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Senate Health Committee Votes on CDC, HHS, and Labor Nominations
The Senate Health, Education, Labor and Pensions Committee meets in executive session to vote on Erica Schwartz to be director of the CDC, Sean Kaufman to be Health and Human Services assistant secretary, and Keith Sonderling to be secretary of Labor.
Opinion | Politicians, Pensions and Public Unions
Collective bargaining in the public sector presents an obvious potential conflict of interest.
Sandpoint business owners, residents and tourists divided on suspension of parking kiosks in downtown streets
Along First and Second avenues in Sandpoint, about 25 parking kiosks costing the city $230,000 were wrapped last week with black trash bags.
Caitlin Clark picks up sixth technical foul this season
INDIANAPOLIS — Indiana Fever guard Caitlin Clark was assessed a technical foul in the first quarter of Saturday’s game against the New York Liberty. Clark now has six technical fouls on the season, and if she reaches eight, she’ll receive a WNBA-mandated one-game suspension. Clark picked up a technical foul after she was leveled on a screen by Liberty center Jonquel Jones. The play was a no-call, but Clark took exception to the physicality and yelled at the closest official. Liberty star Breanna
Adam Silver calls Caitlin Clark a 'political football' as the WNBA keeps dodging reality
Adam Silver called the Caitlin Clark debate "political ping-pong" but declined to directly address reports he intervened in Alyssa Thomas' suspension.
How the Milwaukee County pension scandal reshaped Wisconsin politics
The Milwaukee County pension scandal gave rise to the political career of Scott Walker and reshaped Wisconsin politics.
City Council settles November ballot: ShotSpotter in, ICE and pension questions out
A City Council standoff over advisory referendum questions means Chicagoans will vote on reviving gunshot detection technology and creating a permanent festival venue, while proposals on immigration costs, pensions and other issues won't make the November ballot.
Sources: Silver persuaded Engelbert to suspend Thomas after Clark incident
WNBA Commissioner Cathy Engelbert was not going to suspend Alyssa Thomas for burying a fist onto Caitlin Clark’s throat three weeks ago until NBA Commissioner Adam Silver implored her to reverse course and issue a suspension, multiple sources told SBJ Tuesday.
Sources: Silver persuaded Engelbert to suspend Thomas after Clark incident
WNBA Commissioner Cathy Engelbert was not going to suspend Alyssa Thomas for burying a fist onto Caitlin Clark’s throat three weeks ago until NBA Commissioner Adam Silver implored her to reverse course and issue a suspension, multiple sources told SBJ Tuesday.
Trump administration orders ICE to suspend most vehicle stops after deadly shootings
The suspension is not absolute and there's room for exceptions when executing a criminal warrant or working with partner agencies.
Emergency Suspension issued for Shively liquor store after quadruple shooting at business leaves man dead
Shively Alcoholic Beverage Control (ABC) issued an Emergency Suspension of the liquor licenses of a bar after a quadruple shooting that left a man dead.
Whole Hog Politics: As goes Maine, so goes …
Graham Platner announced the suspension — but as of this writing, still not the formal withdrawal — of his Senate candidacy in a video that was solipsistic even for our self-regarding age. It’s no wonder that he’s been getting...
Two U.S. soccer team staff members suspended by FIFA for Belgium World Cup game
FIFA did not explain why it imposed the discipline
Red Sox outfielder Nate Eaton's suspension reduced to 2 games
Boston Red Sox outfielder Nate Eaton's initial three-game suspension for his actions during a dugout-clearing altercation with Washington last week has been reduced to two games.
There is ‘a lot’ of politics in the world of soccer: WH World Cup task force executive director
White House World Cup task force executive director Andrew Giuliani discusses controversy around FIFA's decision to lift U.S. soccer star Folarin Balogun's red-card suspension on ‘The Story.’
Trump's FIFA call opens a 'slippery slope,' says sports columnist Christine Brennan
NPR's A Martinez speaks with USA Today sports columnist Christine Brennan about the World Cup match between the U.S. and Belgium and the lifted suspension of a U.S. star forward.
From The Sports Desk: Belgium demolishes the U.S. 4-1, and then trolls it afterward
“Overturn this,” Belgium posted on social media, a reference to FIFA suspending a one-game suspension for Folarin Balogun, the American striker, and allowing him to play in the match.
‘Profoundly corrupt’: The EU’s leading FIFA critic sharpens his attack - Live Updates
European lawmaker Barry Andrews savages the world football governing body after U-turn on American star's suspension.
FIFA's red card reversal: Fair play or political interference?
FIFA's Disciplinary Committee suspended US striker Folarin Balogun's one-game red card ban in exchange for a probationary period of one year.The decision was announced after President Donald Trump called FIFA President Gianni Infantino and asked him to review the red card.The suspended red card means Balogun can play in Monday night's win-or-go-home match in Seattle versus Belgium.But the decision has faced harsh criticism from fans and The Union of European Football Associations, which said the red card suspension "crossed a red line."What does the red card debacle tell us about political interference in elite soccer?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 episode was produced by Jeffrey Pierre and Karen Zamora, with audio engineering by Ted Mebane and Tiffany Vera Castro. Our director is Kai McNamee.It was edited by William Troop and Tinbete Ermyas.Or interim executive producer is Courtney Dorning.
FIFA disciplinary committee fines USMNT's Folarin Balogun $40,000, defends postponing red card suspension by 1 year
Red card reversal of Folarin Balogun only latest example of politics entering sports arena
President Donald Trump talked about his conversation with FIFA President Gianni Infantino before the sport's governing body reversed the red card suspension against U.S. player Folarin Balogun.
Sports analyst on Trump’s involvement in FIFA suspension reversal: ‘Never seen anything like it’
Trump says he asked FIFA to review U.S. soccer star Folarin Balogun’s suspension
Balogun’s red card had prompted fury from American soccer fans and concerns about the team’s prospects without the star player in the next match.
Folarin Balogun: UEFA says FIFA decision ‘crossed a red line’, warns ‘integrity of the game is at stake’
UEFA said in a statement that the suspension of Balogun's one-match ban was an "unprecedented, incomprehensible and unjustifiable decision."
Trump Intervention in FIFA World Cup Ignites Controversy
Though Article 27 grants FIFA's disciplinary committee discretion to suspend sanctions, its use in automatic World Cup suspension is unusual.
Flutter Entertainment PLC $FLUT Shares Acquired by Fjarde AP Fonden Fourth Swedish National Pension Fund
Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 53.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6
Live Nation Entertainment, Inc. $LYV Position Raised by Fjarde AP Fonden Fourth Swedish National Pension Fund
Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 85.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50
World Cup 2026: President Donald Trump reportedly called FIFA's Gianni Infantino to review Folarin Balogun's red card suspension
Belgium 'Astonished' By Folarin Balogun Ruling, Investigating 'Potential Options'
The Royal Belgian Football Association released a statement on Sunday in response to the FIFA Disciplinary Committee's decision to suspend United States striker Folarin Balogun's one-match red card suspension ahead of the two countries' round of 16 match at Seattle Stadium on Monday.
FIFA changes its mind on Folarin Balogun suspension
The United States Men’s National Team was expected to be without its leading goal scorer during Monday’s Round of 16 showdown with Belgium in the 2026 FIFA World Cup after he was shown a red card during the Round of 32 win over Bosnia and Herzegovina. However, it does not seem like that’s the case…
USA's Folarin Balogun Avoids Multi-Game Suspension; Won't Play vs. Belgium
U.S. men's national team star striker Folarin Balogun will not be available for the World Cup round of 16 game vs. Belgium.
Cavalli and Contreras get 7-game bans after Nationals-Red Sox fight
Washington Nationals pitcher Cade Cavalli and Boston Red Sox first baseman Willson Contreras were each issued seven-game suspensions by Major League Baseball for their role in a benches-clearing fight between the two teams.
WNBA to Fine Angel Reese $1,000 as Atlanta Dream Star Nears Suspension
Angel Reese now has six technical fouls, putting her just two techs away from a one-game suspension.
Fox Sports rules analyst Mark Clattenburg: Folarin Balogun red card ‘shouldn’t have been a VAR intervention’
A delightful win for the USMNT on Wednesday night was overshadowed by a questionable red card on striker Folarin Balogun, immediately casting concern over the national team’s next match on Monday as Balogun serves a suspension. The second-half booking came after Balogun became tangled up with a Bosnian defender. In real time, the play did…
Why the USMNT can't appeal Folarin Balogun's suspension after controversial World Cup red card
House panel explores direct health contracting to lower costs
The House Education and Workforce Subcommittee on Health, Employment, Labor and Pensions July 1 examined whether direct health care contracts between employers and providers could help address rising health care costs.
Why the USMNT can't appeal Folarin Balogun's suspension after his controversial World Cup red card
Trump administration suspends funding for New York's Medicaid fraud unit over low performance
The funding suspension is part of the Republican administration's broader anti-fraud actions in the healthcare sector.
Trump administration suspends funding for New York's Medicaid fraud unit
The move is the second suspension of a state Medicaid fraud unit this year by the Republican Trump administration.
Holland & Knight Health Dose: June 30, 2026 | Insights
Senate Committee on Health, Employment, Labor, and Pensions (HELP) Chairman Bill Cassidy released a discussion draft making changes to the 340B Drug Pricing Program.
Border to Coast Pensions Partnership Ltd Takes Position in Live Nation Entertainment, Inc. $LYV
Border to Coast Pensions Partnership Ltd purchased a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 172,269 shares of the company's st
Caitlin Clark made the WNBA bigger. It’s still playing small
The league’s paltry one-game suspension of Alyssa Thomas after her fist to Caitlin Clark's throat barely begins to address the problem.
The fascinating case of Caitlin Clark vs. The WNBA: Who controls the spirit of the sport?
Clark will face a one-game suspension if she receives an eighth technical. She says you can count on it.
Kenya’s health minister orders suspension of construction on a US-backed Ebola facility
Locals have held a series of protests in which three people have died.
Kenya’s health minister orders suspension of construction on a US-backed Ebola facility
Kenyan Health Minister Aden Duale has ordered the suspension of the construction of an Ebola quarantine center for Americans after he was held in contempt by a court that had halted the project.
Kenya's health minister orders suspension of construction on a US-backed Ebola facility
Kenyan Health Minister Aden Duale has ordered the suspension of the construction of an Ebola quarantine center for Americans after he was held in contempt by a court that had halted the project.
The Salsa Wanderosa review: I misunderstood this bike completely
With full suspension, a Class 3 motor and 2.35" tyres, Salsa's Wanderosa looks like a drop-bar e-MTB. After weeks of riding, I discovered it's something far more interesting
Kayshon Boutte precedent could help Brendan Sorsby avoid a suspension
With quarterback Brendan Sorsby intending to apply for the NFL's supplemental draft, some are watching and waiting to see whether the NFL will welcome him to the ranks of professional football.
2027 Mercedes-AMG GLE63 S And GLS63 Get A New Mild-Hybrid V8 With 603 HP And A Flat-Plane Crank
The two SUVs also get styling tweaks and bigger grilles, adaptive suspension with active roll stabilization, and an exhaust that should be more characterful.
Microsoft sued by shareholders over expenses, cloud business, AI
Microsoft has been sued by shareholders who accused the company of defrauding them and inflating its stock price by failing to disclose slowing growth in its Azure cloud business and the need to spend billions of dollars on AI infrastructure. The proposed class action led by a Michigan pension fund was filed in Seattle federal court on Friday, after Microsoft shares fell 10% on January 29 in response to its quarterly earnings report a day earlier. About $357 billion of market value was erased, and Microsoft's stock suffered its biggest one-day decline in nearly six years.
SK Life Science, Inc. Announces FDA Acceptance for Review of New Drug Application for Cenobamate Oral Suspension
Key Facts: FDA has accepted for review the New Drug Application (NDA) for an investigational oral suspension formulation of cenobamate for the treatment of...
First Look: Rimpact's Bolt-on Tuned Mass Damper for Gravel Bikes Promises to Reduce Fatigue
Rimpact claims the device makes for a comfier ride, but doesn't aim to displace the job of a suspension fork.
Social Security is Facing a Political Crisis
On Tuesday the Social Security Trustees released their latest report on the system’s finances. The numbers didn’t change much: Unless something is done, the Old Age Survivors and Disability Insurance (OASDI) program, Social Security’s official name, will be unable to pay full benefits starting in either 2032 or 2034, depending on some technical issues. That’s not far away: If the Trustees are right, the prospect of a Social Security crisis will loom over the next presidential administration. It’s important to understand, however, the nature of the looming crisis. It won’t be an economic crisis. It won’t even be a serious fiscal crisis. Whatever you may have heard, Social Security isn’t in danger of going bankrupt. What we’re facing, instead, is potential political crisis. Congress and the White House could easily take action to sustain America’s retirement system. But given the current state of our politics, there’s no guarantee that they will. There is a widespread misunderstanding of how Social Security works. While Social Security was designed to look like a pension fund, it isn’t. A pension fund pays benefits out of a stock of assets it has accumulated over time. In contrast, Social Security operates as a government transfer program, like food stamps or Medicaid. Now, unlike food stamps — but like the highway trust fund — Social Security is on paper supported by a dedicated tax, the payroll tax, that is assigned to that program. But I say “on paper” because from an economic point of view assigning the payroll tax to Social Security is just an accounting convention. What matters for the U.S. economy is the overall balance between government spending and government revenue, not the difference between one type of spending and one source of revenue. So there’s no inherent economic significance to the fact that by 2034 payroll tax receipts will be insufficient to cover promised benefits. There is, however, a legislative issue. As long as the Social Security Administration can pay benefits out of payroll taxes and its cash reserve, there’s no need for Congress to vote each year to authorize benefits — they just keep going out until further notice. However, once those resources become insufficient, benefits will fall —by 17 percent according to the Trustees — unless Congress passes new legislation that “tops up” Social Security’s finances. Yet the current administration and Republican party are such extremists that there is a real risk that Social Security will be held hostage on behalf of their goals. If this should come to pass, the hostage-takers will claim that shoring up Social Security is unaffordable. Right on cue, Mike Johnson, the Trump-sycophant Speaker of the House, declared on Monday that “entitlement programs” like Social Security “have to be adjusted and fixed,” and that Republicans will introduce a plan to that effect next year. But this is a ploy, because while the cost of maintaining Social Security benefits at their promised level isn’t trivial, it is in fact affordable. According to the Trustees’ report, the actuarial balance of OASDI up through 2050 — the amount of additional funds it would need to keep paying full benefits for the next 25 years — is 1.06 percent of GDP. To put that number in perspective, the Trump administration proposes increasing military spending next year by $420 billion, equivalent to about 1.4 percent of GDP – without any discussion of whether that’s affordable Yet how did we get to the point where Social Security will need to be topped up? The main answer is that we have an aging population, with a growing ratio of retirees collecting benefits to workers paying into the system: Trump’s anti-immigration policies are making this problem worse. According to the Trustees’ report, lower immigration will deepen Social Security’s financial hole because many immigrants are working-age adults who will pay into the system for decades before they collect benefits. In fact, this problem may be much bigger than the report acknowledges: The report’s baseline assumption is that we’ll have net immigration of almost 1.2 million people a year, and even the pessimistic case assumes 750,000 a year. Meanwhile actual net immigration has already been cut far below that — and may now be negative. Moreover, Social Security is being financially damaged by growing income inequality in America. Payroll taxes are levied only on wages up to $184,500, and they don’t touch capital income. With the distribution of income increasingly shifting from labor to capital, as well as becoming more unequal among wage-earners, revenue from the Social Security payroll tax has been falling as a share of national income. From 1990 to 2024, it fell from 5.02 percent of gross domestic income to 4.46 percent. Which brings me to the question that, these days, we ask about everything: How might Social Security be affected by the advent of AI? A short answer: If, as many of us fear, AI accelerates rising income inequality, it will further reduce the payroll tax receipts that currently pay for Social Security and further endanger its finances. On the other hand, if AI, as its advocates promise, leads to faster economic growth, it will increase the potential tax base that could and should be used to support Social Security and other social insurance programs. But to take advantage of that larger base, we’ll have to get serious about taxing wealth and capital income. Is Social Security in trouble? Yes, but only because of the way its financing is currently structured — a structure that no longer works well because our society and economy have become so unequal. Moreover, Trump’s immigration policies are further endangering its already deteriorating financial condition. So don’t believe Republicans’ gaslighting that it will be necessary to cut Social Security benefits. All that is necessary to preserve Social Security is political will to raise taxes on the wealthy and a sensible immigration policy. MUSICAL CODA Actually 67 under current law.
New in the VA Health and Benefits Mobile App: View your benefit overpayment debt details
If you have a benefit overpayment debt related to disability compensation, pension or education benefits, it's now viewable in the VA Health and Benefits mobile app.
Honda recalls more than 880,000 vehicles over rear suspension failure risk
Honda is recalling over 880,000 Pilot, Ridgeline, Passport and Acura MDX vehicles due to rear suspension corrosion that could increase the risk of a crash.
Do Reform suspensions suggest political vetting system isn't working?
Several newly elected councillors have been suspended over their historical social media posts.
Beckwith defends Islam comments, gas tax suspension| Crossroads Politics
Max Verstappen Demands a “New Back” As Red Bull’s Brutal RB22 Suspension Setup Threatens Monaco Disaster
Max Verstappen isn’t mincing words about the brutal physical and mechanical toll the 2026 Red Bull RB22 is taking on his body. As Formula 1 heads into the tight, unforgiving streets of the Monaco Grand Prix, the world champion’s frustrations…
Kemp’s gas tax suspension ends, local business plans for high prices
For more than two months, the suspension has saved Georgia drivers 33 cents per gallon on regular gas and 37 cents per gallon on diesel fuel.
Ford Bronco Sports and Mavericks Hit with 'Do Not Drive' Warning
The recall involves 4653 combined copies of the compact truck and SUV, which have front suspensions that could fall apart.
Here’s why Republicans just stood up to Trump
The suspension of Trump’s weaponization fund shows how the system is (kind of) working.
Gas tax debate revives 2022 playbook in Georgia governor’s race
Keisha Lance Bottoms is seizing on Gov. Brian Kemp's decision to let Georgia's gas tax suspension expire, framing the move as a pocketbook test for her Republican rivals.
Upstate N.Y. cities receive millions from state budget to help with deficits
Changes to the Tier 6 pension plan for more than 830,000 public employees hired after April 2012 included in the state budget is anticipated to take a bite out of this funding.
Camp Mystic health officer may practice nursing again under limited Texas license
The Camp Mystic chief health officer can practice nursing again under restrictions after a temporary suspension tied to the deadly 2025 flood that killed 27 girls.
Brooklyn business owners urge MTA to shift G train weekend shutdowns to weeknights
A group of 55 Brooklyn business owners urged the MTA board on Tuesday to shift several planned G train service suspensions, many of which are slated for next
New Twitch suspension draws attention to ambiguous rules
It seems like the list is about to grow when it comes to bodyparts you can't show when streaming Dark Souls III on Twitch.
New York pension fund closes fiscal year at record high
The fund’s long-term expected rate of return is 5.9%, the comptroller said.
How California’s 2 Biggest Pension Funds Became a Battleground for Trump Politics and More
California’s two biggest public pension funds have more money than ever — and they’re hearing from more people than ever on how those assets should be used to change the world.
Politics and pensions don’t mix: Retirees prevail in the Sooner State
Public pensions must be managed in the best financial interests of retirees — not steered by political mandates.
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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