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Taking a temperature check on bee health
Reporter Abigail Saxe speaks with Gerald Posner of Swaying Daisies Honeybee Farm about colony die off and how to keep bees alive.
Fernandes keen to 'have a word' with Keane
Bruno Fernandes was a key figure for Manchester United during the 2025-26 campaign, helping the club secure a third-place Premier League finish and a return to the Champions League after a two-season absence. Fernandes has defended his character and achievements after ex-United captain Roy Keane described him as being at the centre of a "circus act" following the victory over Nottingham Forest on the penultimate weekend of the season.
Lantheus weighs potential sale with $7B valuation
The Bedford, Massachusetts-based company has reportedly been approached about a possible acquisition by competitor Curium Pharma, Bloomberg reported May 22.
Precision Medicine’s Next Hurdle Isn’t Science
A new UPMC report found that while most health systems now offer precision medicine programs, many still face challenges scaling them due to reimbursement, data integration and patient engagement issues. Health system leaders say the field’s future depends on embedding genomics into routine care, as well as proving its clinical and financial value.
I redesigned my toddler's room to teach him independence
Victoria Lee Jones redesigned her son's bedroom to encourage independence, confidence, and self-expression from a young age.
For The First Time, Scientists Directly Confirm The Existence Of Vast Freshwater Systems Hiding Under The Sea Floor
For the first time, scientists have drilled into the seabed off the US East Coast and confirmed what had long been theorized – a massive body of freshened water lurking beneath the ocean.
Common heart drug taken by millions found useless
A massive international study could upend 40 years of heart attack treatment. Researchers found that beta blockers—routinely prescribed after uncomplicated heart attacks—offered no real benefit for patients whose heart function remained normal, despite being given to millions worldwide. Even more surprising, women taking the drugs faced a higher risk of death, repeat heart attack, or hospitalization for heart failure compared to women who didn’t receive them.
NCAA's new international rules put Wisconsin's season in jeopardy
The NCAA is pushing a new rule that would end Greg Gard's recruiting strategy in Madison as we know it.
Texas tabbed as regional host
As expected, the Horns will return to the Disch next weekend.
Sunflower Sports Report (5/24): Biggest headlines of the week
Here are the biggest headlines of the week from the Sunflower Sports Report.
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.
HP releases new 14-inch laptop globally with 120 Hz VRR display and 64 GB RAM
HP has released a new 14-inch laptop globally. Described as a mobile workstation, the ZBook 8 G2a 14-inch features modern AMD Ryzen processors, up to 64 GB of RAM and multiple display options with 120 Hz VRR refresh rates or 800 nits peak brightness.
UNC Health Pardee expands cancer center services with new on-site physical therapy
UNC Health Pardee has announced that it is expanding its comprehensive cancer care services by adding on-site physical therapy at its cancer center.According to
Analysis: Bedlam at Stadium of Light
In truth, the party had been ongoing hours before kick-off but it was bedlam by the end of the match, as fans held heads in hands in disbelief at their remarkable achievement. It is only four years since the Black Cats were in League One, with Luke O'Nien and Trai Hume having been with them throughout the journey and combining here for the first goal. Having only gone up via the Championship play-offs, it is little surprise many predicted Sunderland would struggle.
Business Notes: Grand Furniture donates 50 beds to kids; Deep Creek Bridge project reaches milestone
See which Hampton Roads businesses are giving back and which ones are celebrating milestones.
Steelers' second-year RB turning heads at OTAs
Pittsburgh Steelers running back Kaleb Johnson is apparently primed for a massive Year 2 jump, as he's standing out in a big way at OTAs.
PGA champion Aaron Rai among commits to Memorial Tournament
PGA champion Aaron Rai, along with Rory McIlroy and Scottie Scheffler, will play in the 2026 Memorial Tournament.
Laramie County health and food inspections (5/15/26–5/21/26)
CHEYENNE, Wyo. — The Cheyenne-Laramie County Health Department inspects restaurants, bars, convenience stores, delis, grocery stores, bed and breakfasts
The Dreamie alarm clock got me to stop using my phone in bed
What sets Dreamie apart from all of the other fancy alarm clocks is laughably simple: It can play podcasts.
Amtrak California Zephyr journey: What I'd do differently next time
I took Amtrak's California Zephyr train from Chicago to Emeryville, California. I booked a $2,200 bedroom for the 53-hour journey.
Phillies news: Zack Wheeler, Chan-min Park, Trea Turner
More rain, you say? Bring it on
Neglect as mental health care is more than a moral failure
Stories of people with Serious Mental Illness left untreated in county jails for months, waiting for a psychiatric bed are well known across KY.
AC MILAN v CAGLIARI: MATCH PREVIEW
AC Milan are preparing to wrap up their season at San Siro against Cagliari on matchday 38 of Serie A, on Sunday 24 May at 20:45 CEST. A hugely important game and a must-win in order to secure Champio...
Rangers want to sign Hearts' Shankland
Hearts captain linked with Rangers as Celtic manager expects meeting with major shareholder.
She got scolded on ‘American Idol.’ Here’s what this Utah singer is up to 5 years later
In a recent interview, Liahona Olayan reflected on ‘American Idol,’ how serving a Latter-day Saint mission has made her a better artist and her new music
Rep. Gluesenkamp Perez explains decision to back policy dubbed ‘Don’t Say Trans’ bill
“I voted for this bill because I believe the answer is to bring families in,” the congresswoman said, in part.
Garden Grove business owner offers spare bedroom in nearby home to chemical spill evacuees
📋 Flu named to face Mirassol and target second place
At Maião, in the interior of São Paulo state, Fluminense and Mirassol face off this Saturday (23) at 7:00 p.m. (Brasília time) in the 17th round of the 2026 Brasileirão.The Rio Tricolor sits in th...
Can the new tubeless Chilipad 2.0 finally end your night sweats? Our first impressions of the $3,000 bed cooling system
I tested the Chilipad 2.0 mattress topper for a week. Its active cooling and comfortable design impressed me, but it lacks sleep tracking.
Bees get distracted just like us, hinting at their own awareness
Even tiny insects need to focus. In a recent study, honey bees—usually quick to learn which scent means sugar—completely flubbed the task when a flashing light joined the party. This surprisingly human-like ...
Replacing RAG with bash cut AI retrieval costs 30%
DCI lets AI agents search raw files with grep and bash instead of embeddings — boosting accuracy 11 points and cutting retrieval costs 30% on complex tasks.
Sutter Health to build tallest tower in Emeryville with updated hospital plan
Sutter Health is putting more muscle behind its planned Emeryville hospital campus, unveiling a bigger and taller vision for the $1 billion project that could permanently alter both the city’s skyline and Sutter Health’s role in the East Bay health care economy. The Sacramento-based health system released updated plans for its Emeryville Medical Center, outlining a 17-story, 780,000-square-foot hospital at Horton and 53rd Streets in Emeryville, the San Francisco Business Times reported. The project would include 325 beds at full buildout, up from the 200 initially proposed, and would become Emeryville’s tallest building if completed as designed, surpassing the 310-foot […]
Searching for 'Disregard' Breaks Google
On Tuesday, Google held its I/O developer event, and introduced an AI-forward version of Google Search that the company described as an "intelligent search box" powered by the newest version of Gemini. It turns out Google's all-new version of search semi-breaks when you search for the word "disregard". Typing "disregard" into Google Search results in Google's AI interpreting it as a system-style instruction instead of a search query. "Understood.
NFL, to its credit, admits MNF doubleheaders were a dud
It's human nature to resist admitting mistakes.
Imax surges on report it’s approached entertainment companies for a sale
Imax shares climbed more than 15% in premarket trading on Friday....
How the Clinical & Translational Science Institute at UCLA Health advances medicine from bench to bedside
Clinical trials are at the heart of UCLA Health’s Clinical & Translational Science Institute
Lancaster County public sales: May 22, 2026
Martin & Rutt Auctioneers LLC, of New Holland, conducted a public auction of real estate May 12 for Keith B. Roberts at 807 Pleasure Road, Lancaster. A one-bedroom cottage and
Governor Spanberger’s vetoes may have political implications
Virginia Governor Abigail Spanberger vetoed a number of bills passed by her own party in the General Assembly this week.
Braxton Ashcraft bedevils Cardinals, who lose to Pirates 6-2
Another sixth inning collapse mars a good start by a Cardinal pitcher
New Iowa behavioral health hospital aims to address mental healthcare shortage
A state-of-the-art facility opening in Council Bluffs in June is expected to help boost services and inpatient psychiatric care beds in a more peaceful setting.
Suzuki Wins Awards at Science and Engineering Fair
Bedford High School sophomore Hanna Suzuki earned national recognition for her “Audio Augmented Reality for Celestial Objects” research project.
SEC post-spring intel: Inside the key QB battles, breakout players, more buzz from across the league
From unsettled QB rooms to breakout players, here's what we're hearing around the SEC entering summer
‘Still shakes me’: Contractor recounts finding human skull in S.C. business
A contractor found human remains on Tuesday in the crawl space of a South Carolina business.
Scientists discover strange “narwhal” waves that trap light beyond known limits
Physicists at Peking University have uncovered a new way to confine light far beyond conventional limits — without relying on metals and their inherent energy dissipation. By formulating the singular dispersion equation, the team discovered narwhal-shaped wavefunctions that trap light at deep-subwavelength volumes in purely dielectric materials. The advance, dubbed singulonics, could pave the way for ultra-efficient photonic chips, new quantum technologies, and imaging tools with unprecedented resolution.
Steve Bellamy Launches TYPTI, Tennis Channel to Air Championships
"The points are long, the rallies are dramatic, the action is constant, there is a refined bedlam, and the strategy reads so beautifully on camera," Bellamy says of TYPTI.
OneStream Unifies Financial and Operational Planning to Help CFOs Run the Business in Real Time
/PRNewswire/ -- OneStream, the AI operating system for modern Finance that unifies core financial and operational processes, embedding the governance, context,...
Dodgers capitalize on gift to even series with Padres
The first two games this season between the teams with the two best records in the National League West have been close, hard-fought battles going down to the wire. After not scoring in the series opener, the Dodgers found just enough offense on Tuesday and capitalized on an absolute gift from the most dominant closer […]
Taiwan Politics
Taiwanese President Lai Ching-te attends a press conference to mark his second anniversary in office in Taipei, Taiwan, Wednesday, May 20, 2026. (AP Photo/Chiang Ying-ying)
ESPN analyst makes jarring Browns QB statement
It appears we have a leader in the race for the starting job.
Springfield losing its detox beds as Behavioral Health Network moves toward transitional treatment
Springfield's Carlson Recovery Center is ending detox beds with 24/7 medical supervisor due to staffing, shifting to less-intensive residential addiction care.
The Surprising Mental-Health Benefits of Bedazzling
Bedazzling transforms boring objects—and possibly your mood, too.
Republican Senators Are Livid at Trump’s Endorsement of Paxton
News that President Trump had snubbed Senator John Cornyn of Texas, the four-term incumbent, was met with shock, anger and fear that the G.O.P. could lose his seat.
Tuesday concerts returning to Millsboro’s Cupola Park
Summer nights can be a little more magical with live music. And, once again, the Town of Millsboro will welcome the public to relax and jam at their 2026 Tuesday-night
Trump’s Social Media Posts: The Apocalyptic Style of U.S. Politics
Richard Hofstadter once described U.S. politics as periodically seized by “the paranoid style.” Now look at Trump's social‑media activities.
Fall asleep faster using these science-backed tips
Experts offer tips to help you fall asleep faster at bedtime and get a better night’s rest.
Yankees news: Could Gerrit Cole be activated on Friday?
Cole could come up for his next start; bullpen as a unit bad, Bednar particularly unreliable; retirements and callups
Britain Business
Small business representatives, British Business Secretary Peter Kyle, and British Prime Minister Keir Starmer, centre right, pose for a group photo as Starmer hosts a reception to mark the introduction
Sports roundup for Monroe County Region events May 16-18
Bedford's boys lacrosse opens the state tournament with a win over SMCC; Airport softball team takes second in Michigan Challenge.
Pacoima business owners say city cleared troubled street overrun by encampment after ABC7 probe
A street in Pacoima was long overrun with filth. That encampment, once dubbed the "Skid Row of the Valley," has now been cleared, and locals say it happened after they reached out to ABC7.
Trucking insurance: How to make underwriters fight for your business
An Overdrive 2025 Small Fleet Champ's flatbed biz makes good on growth goals with a transparent promise to owner-operators: 15% of the gross for costs, no insurance chargebacks. "We had companies fighting over our business" this year, he said, with similarly transparent ELD data engagement.
Notable San Francisco Designer’s Napa Valley Ranch for Sale
Ken Fulk's restored ranch property in St. Helena boasts a two-bedroom cottage, entertainment barn, tent bungalows and a “Cowboy Shack.”
WNBA graphic omitting Caitlin Clark shows identity politics still come first
OutKick argues the WNBA once again snubbed Caitlin Clark from a promotional graphic, choosing a player averaging 1.0 points per game over its biggest star.
Indianapolis tabbed No. 3 Best Sports Business City by Sports Business Journal
Indy jumped eight spots since the inaugural rankings in 2023.
Indianapolis tabbed No. 3 Best Sports Business City by Sports Business Journal
Indy jumped eight spots since the inaugural rankings in 2023.
Indianapolis Tabbed No. 3 Best Sports Business City by Sports Business Journal
CHARLOTTE – Sports Business Journal (SBJ) has named Indianapolis as the No. 3 Best Sports Business City in the United States, the organization announced on Monday. The Best Sports Business Cities™ list highlights the top 50 cities for businesses operating in and around sports and influences strategic direction for sports business professionals across the United States. Started in 2023, Best Sports Business Cities™ is an editorial initiative developed by Sports Business Journal, the industry’s leading news source on the business of sports. Using extensive data from dozens of sources and insights from nearly 120 influential sports business executives, SBJ evaluated more than 2,000 markets to identify the top cities based on opportunity, economic environment and industry sentiment to identify cities with strong business presence, hiring potential and long-term investment viability.
Indianapolis Tabbed No. 3 Best Sports Business City by Sports Business Journal
CHARLOTTE – Sports Business Journal (SBJ) has named Indianapolis as the No. 3 Best Sports Business City in the United States, the organization announced on Monday. The Best Sports Business Cities™ list highlights the top 50 cities for businesses operating in and around sports and influences strategic direction for sports business professionals across the United States. Started in 2023, Best Sports Business Cities™ is an editorial initiative developed by Sports Business Journal, the industry’s leading news source on the business of sports. Using extensive data from dozens of sources and insights from nearly 120 influential sports business executives, SBJ evaluated more than 2,000 markets to identify the top cities based on opportunity, economic environment and industry sentiment to identify cities with strong business presence, hiring potential and long-term investment viability.
From the Editor: It’s no lie — running a business is hard work
Why do so many small business owners feel like they have to crawl through barbed wire to make it all work?
Baidu beats first-quarter forecasts as AI business drives strong growth (BIDU)
Baidu (NASDAQ:BIDU) shares climbed more than 2% in premarket trading on Monday after the Chinese technology group delivered first-quarter revenue and earnings ahead of market expectations, supported by rapid expansion in its AI-related operations. AI-powered business becomes major revenue contributorThe company reported quarterly revenue of 32.
David Bednar Stat is Very Concerning for Yankees' Future
It's been an ugly past week or so for the New York Yankees, a very concerning sign for a team that was one of the best in Major League Baseball prior to this. Now sitting at 28-19, the Yankees are 3-7 over their last 10 games and are three games behind the first-place Tampa Bay Rays in the American League East.
New Windows 'MiniPlasma' zero-day exploit gives SYSTEM access, PoC released
A cybersecurity researcher has released a proof-of-concept exploit for a Windows privilege escalation zero-day dubbed "MiniPlasma" that lets attackers gain SYSTEM privileges on fully patched Windows systems.
Twilight Alive concert series returns to Kingsport in May
KINGSPORT — Twilight Alive — one of the most popular concert series in the region — will soon be jammin’ on the streets of downtown Kingsport this summer, offering fans
Laramie County health and food inspections (5/8/26–5/14/26)
CHEYENNE, Wyo. — The Cheyenne-Laramie County Health Department inspects restaurants, bars, convenience stores, delis, grocery stores, bed and breakfasts
Country music star left a ‘vast archive’ of unreleased music after his recent death
The beloved singer died in December.
Bengals tabbed big winners of the NFL schedule release
Cincinnati looks ready for major rebound
Trump Says he’s a Builder. His Peace Deals are Far from Sturdy.
Arab officials worry Trump will leave them in a lurch with Iran.
World Health Organization declares Ebola outbreak in Congo a global health emergency
Health officials are working to contain a new Ebola outbreak in the DRC of a virus strain with no known vaccine.
South Korea says it will pursue all options to avoid Samsung strike
South Korea will pursue all options, including emergency arbitration, to avoid a labour strike at the country's biggest employer Samsung Electronics and to minimise any damage if one does occur, its prime minister said on Sunday.
Hundreds gather on Boston Common for mental health walk with NAMI Massachusetts
EXCLUSIVE: Splitgate Developer 1047 Games is Working on a Spiritual Successor to Titanfall, Dubbed 'Empulse'
1047 Games' next game, dubbed 'Empulse,' appears to be a spiritual successor to Titanfall, Insider Gaming has learned.
A new Ebola outbreak has already killed 87 people
Health officials are working to contain a new Ebola outbreak in the DRC of a virus strain with no known vaccine.
Bills news: Thoughts, predictions on Buffalo’s schedule
With a daunting schedule, the Buffalo Bills are going to have plenty of opportunities to earn statement wins this year.
Cowboys news: DeMarvion Overshown’s bold statement ahead of crucial season
Here's the latest news surrounding the Dallas Cowboys!
Could a seventh downtown business be closing this year? What we know.
Since October 2025, downtown New Bedford has experienced multiple business departures, with the 30 North Water St. space now listed for sale.
Political Science Professor discusses heated battle between Sen. John Cornyn and Texas AG Ken Paxton
Caitlin Clark reaches impressive Indiana Fever assists milestone
Caitlin Clark continued her ascent in the Fever record book on Friday night.
PGA Championship leaderboard, Round 2 updates: Scottie Scheffler at the top as Rory McIlroy struggles early at Aronimink
Scottie Scheffler is at the top of the leaderboard after 18 holes at Aronimink.
Lancaster County public sales: May 15, 2026
Martin & Rutt Auctioneers LLC, of New Holland, conducted a public auction of real estate May 7 for John and Judy Burkholder at 1361 Woodland Circle, Denver. A three-bedroom Colonial-style
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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