region famed for its right-wing politics—but also for its mythmaking skills. Those two things, it turned out, went naturally together. ADVERTISEMENT The two presidents Southern California gave America both understood this instinctively. Richard Nixon and Reagan each built a national career on invoking a version of the American past in which the specificities of historical context mattered less than the big picture. For Nixon, progress meant proclaiming a “New American Revolution” on the eve of America’s bicentennial while dismantling the federal programs that had built the postwar middle class. For Reagan, it meant recapturing a lost optimism and an old-fashioned faith in America as an exceptional nation. Both men were less interested in history as it actually happened than in history as it felt—and Orange County, a place that had built itself almost entirely from scratch, turned out to be exactly where the myth of America’s future was getting made. I’m a historian—and historians tend to be myth-busters. With the country’s 250th birthday on the horizon, I figured it was a good time to step out of the ivory tower and check in with the past as it exists here and now, at the museums and monuments and roadside attractions where Americans go to learn about their history. After all my travels—to Davy Crockett’s Tennessee and Texas, to the real Erie Canal, to the birthplace of the American automobile and the actual Old West—I couldn’t miss out on Disneyland, the single most influential historic attraction in U.S. history.
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How Perimenopause Became America's New Health Scare
If you’re a woman who speaks English, it sometimes feels like you can’t spend time on the internet without being bombarded with all the ways in which your body or your mind could be just a little broken. A few years ago, Instagram was full of women talking about attention deficit disorder, and lo and behold: From 2020 to 2022, the percentage of women (between the ages of 23 and 49) newly diagnosed with it nearly doubled. Not long ago, premenstrual syndrome was all the rage, with the algorithm pushing videos that explained why it’s okay to fly off the handle once a month. These days, the word perimenopause is everywhere. Perhaps you’ve seen the headlines. “Perimenopause is having a millennial moment. Here are 7 ways to cope,” says The Washington Post. Or perhaps you’ve seen Apple TV’s glossy drama Your Friends & Neighbors, which is back for its second season; the female protagonist Mel is explicitly perimenopausal, and in the first season, she keyed a car for no apparent reason. She’s played by Amanda Peet, who talks about being perimenopausal in real life (“God knows I’ve wanted to key a lot of cars in the last three years,” she’s said.) In fact, it sometimes feels like every celebrity interview with a forty- or fiftysomething woman requires her to open up about what’s going on with her hormones. Drew Barrymore joked on CBS Mornings that when she found out how long perimenopause can last, she thought she’d “never make it 10 years like this.” Katherine Heigl told Business Insider that “whoever designed it so that women would be going through perimenopause while raising teenagers should be sent a strongly worded letter.” At the same time, influencers who talk about perimenopause seem to have cropped up out of nowhere with something to sell you, causing people online to wonder where this all came from. It’s trickled down from Instagram to tchotchke shops, which sell fridge magnets that say “Perimenopause Is Hot.” You can buy a T-shirt that proclaims “Perimenopause Made Me Do It!” My mom, who is 48, started uncontrollably shaking her leg at night a few years ago. “It’s perimenopause,” she told me when I complained about how annoying it was. But what exactly is perimenopause—and why are we all talking about it all of a sudden?
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Boston, please be classy my friends! I still love and …
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Everyone loves Nintendo
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