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The Case Against Science
In debates of vaccination, evolution, and climate change, the case follows a very similar playbook: to undermine trust in established scientific understanding all one needs to do is create doubt.
Fox News Poll: Voters doubt new agreement will stop Iran from developing nukes
Fox News poll finds 64% of voters doubt a peace deal will keep Iran from developing nuclear weapons, matching skepticism levels from the 2015 deal.
Merchants of Doubt and the attacks on Extreme Event Attribution science
Last week, I attended a meeting at Columbia University on attribution science and climate law, hosted by the Sabin Center. It was a fantastic event, bringing together scientists and legal experts working at the intersection of extreme event attribution and climate law. Subscribe For those unfamiliar with it, extreme event attribution attempts to quantify the contribution of climate change to an extreme event. For example, several groups analyzed the impact of climate change on Hurricane Harvey’s enormous rainfall totals over Houston, Texas and they found that climate change increased rainfall by 15 to 38%. One thing that came up again and again was how terrified fossil-fuel interests are of extreme event attribution science. They are acutely aware that this research could land them in court. And losing those cases would leave them legally liable for billions of dollars in climate damages. Because the legal stakes are so high, the blowback has turned ugly. I spoke with several scientists at the meeting who are facing ongoing harassment over their work. This blowback is a coordinated campaign to make the entire field look suspect. The goal is to create the impression that attribution science is too uncertain, too political, or too conflicted to be useful in court or in public policy. The strategy is not based on actual science or evidence of misconduct, but on the generation of doubt. The new Merchants of Doubt We’ve seen this before. In fact, not that long ago: We only have to go back a year to the Department of Energy (DOE) Climate Working Group (CWG) report to see an example of using doubt as the tool to push back against well-established science. This strategy is laid out in an email from a member of the CWG, Dr. Roy Spencer, that was released during litigation over the Climate Working Group process. The key quote is: About all I can hope is that what we write will provide sufficient “reasonable scientific doubt” regarding the science claims in the 2009 TSD [technical support document], based upon almost 2 decades of new science, to call into question the original reasoning for the EPA Administrator’s decision that CO2 presents a threat to human health and welfare. This statement is strong evidence that at least some members of the committee were working to support a particular policy outcome: revoking the Endangerment Finding. The email also explains how they planned to do it: by attempting to generate “reasonable doubt”. This is going to be hard, Spencer implies. Despite falsely claiming that “2 decades of new science” weakens the case, Spencer explicitly acknowledges that the actual peer-reviewed science of climate change overwhelmingly rejects his position: But if the science argument is decided upon by a vote, or by the number of published citations, we lose the science argument. We can go back even further: This CWG email shares unmistakable DNA with the infamous 1969 tobacco memo that declared: “Doubt is our product, since it is the best means of competing with the ‘body of fact’ that exists in the mind of the general public. It is also the means of establishing a controversy.” The tobacco memo also acknowledges the limit of this strategy: Like the CWG, they knew the science was not on their side. Share The new new Merchants of Doubt The people attacking the IPCC chapter on extreme event attribution are the newest iteration of the Merchants of Doubt. Their goal, like all Merchants before them, is to introduce doubt into the process. Because the report is not even out yet, they cannot attack its conclusions. So they are attacking the authors instead. Here is a press release from the House Science, Space, and Technology Committee: In the letter, the Chairmen express concerns about potential conflicts of interest involving members of the Attribution Committee, stating that “publicly available information suggests a troubling pattern” in which committee members are affiliated with nonprofits that support climate accountability lawsuits, “raising the appearance of impropriety and member bias.” To be clear, this is just innuendo. There is no actual evidence of bias. And given the robust process that these reports go through, including multiple lines of peer review, it seems very unlikely that significant bias can survive into the report. When the report comes out, critics will have the opportunity to make legitimate criticisms of the report — if any exist. If none do, however, they’ll still make criticisms, but they’ll be bogus, simply designed to generate doubt. We’ll see. A note to the press: Fix your frame To any journalists reading this: The public debate over extreme event attribution science is not going away. The science is simply too dangerous to fossil-fuel interests for them to stop fighting it. You very well might be assigned to write an article about this area of research in the future. When you do, do not automatically adopt the framing that climate misinformers want you to use. They want you to frame the story around questions like: Are climate scientists trying to put their thumb on the scale to achieve a predetermined, politically motivated result? Are climate scientists improperly letting their politics invade the science of the IPCC? That frame is a trap. Instead, you need to view this through the historical lens of the Merchants of Doubt. How does the ecosystem of doubt operate? Who funds it? What methods do they use to misrepresent science and slime researchers? What scientific results are they trying to keep people from understanding are legitimate? Ultimately, you instead need to focus your article on the generation of doubt as a way to maintain the fossil fuel industry’s social and legal license to keep burning oil, gas, and coal. If you treat the misinformers’ frame as a legitimate, good-faith scientific critique, you are helping them produce doubt. Don’t do it. Don’t be a Merchant of Doubt. Thanks for reading The Climate Brink! Subscribe for free to receive new posts and support our work. Subscribe other stuff The Staying Curious Substack has an interesting post about the different flavors of climate sensitivity. This is crucial information if you want to understand how scientists think about how much warming the Earth will experience. I’d be grateful if you could hit the like button ❤️ below! It helps more people discover these ideas and lets me know what’s connecting with readers.
Trump’s Research Policies Are Rattling The Career Plans Of Young Scientists
A recent survey of early-career scientists reveals that Donald Trump’s campaign to upend science policies is causing many to doubt whether they will stay in academia.
Sally Kornbluth
The university president and biomedical scientist talks about the hope and doubt in U.S. science today
Japan hikes interest rates to highest since 1995 to fight inflation from Iran war; Thames Water rescue in doubt
Rolling coverage of the latest economic and financial news
Ousmane Dembélé nearing PSG contract extension
Ousmane Dembélé (29) is close to signing a contract extension at Paris Saint-Germain, according to a report from RMC Sport. There have been doubts regarding Dembélé’s continuation at PSG beyon...
JD Vance says he will discuss 2028 presidential run after midterm elections
Vice-president says he tries not to make decisions until he ‘absolutely must’ but has ‘no doubt’ Trump will support him
Vermont’s largest health insurer wants to offer a cheaper plan. Can it actually help Vermonters?
Vermont's largest health insurer wants to offer cheaper plans, but the state regulator doubts real savings. Approval postponed to August.
Poll: America at 250 is riven with doubt and pessimism — but with glimmers of hope
National pride, faith in major institutions and belief in the “American Dream” declined in new NBC News polling.
Clemson doubt continues? Athlon Sports predicts Tigers’ 2026 finish
Clemson is seemingly outside the Top 3 in every ACC rankings yet. Are the Tigers being undervalued?
Left-Out Left
Left-Out Left are a Democratic-oriented group marked by low expectations of the political system and a feeling that they are not well-represented. They largely doubt that political action will meaningfully improve their lives. And while they like the Democratic Party considerably more than the Republican Party, their evaluations of Democrats are lukewarm at best. Left-Out […]
I went into Halo: Campaign Evolved thinking it didn't need to exist, but after playing two levels I want full remakes of the original trilogy and Reach
Alright, fine. Halo: Campaign Evolved is good, actually, and all my doubts about the remake of the remake have been quashed. For now.
Trump Previews Fall Strategy With Baseless Claims of California Vote Fraud
The president is using the slow count of mail ballots in California to renew his effort to cast doubt on election outcomes he doesn’t like, despite a lack of evidence of any widespread fraud.
New study casts doubt on reliability of mental health diagnosis interviews
Diagnostic interviews seen as ‘gold standard’ vary in reliability from condition to condition, study says
Colts’ Daniel Jones Given Concerning 2026 Projection
Daniel Jones has his share of doubters, and one NFL analyst is seemingly betting against him succeeding next season.
Memphis business frustrated by stolen AC in summer heat
MEMPHIS, Tenn. — We’re feeling a summer-like heat across the Mid-South. There’s no doubt residents and businesses are turning up the AC to stay cool, but what happens when you go …
Florentino Perez advisor made €10m commission from Barcelona deal
Real Madrid are in the heat of elections, with just three days to go before the next president of the club is decided. As such, both sides are keen to cast doubt on the leadership of the other, and it...
Google Employees Internally Share Memes About How Its AI Sucks
Google’s CEO says 75% of the company’s code is AI-generated. The people who write that code say the AI they’re using is overhyped.
The cult of objectivity has broken consciousness science
With 22 competing theories and no consensus in sight, the science of consciousness is lost. In this exclusive IAI interview, Berkeley psychedelics researcher and bestselling author of a new book on consciousness Michael Pollan insists that even though consciousness lies beyond traditional forms of scientific investigation, we should resist becoming dualists who see it as something radically different from ordinary stuff in the world. Instead, he makes the case for reimagining science itself: it must stop reaching for objective descriptions of physical reality, and instead embrace subjectivity as the indispensable core of all inquiry. Alasdair Craig: How did your experiences with psychedelics get you interested in consciousness?Michael Pollan: One of the things that happens on psychedelics is that they foreground consciousness. What formerly seemed perfectly transparent and ever present—and yet, non-existent, as water is to fish—suddenly you see it. The metaphor I use in the book is that psychedelics sponge the windscreen. Suddenly you realize: wow, there’s a windscreen, there is this phenomenon that’s mediating my relationship to reality. This is not an unusual realization on psychedelics. I think a lot of people are called to think about consciousness after psychedelic experiences. So that was the proximate inspiration for A World Appears: A Journey Into Consciousness (2026).And then there was a more specific way in which psychedelics influence the book. That was a particular experience I had on psilocybin. I had the sensation that the plants in my garden were conscious and returning my gaze, with their own point of view and agency, and I got curious as to how to evaluate an insight like that. I mean, what’s the truth quotient of insights you have on psychedelics? And I was reading William James—who, of course, wrote beautifully about mystical experience—and he said, we can’t judge the metaphysics here, but we should pay attention to two criteria: (1) How useful is it to think this is true? He was a pragmatist, of course. And (2) can we subject it to other ways of knowing to validate it? Because maybe we should treat these insights as hypotheses. And that’s kind of how I approach psychedelics, as a great generator of hypotheses, but they need to be tested against other ways of knowing. And so that led me down this long path exploring the science of plant intelligence and plant sentience.AC: I love your phrase, “smudging the windowpane of conscious experience.” So do you now start to think, actually, even when I’m not on psychedelics, I’m just seeing a screen all the time, which is not reality, but rather is my conscious experience, behind which reality is hidden?MP: Well, you know, not when I’m brushing my teeth and making breakfast! But yes, in meditation, certainly. I mean, one of the things you realize is that my experience happens to be this way now, but it could be another way. And many things can affect it. My morning coffee changes the screen in various ways, sharpens certain things.___The only tool we have to understand consciousness is consciousness.___There’s this wonderful metaphor in Aldous Huxley’s book, The Doors of Perception, where he thinks we channel consciousness, and that what the brain does is edit it, and there’s a reducing valve. And psychedelics open the reducing valve wider. I don’t know that I’m ready to buy into the idea that consciousness exists outside brains, but I do love that metaphor because there are times when you are more conscious than others. I know I’ve switched from window pane to valve, but you know, a camera aperture can open wider or narrower. And I do have a sense of that. I have a sense of when I’m being less conscious, and when I’m being more conscious, by which I mean, you know, more present, taking in more sensory information. So when you start thinking about consciousness as a matter of degree, that changes things also.I think when we scroll on social media, obviously, we’re conscious. But minimally so, because we don’t have to generate our own thoughts. We’re basically taking these little hits from other people and thinking their thoughts.The process of writing this book made me kind of relativize everyday consciousness as just one type, which is exactly what William James said. Normal consciousness is one type, separated by the flimsiest of screens from the other types.AC: If we stick with the metaphor of the smudge on the window that you get when you take psychedelics, it seems like we’re saying that consciousness has become like an object that you’re looking at, right? You’re looking at the smudge and that just is consciousness. But sometimes we’ll talk about consciousness as a state that you’re in, rather than an object you can perceive. You’re either conscious or you’re not conscious. So it’s difficult to really know what sort of thing we’re talking about when we talk about consciousness, right?MP: Yeah. When you say that consciousness is an object, what’s the subject? Consciousness also? The only tool we have to understand consciousness is consciousness. So we’re in a closed loop and when we get a perspective on consciousness, we’re not achieving any distance from it. That’s one of the problems with studying consciousness. Science is predicated on an objective, God’s eye view of things, and you never get that. There’s no such thing. SUGGESTED VIEWING The brain filters consciousness With Àlex Gómez-Marín But, yeah, there is this sense, I think, that consciousness is something you can approach. Certainly, when you’re writing and trying to recreate a conscious experience, it’s a fiction, but you’re standing back from it, and looking at it. But there’s no real subject-object distinction.AC: That’s so interesting, because when philosophers start talking about consciousness, they often talk about what they call “qualia”, which is their word for the felt experience of, say, the color red. And I think that way of speaking often makes us think of the qualia as an object, which you can see out there: the redness of red. But, as you say, we also want to collapse the subject-object distinction when we talk about consciousness. So there’s something strange going on here…MP: Oh, yeah, there are many strange things going on! *AC: Let’s talk about the varieties of consciousness. Apart from perceptions, there are, pains, emotions, thoughts, and so on. What is it that holds all this diversity together so that they all count as instances of consciousness? What is it that they all have in common?MP: Yeah, that’s a really good question. I mean, there is sensory information, right? Which we perceive coming from the world outside ourselves. And then there’s internal information, which is what’s called interoception. And this is very important too. This is where feelings come from—what are sometimes called homeostatic feelings—that are intended to get the brain to keep us in these narrow ranges of temperature and glucose and so on. That’s a very important part of consciousness. And according to some researchers, who I think are probably right, this is where consciousness begins, with these very primal feelings, like hunger and thirst and warmth and itch, and things like that. And then there’s this third thing, which is our thinking about thinking.And what holds all this together is, I think, the sense of self. Consciousness generates a self: it is probably an organizing principle. All this stuff is happening to the self. It’s a construct, I think, but it is very useful. It can connect all these different streams of consciousness to a single being or a place, metaphorically speaking.* AC: The first half of your book is about the science of consciousness. Is consciousness just another thing, like black holes or the origin of life, which we don’t yet understand, but which we should have every hope that science will one day get to the bottom of, or is there something special about consciousness that makes this unlikely?MP: It depends how you define science. As we define science now, it’s going be very difficult. Science since Galileo has had a set of rules or assumptions, which is that the proper remit of science is to deal with the objective, quantifiable, third-person world. And the physical sciences have done amazing work under that set of limitations. Galileo—for tactical reasons, not for philosophical reasons—said science should not deal with the soul, which at the time was what consciousness was considered to be. So what is subjective, what is qualitative, what is first person, we’re going to leave to the church, he said. And this was a good agreement, and it probably kept many scientists from getting burned at the stake. But it leaves science in an awkward spot, now that it wants to venture into that territory of qualities, of first-person experience. And I don’t think it has the proper tools. I think it will have to add to its toolkit in some way, and find a way to bring in phenomenology, or lived experience and introspection, which science is usually dismissive of.The challenge—we alluded to it earlier—is that the only tool you have to study consciousness with is consciousness. And what I mean by that is, the whole scientific enterprise is a manifestation of consciousness. As much as scientists like to flatter themselves with this idea that they attain a godlike perspective on what they study, when it comes to consciousness, there’s no such thing. And it’s fine for all the things you can step outside of and study from that perspective. But two areas it won’t work are consciousness and cosmology.___It could be that we live in this anomaly of not believing nature is conscious. And maybe psychedelics are teaching us something we’ve forgotten.___With cosmology, too, you have to study the universe from inside the universe. It’s not that cosmologists haven’t made progress. We know a lot about the age of the universe and expansion and things like that. But we can’t penetrate what happened before the Big Bang. We just don’t have the tools because we can’t stand outside.The fact that there are 22 full-scale theories of consciousness tells you all you need to know: we’re kind of lost. And I was surprised to find that we are more lost than I thought we were when I started this. I thought that there’d be leading theories, or that we had experiments that we could conduct that would nail some of this down. And the fact is, we don’t.So, I don’t know if science can solve it. But, of course, we can change the rules of science. A really influential book for me was a book called The Blind Spot, by two physicists, Marcello Gleiser and Adam Frank, and a philosopher, Evan Thompson. It’s a reminder that science is a social practice. It’s organized in a certain way and it can be organized in a different way. But it has this huge blind spot at the center of it, which is its failure to recognize that it is a form of consciousness itself, and it doesn’t have a good way of taking account of lived experience.AC: On the one hand, I think you want to resist traditional dualism, which would say that consciousness is something magical, something supernatural, right? But on the other hand, you’re accepting that there is this division in reality between the stuff that you can investigate objectively and measure, and so on—the stuff that science has been good at finding out about—and consciousness, which, for some reason, you can’t objectively measure. Some would take this to suggest that the dualism is actually right. Is there a way of reconciling these two strands of your thinking?MP: To call it magical is full of value judgement. I mean, you could just say immaterial. The interesting thing is, I think, that intuitively we’re all dualists. And I don’t know whether that’s because we’re children of Descartes and other cultures are less dualist than we are. Or it may be because that’s how consciousness feels. It feels different than the body. It feels separate from the body. But I don’t think we should trust that intuition.AC: So let’s think about ways that science might be changed to get at consciousness. I suppose the starting point would be the way that you begin the second half of your book. You have this nice line from William James, where he says, “We now begin our study of the mind from within.” Could you give us some sense of the ways of studying the mind from within? What does this involve?MP: I don’t know what that science looks like. But one of the points I’m making is that it depends on the humanities. I found that I learned as much, if not more, about consciousness, from reading novels and poetry. There is a sense of the fullness and complexity of consciousness that you don’t get in any scientific account. I interviewed this stream-of-consciousness writer and I approached her as an expert on consciousness, and she is. So I think that dialogue is really important.I’m reading Ben Lerner’s new novel, Transcription. Just read the first page of this novel: it’s a man falling asleep on a train, going to conduct an interview, and there is the experience of being in the train, facing backwards, there’s the view outside, but there’s a reflection of himself through which he’s seeing outside. There’s the memory of dropping his kids off at school. All this is going on in one moment of consciousness. Scientists aren’t going anywhere near that. But I think it’s useful for them to think about. That’s where we’re trying to go: like, how does such a layered experience happen? You know, it also makes you wonder, could a computer ever do this? And it gives you some doubt.*AC: Before we get to computers, perhaps we could talk briefly about plants. How did you come to feel that they are sentient?MP: Well, it was a psychedelic experience, and it’s not unusual on psychedelics. In fact, there’ve been studies about how people become animists during psychedelic experience. Their belief in animism arises after a single psychedelic experience.You know, most scientists would say this is all a myth. But we have only 400 years of the age of enlightenment and science. Before that, we were animists, and if you go around the world, most indigenous cultures are still animists, and children are animists, by and large, until they go to school. So it could be that we live in this anomaly of not believing nature is conscious. And maybe psychedelics are teaching us something we’ve forgotten.As I said, I wanted to test this idea, and see whether there was conventional scientific evidence for it. And there’s fascinating work going on in a field that calls itself—in a rather cheeky way—plant neurobiology. These are people who fully realize there are no neurons in plants, but they’re trolling conventional botanists! And they’re doing experiments that are demonstrating that plants can learn and remember, which is kind of amazing: how do you store a memory without neurons? They’re finding plants that can solve problems, that can hear and see. In fact, they have 20 senses to our five or six. For example, a bean plant looking for something to twine, and given a pole within eight inches or so of it, knows where that pole is and will aim its spiraling reach at that pole. What is that about? Is it bouncing signals off of it?One of the spookiest things is the fact that the same anesthetics that put us out put plants out. You might think that plants are already out, but they’re not. They’re just slow. If you take a plant with a fast behavior, like a Venus flytrap, and give it an anesthetic, it will stop reacting. So you have to ask yourself, what is lost when the plant is anaesthetized? Some state of alertness, of awareness, of its environment, of reactivity. I’m not prepared to call that consciousness, but maybe it’s sentience—which is a simpler form of consciousness, and involves the ability to sense what’s going on in your environment and assess what’s good and bad for you and act appropriately. That may be a universal quality of life.AC: Let’s turn from plants to AI. You point out that LLMs are trained on the internet rather than direct interactions with reality. You put this really nicely when you say the internet is not the world so much as a shadow cast by the world. So LLMs are living in this kind of shadow world, or in Plato’s cave, as you put it. What’s the significance of this for AI consciousness and moral consideration? And, to recall the beginning of our conversation, if we’re stuck behind a veil or screen of consciousness, are we also stuck in a kind of shadow world?MP: I don’t think they’re the same shadow worlds because our world includes nature and other people. And even if it’s mediated in some ways... There is a reality out there, and we are in relation to it, through consciousness. There’s friction with it. What’s missing from the LLMs is that friction with the real world. There’s more to the world than human representation, which is what they’re dealing with. And that means that so far, AI is a cultural technology for combining thoughts we’ve already had. SUGGESTED VIEWING Cracking the code for thought With Roger Penrose, Sabrina Gonzalez Pasterski, Max Tegmark, Güneş Taylor Genuine creativity is more than collage. A lot of what AI does now is tantamount to collage, putting this with that and you know, that’s part of art, certainly. But there are also genuinely new ideas that come into the world that don’t come in through manipulating the representations we already have. So it remains to be seen whether AIs can be truly creative in that more radical sense.But my arguments against AI becoming conscious have to do with the fact that the idea of AI consciousness is based on this faulty metaphor that the brain is a computer. There are dimensions in which the brain is like a computer—it certainly does its share of computation. But computers have this sharp distinction between hardware and software, and brains don’t. In a brain, hardware and software are identical. Every memory is a physical change to the brain. Brains are not interchangeable in the way computers are. So this idea that you could take the consciousness out and somehow run it on another substrate, a silicon substrate, seems foolhardy.Anyway, it’s a more extended argument, and I may be wrong. And when we move to computers that aren’t based on silicon—neuromorphic computers and things like that—all bets may be off.AC: Regarding your point about LLMs being stuck in the world of our representations—the internet or whatever—and not being able to interact with reality, are these representations, the world of the internet, themselves part of reality? We’ve created the internet, but it’s still a real thing that exists. And so while the LLMs may be trapped within that part of reality, they’re nevertheless within reality and interacting with it and so on. So it’s not obvious that there’s a barrier there to them becoming conscious and being creative.MP: Yeah, I mean, if our consciousness is built out of human culture, which is what we’re talking about with all those representations. But I tend to think consciousness comes a bit more out of nature and friction with the natural world, but...AC: So there’s a fundamental divide between the natural world and human artefacts?MP: And we lose track of that, and especially people in this computer world. You know, the people who are creating these AI systems, my guess is they’ve been into video games since the age of three, and they didn’t go outside a lot. And their own contact with nature is somewhat limited. I could be wrong, it’d be a very interesting thing to ask, all the wizards of AI, whether they like to go fishing and hiking and do things like that. Or were they on computers from a very early age? I interviewed Blake Lemoine, the Google engineer who came to believe that LaMDA, the Google LLM out at the time, was conscious and deserved personhood. It was very clear that he didn’t see a distinction between this bubble in which he lived and the real world. And I think we’ve all been distanced from the natural world, and this is taking us even further away. But it’s still there, you know, and we still have bodies, and we’re still mortal, and we don’t live in a simulation.AC: I think that’s a great place to finish. Michael Pollan, thank you very much!
Chip prodigy returns to China, hybrid crop grown in desert: 7 science highlights
From the world’s first parallel processor to doubts over Elon Musk’s Starship, here are some highlights from SCMP’s recent science reporting.
Scott Pelley’s future at CBS in doubt after private meeting with top executives
Veteran “60 Minutes” correspondent Scott Pelley had a contentious meeting with CBS News management on Tuesday afternoon, leading some of his colleagues to believe that he will be fired, sources familiar with the matter told CNN.
The doubts and the positives
Liverpool fans have met news of an approach for Andoni Iraola in a mixed manner - with plenty of excited discussion and some concerns over his level of experience. BBC Sport asked fan writer Lola Katz-Roberts to unpick some of the key talking points. Liverpool managed to play two games a week quite successfully with a very similar style under Klopp.
New York Giants Insider Casts Doubt on Odell Beckham’s Impact
How Science Works
The 2nd Weather and Climate Livestream is now underway. It is organized by a group of early-career researchers concerned about declining funding for the field and eager to demonstrate how weather and climate research makes a difference in our lives. Last year’s event was a great success, drawing terrific press coverage including a piece in the NY Times. This year features a strong lineup of talks aimed at a general audience — I highly recommend tuning in. Share I gave a talk yesterday about How Science Works in Three Steps. You can see the short presentation here (I’ve appended a transcript below): And please tune into the livestream here. It runs through tomorrow at 6 pm ET. Thanks for reading The Climate Brink! Subscribe for free to receive new posts and support our work. Subscribe Cleaned up transcript: Thank you, and thanks to everyone tuning in. I want to talk about something I think a lot of people don’t really understand: how science actually works. Arguments over any scientific topic — climate change, vaccines, you name it — revolve around competing claims. For climate change, the claims are: Is the Earth warming? Are humans to blame? What will the impacts be? Over the last 150 years, the scientific community has developed a remarkably robust method for sorting out which claims are true and which aren’t. That method is what I want to walk through. So how does science generate knowledge? If you ask a high schooler, they’ll give you the version they learned in ninth grade: an individual scientist forms a hypothesis, runs an experiment, and draws a conclusion. That’s more or less what happens at the individual level, though in practice it’s more iterative — you design, test, and refine all at once, landing on a slightly different idea each time until you reach a conclusion about whatever hypothesis you’ve ended up with. But this isn’t science. It’s only step one. Any individual scientist can make mistakes — scientists are human. Maybe there’s a bug in the code, maybe there’s an error in the experiment. Just because someone ran an experiment and reached a conclusion doesn’t mean it’s right, and scientists don’t treat a single result as settled truth. Step two is peer review, the first layer of quality control. The scientist writes up what they did and submits it to a journal, which sends the paper to other experts in the field. Those experts judge whether the methods are sound, whether it properly references prior work, and whether the conclusions actually follow from the data. Ask any scientist and they’ll tell you peer review is miserable — the comments come back brutal, often harsh, and you have to revise and resubmit, sometimes multiple times, before an editor finally accepts the paper. Peer review catches an immense amount of bad science, but it can’t catch all of it. Reviewers get sloppy or overworked, they miss obvious mistakes, and they can’t catch hidden errors — a bug in the code, a misread instrument. So a peer-reviewed paper making it into a journal doesn’t mean the paper is right. Nobody treats a single paper as the final word. That’s where step three comes in: the crucible of science. Important results get retested by the broader community. If you publish something interesting, it gets dissected. Sometimes people try to reproduce your work directly but more often they test its implications. If someone claims X is true, and that implies that Y is also true, then scientists will go check Y. If a claim survives this gauntlet long enough, it becomes accepted. That’s how we generate knowledge. Let me give an example: the ozone hole. In 1985 — and I doubt many people watching were around then, but I remember it well — Joe Farman and his colleagues published observations from Antarctica showing that a huge chunk of ozone was disappearing every year. This was shocking because most atmospheric chemists had expected ozone loss to occur at mid-latitudes and high altitudes, not over the South Pole. When scientists see something they don’t understand, they rush to explain it, and several competing hypotheses quickly appeared in the peer-reviewed literature. One pointed to chlorine chemistry from chlorofluorocarbons. A second blamed nitrogen chemistry, possibly driven by solar proton events — meaning the sun was responsible. A third argued it wasn’t chemistry at all but dynamics: winds were carrying naturally low-ozone air from the lower atmosphere up into the stratosphere. Then the community went to work testing which theory could survive the crucible. Aircraft flew into the ozone hole and found no nitrogen, ruling out the nitrogen theory. Measurements showed the air in the polar vortex was descending, not rising — which would bring high-ozone air down, eliminating the dynamics theory. Meanwhile, those same flights measured enormous amounts of chlorine, strongly correlated with exactly the regions where ozone was being destroyed. That became known as the “smoking gun” paper, and it established that chlorine chemistry was the cause. Through this process, a consensus emerged. And it’s worth being clear that this consensus is organic. There’s no vote, no poll, no meeting where it gets decided. Scientists go to conferences, talk to one another, and independently arrived at the same answer. It’s the ultimate free market of ideas. After the consensus was established, the peer-reviewed literature doesn’t even mention the rival theories — it simply takes chlorine chemistry as given. That’s what a consensus looks like. It doesn’t mean every single scientist agrees, but it does mean there’s no longer any legitimate debate. So where can you see what scientists actually think? It’s all in the peer-reviewed literature, which contains the entire historical record of the argument: the discovery, the competing theories, the debate, the testing, and finally the community coalescing around one answer. But there’s a lot of room for misrepresentation. You can dig up an old paper claiming the ozone hole was caused by dynamics and wave it around as if there still was a debate about the cause of the ozone hole — without mentioning that the idea was disproven long ago and that even its own authors no longer believe it. There’s a bigger problem, though: the peer-reviewed literature is written in a language I call “nerd.” It’s extremely hard to read — honestly, some of it is hard for me to follow. It takes graduate students years to work through the literature in a single field, so we can’t expect policymakers or ordinary people to do it. This is where scientific assessments come in. The most famous is the IPCC — the Intergovernmental Panel on Climate Change. The job of an assessment is to read and summarize the peer-reviewed literature, synthesizing what’s settled, what’s been disproven, and what remains genuinely debated. To ensure the assessments accurately summarize the peer-reviewed literature, assessments are written by large teams, which are far less prone to bias than individuals and which dilute the influence of any one scientist with an axe to grind. The teams are deliberately assembled to avoid stacking the deck, and the reports themselves go through multiple rounds of peer review. That rigorous process is exactly why you can trust them and why people consider the IPCC to be the gold standard of what we know about the climate system. An assessment produced through a different process may well not be credible. You can even watch the consensus evolve across assessments. Take the attribution of warming. The 1990 IPCC report said the observed warming was broadly consistent with model predictions but also comparable to natural variability — in other words, we don’t know whether humans are responsible. By 1995, it concluded that the balance of evidence suggested a discernible human influence — a sentence only a committee could write, and one that barely commits to anything. By 2001, most of the warming over the previous 50 years was judged “likely” due to greenhouse gases; by 2007, “very likely”; by 2013, “extremely likely.” The 2023 report says essentially the same as 2013 — there’s not much stronger language available. So, to wrap up: science is our ultimate tool for deciphering the universe — the most successful method we’ve ever developed for determining what’s true and what isn’t. Our understanding is written into the peer-reviewed literature, so if you want to know what scientists think, that’s where to look. And for those of us who don’t speak nerd, scientific assessments are the Rosetta Stone — they translate nerd into English. Let me open the floor to questions. Thank you.
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Now What? With Carbon Pricing Eroded and Pipeline Politics Advancing, Here Are the Pathways for Climate Success
At the end of a whirlwind week of news on carbon pricing and electricity strategy, capping a madcap year of pretty much non-stop, dramatic change, the word across much of Canada’s climate and energy transition community is that climate policy in this country has been shredded. Eviscerated. Hit with a sledgehammer by policy rollbacks that have pushed the country’s 2050 net zero target “well out of reach”. That means it’s never been more important to look for the rays of hope and glimmers of possibility. To glimpse the seeds of the next set of strategies to get Canada’s climate pollution under control and the country into the accelerating global dash away from fossil fuels. And then, once we’ve spotted those possibilities, get on with the hard, day-to-day slog of trying to make them a reality. Nothing takes away from the frustration and the deep disappointment so many climate and energy hawks are expressing, the sense of betrayal by the author of Value(s) and the former UN special envoy for climate action and finance. But we knew two things as the week drew to a close. We’re looking at the world as it most definitely is. And we don’t get to give up finding the pathways to confront climate change and deliver faster, deeper carbon cuts that leave no one else behind. So really, the first question we all have to ask ourselves is: What’s next? Subscribe All the Oxygen in the Room The outpouring of anger and grief over the carbon pricing deal between Prime Minister Mark Carney and Alberta Premier Danielle Smith has been absolutely understandable. So much of the climate community poured years, more than a decade, into dragging the current federal pricing regime across the finish line, then defending it from a deluge of three-syllable rhymes after the Trudeau government proved utterly incapable of delivering its own message. The policy foisted on us by neo-classical economists took up all the oxygen in the room, burned through years of climate response time that we won’t get back, while cornering climate hawks into the position that the best response to the crisis of our lifetimes is a new tax…in an era of historic anti-tax sentiment. I mean, really—what could possibly have gone wrong? Against that history, let’s appreciate columnist Max Fawcett’s point that even a modest carbon pricing agreement with a government as off-the-wall libertarian/conspiracist as Danielle Smith’s—those adjectives are mine, not Max’s—is a win worth savouring (as long as Smith keeps her promises for a change). But part of living in the world as it is (no, I’m not letting that go) is to be clear-headed about what we can and can’t control. And one thing we get to decide, after seeing this week’s carbon price festivities take up all the oxygen yet again, is whether we want to keep letting that happen. Particularly when success down that road depends on a factor that no one with a climate agenda can control or influence—a provincial carbon pricing mechanism that has been manipulated and eroded beyond its lowest possible denominator. Thankfully, that’s not the way it has to go. Not when we have so many other powerful, practical tools at our disposal, including the ones still available to us through this abominable Memorandum of Understanding (MOU) between Canada and Alberta. Tools In Our Toolbox When I started roughing out this list, I didn’t expect it to grow to nearly a dozen bullet points. It’s probably still incomplete. Some of the greatest hits in today’s climate solutions toolbox include: • No Carbon Capture, No Pipeline: On Friday, Prime Minister Mark Carney explicitly stated that there’s been no change to the MOU provision that there will be no West Coast pipeline without an industry commitment to build its massive, $16.5-billion carbon capture and storage (CCUS) hub in Northern Alberta, and vice versa. The two megaprojects were joined at the hip when the MOU was signed Nov. 27, and the implementation agreement this week affirmed that they still are. A parade of independent analysts have spent years pointing to the economic and technical flaws in CCUS, while the industry kept postponing its investment decision until it could arm-twist the government for more “clarity” (by which it meant even more lavish taxpayer subsidies) on the project. Now the industry itself is running away from the CCUS hub and insisting the pipeline should proceed without it, but Carney doesn’t seem to be budging from a central tenet of the MOU to which Smith has signed on. • No Subsidies, No Investors: Climate analysts and advocates have quite rightly been hammering away at Carney and his team, insisting that any new capacity the industry wants to build must proceed without new subsidies. The government has responded with a growing collection of funding and financing mechanisms for the very wide menu of industrial development and nation-building projects they say they want to take on, and that menu always includes fossil fuel infrastructure. But it’s hard to see how even the combined fiscal clout of the federal and supportive provincial governments will deliver the financial backing private investors would need when the business case for new fossil fuel development is evaporating before their eyes. Particularly when… • No Market, No Demand, No Investors: As our friend Markham Hislop at Energi Media (our apparently sleepless friend, given the massive volume of great material he’s been churning out) points out this morning, the biggest vulnerability in any pipeline deal is the assumption that Asian buyers will want the oil or liquefied natural ga that our fossil industry is so keen to send them. Hislop writes in part: Ottawa and Alberta are effectively betting that countries like China and India will continue increasing oil imports for decades as their economies grow and energy consumption rises. That assumption underpins the entire economic rationale for expanding oil sands production and building billions of dollars in new export infrastructure. But Asian energy systems are changing rapidly… China, India, South Korea, and other major hydrocarbon importers are now investing hundreds of billions of dollars into electricity systems built around wind, solar, batteries, nuclear, hydro, and expanded transmission infrastructure. Domestic “energy sovereignty” is increasingly replacing the old energy-security model based on stable oil and gas imports. Those investments are expected to sharply slow oil demand growth and eventually reverse it, even as overall energy consumption continues rising. There are also refining constraints. Many Asian refineries and petrochemical complexes are already optimized to process discounted heavy crude from the Middle East and Latin America. That raises serious questions about how much additional Canadian bitumen Asian markets can absorb at profitable prices. Small wonder that there’s still no private sector investor for the project, despite Smith’s government desperately beating the bushes to put together a deal. For now, Alberta is acting as proponent and covering early start-up costs for a pitch to the federal Major Projects Office, which could actually turn into the next tough hurdle for Smith and her pipeline to jump. • Canada Day Looms: How ironic that Canada’s birthday this year could become a major chokepoint for the provincial premier who’s been working so diligently to tear the country apart! The July 1 target date for Alberta’s pipeline proposal is baked into the MOU, was reaffirmed by the implementation plan, but it hadn’t dawned on me that it cuts both ways. As one very smart colleague wrote in an email yesterday, “they’ve thrown the ball into Alberta’s court to get the project proposal on the table really quickly and to have to do a whole pile of work to put together a massive, complicated project that would typically take years to assemble, and they’ve given them weeks to do it.” That makes July 1 a looming deadline that Smith won’t be able to run away from politically, especially with the separatists in her party and her caucus breathing down her neck. (See previous ref to off-the-wall.) But if Alberta comes in with a sloppy, incomplete submission, even after Carney bent over backwards to simplify the application process and the rules that govern it, it may be harder for the province or the industry to blame Ottawa and insist on the faster process they claim their investors are demanding. (Oh, wait—which investors would those be??) • We’ll See You In Court (Then We’ll See You Again): If Carney did cave, that would be just one more reason for Indigenous and other affected communities to take the government and the process to court—Just as Alberta First Nations did, successfully, in response to Smith’s half-baked separation referendum. Veterans of the Harper era have been warning that a shoddy process around fossil fuel infrastructure or other major projects will be a recipe for the very delays that process seeks to avoid. And now more than ever, with renewable energy and energy storage eating fossil fuels’ lunch in import markets around the world, a delayed pipeline or LNG terminal may be as good as a cancelled one. • Charged Up, Ready to Go: With its goal of doubling Canada’s electricity supply to meet a doubling of demand by 2050, the national electricity strategy that Carney unveiled Thursday has a lot to like. With its explicit language about speeding the shift from fuels to more efficient and affordable electricity, global investment and deployment patterns that already favour that shift, an emerging bidirectional power grid, the role of front-line options like rooftop solar and heat pumps, the emergence of electric vehicles as behind-the-meter energy storage, and the domestic jobs and manufacturing to make it all happen, the document doubles down on the essential cornerstone of a faster shift off fossil fuels. The strategy envisions a more prominent role for gas and nuclear power. But some of those provisions were already in the Clean Electricity Regulations that climate hawks are now fighting so hard to defend, inserted as a compromise in a futile attempt to mollify the industry and its political representatives in Alberta and Saskatchewan. But once again, gas will be a tougher sell when it’s more expensive and now so much more unpredictable than the clean alternatives. The new nuclear technologies are still speculative and deeply vulnerable to cost overruns. Increasingly, utilities, developers, and investors know it. Carney declared Thursday that “it doesn’t do us good to be sitting in court all the time with provinces. It doesn’t do us good to be talking past each other. What does do us good is to come together with specific projects.” There are no guarantees, but so much of the language and narrative-building in the electricity strategy suggests the lion’s share of those projects will be renewable. • The Party Has Already Started: The electricity strategy only rarely digs down to specific projects, but provinces representing three-quarters of Canada’s population are already embracing a faster transition. Hydro-Québec is working on a 10-year, $185-billion renewable energy and grid buildout by 2035. Ontario recently brought 10 provinces and territories together in a National Energy Corridor Agreement to boost interprovincial and -territorial transmission infrastructure. And the MOU implementation agreement commits Alberta to facilitate investment in renewable energy projects, a big step back from its continuing, punitive restrictions on renewables development. The electricity strategy envisions much of the financing and infrastructure that will be needed to pull those advances together into an integrated whole. • Delivering on Affordability: The MOU implementation plan has little or nothing to say about affordability (are you surprised?), but the electricity strategy does, with a top-line pledge to reduce home energy costs for seven out of 10 Canadian households by 2050, a total saving of $15 billion across the board. It’s just a start, but it puts affordability on the government’s narrative map. If they’re serious and deliberate about patching together a least-cost energy strategy, it’ll have little if any room for oil, gas, or nuclear—not with powerful evidence, for example, that electricity prices are higher when those prices are set by gas. • Smith Proves that Canada Works: By signing a deal that makes it harder to claim the federal government is blocking a new pipeline, Smith has helped prove Carney’s constant anti-separatist refrain that “Canada works”—incurring the rage, no doubt, of her own political base. Canada also needs to work for anyone who depends on a clean environment, healthy and thriving ecosystems, and safe, stable climate. But with Smith and her separatist constituents setting up as a fifth column for annexation by Donald Trump’s United States, let’s set aside any notion that 51st state status for Canada is a recipe for anything other than climate disaster (and so much else). Resisting and withstanding Trump (just 170 more sleeps until mid-term elections, which is a damn sight better than the 730 we started with) doesn’t mean a free pass for a pipeline, but we can still appreciate it that keeping Canada whole and sovereign is still Carney’s Job One. • The Words Not Spoken: Apart from a commitment to export a million barrels of “low-emission” Alberta bitumen per day (memo to Smith and Carney: You realize that that’s less than the industry is already exporting??), the MOU implementation plan says nothing about the international trade and economic sovereignty deals that Carney has been travelling the world to negotiate. It didn’t have to. Carney doesn’t need permission from Danielle Smith, her American enablers, or her separatist allies to continue building the alliances that will ratchet down our economic dependency on our unstable, unreliable neighbour to the south. But every connection he builds with countries outside North America helps align our economy and our future with a faster shift off fossil fuels. Little if any of this was on our bingo cards a year or two ago. But it’s the pathway that has opened up to us. And if it gives Canada any climate or energy gains at all in an era still dominated by Trump and his increasingly ridiculous tariffs, his loutish trade negotiations and his continuing annexation threats, we have to take the wins. Not least because they’ll be the point of departure for what we can achieve in 2027, 2029, and beyond, as Trump’s grip and this era begin to loosen and then fade. What is Carney Doing? If this line of thought is right—and it’s a possibility, not a prediction—it means that Carney’s actions and decisions are largely about buying time. Time for Trump’s power to wane. Time for Alberta’s separatist/conspiracist virus to spread, mutate, die out, or at least die back, with help from a vaccine of federal steadiness and calm (appropriate enough, for a movement populated largely by vaccine deniers) that no conspiracy theory can dismiss. And time for the government’s trade and investment agenda to deliver results—even knowing that some of those results will bring impacts that front-line communities will not and should not accept. In the immediate moment, none of this changes the way the wider climate community has to respond, from campaigners to investors to front-line practitioners. All of our voices are still essential. But those voices will be stronger and more confident if we have a clearer sense of the brutal game we’ve been pulled into, and a plausible path (or two it three) for playing it to the win we need. This conversation also underscores our biggest task for the remaining years of what was supposed to be the “decisive” decade for climate response: if we can shift the energy narrative in Canada, make it a mainstream view that the country’s preoccupation with oil and gas has us falling farther behind a changing world, we’ll see far better results in the 2030s and beyond. For many veteran climate advocates, taking on that part of the fight will begin with recognizing that most of our friends and family, neighbours and colleagues already understand that climate change is real and right in front of us: they’re looking away and staying silent because they don’t have what climate communicator Katharine Hayhoe calls “efficacy”. As Hayhoe recently pointed out in a feature interview with The Energy Mix, it amounts to science denial to keep hammering away at the dire news about global warming without also helping audiences understand what they can do about it, with multiple studies telling us why that won’t work. Far better to open those conversations with the dominant crises like energy security, food security, emergency preparedness and business continuity, affordability, and financial security that have knocked climate change far lower on the list of public priorities, and will likely keep it there. We Knew This Would Happen Climate hawks have always known this day would come. For decades, we warned that everyone had to pay attention to climate change right now, because it would be much tougher to respond once the crisis itself started affecting our daily lives. We were right, and here we are. But now, thanks to decades of hard work, communities and countries have an alternative to doubling down on fossil fuels. “In 10 years everyone will have ‘always known’ that solar and batteries were going to win,” Morgan Solar Executive Chair Mike Andrade writes on LinkedIn. With the disruption in the Strait of Hormuz roiling energy priorities around the world, Canada and the United States are among the shrinking number of countries that are still very keen on fossil fuel development. Understanding that gap is a first, essential step in spotting the opportunities ahead, and averting the deep economic as well as environmental and social risk we face if we don’t seize them. Thanks for reading The Energy Mix Weekender! Subscribe for free to receive new posts and support our work. Subscribe Mitchell Beer traces his background in renewable energy and energy efficiency back to 1977, in climate change to 1997. Now he and the rest of the Energy Mix team scan 1,200 news headlines a week to pull together The Energy Mix and The Energy Mix Weekender. Chart of the Week BYD Eyes 20 Dealership Locations After Canada Greenlights Chinese EV Imports ‘Sledgehammer’ Carbon Price Deal Boosts Emissions by 230Mt, Aims for Fall 2027 Pipeline Approval ‘Worse Than Harper’: Regulatory Rollback Would Stop Canada from Assessing Project Impacts, Critics Warn Electricity Strategy Aims for Doubling by 2050, Allows ‘Flexibility’ for Gas Power Plants Opposition Mounts as O’Leary’s Data Centre Approved in Drought-Stricken Utah Diluted Carbon Price Misses ‘Reality of the World We’re In’, Could Impede Diversified Trade: Climate Institute $200B in Clean Energy Investment Will Need On-Time Delivery, Reliable Policies, Trade Association Says ‘Sovereign Pipeline’: CEO Pitches to Keep Trans Mountain in Government Hands What a Supercharged El Niño Could Mean for Canada Canada’s future is electric, and here’s how a power grid superhighway would get us there (Toronto Star) The Perilous Waters of Hecate Strait (Globe and Mail) Saudi Aramco profits jump despite conflict in Middle East (The Guardian) Farmers confront rising cost of fertilizer and fuel as spring seeding under way (Canadian Broadcasting Corporation) Clarkson forecasts 24% decline in offshore oil, gas capital expenditures (Oil & Gas Journal) Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa (Oil Change International) Developing countries must hold the pen to script the fossil fuel transition (Climate Home News) Iran war threatens the dream of a post-oil economy in the Gulf (Washington Post) U.S. Oil, Gas Work Force Hits Lowest Level Since 2022 (Rigzone) Why Polestar Is Doubling Down on Net Zero as Rivals Pull Back on EVs (Bloomberg) Why this Michigan utility plans to sell its hydro dams for $13 (E&E News/Politico) Levees can no longer save New Orleans (Vox)
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Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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Viewpoint: A career in science is possible, and worth it
Starting a career in science is exciting, but also demanding, with researchers often faced with intense competition, long working hours and high levels of stress. A pioneer in the field of mass spectrometry, Carol Robinson has been there. She speaks with Science|Business on the importance of creating a supportive environment, particularly for women.Robinson did not wake up one day thinking that she would become a scientist. It was only late in school that she developed an interest in chemistry. “The more you work at something, the more you think, actually, this is fascinating. So, I went much further and deeper than I ever needed to pass the exam. And then I loved it,” she says. “I thought, I’m going to give it my all. I’m going to enjoy it while I’m here. But I didn’t think this would be my career for 50 odd years.”She left school at 16 to become a lab technician with the drug company Pfizer, which is where she first worked with mass spectrometry. Fascinated, she was encouraged to take a part-time degree and then a PhD. She went on to do pioneering work in native mass spectrometry, a technique that is used to study protein structures in their natural state, paving the way for breakthroughs in drug discovery. She also broke new ground by becoming the first female professor of chemistry at the University of Cambridge, and then the first female professor of chemistry at the University of Oxford, her current home.She now wants to show young researchers that a career in science is worth it. “Sometimes, I believe the culture isn’t very encouraging, and that’s something I have worked on,” Robinson says.In 2021, she launched the Kavli Institute for Nanoscience Discovery at Oxford, whose acronym gives a sense of what she hopes it will achieve. “Maybe it is corny,” she says. “It’s just a reminder that I would like it if we could all be kind to each other and supportive, especially for early-career researchers of either gender, because there’s quite a big attrition rate in science, and maybe it just doesn’t feel like a very friendly place to work.”And yet, a career in science comes with a lot of flexibility. “There are few careers where you have that amount of freedom, to go to conferences, to the library. Just because you didn’t see me didn’t mean I wasn’t working,” she says. “And I’m excited to come in every day. So, I don’t want people to think it’s a terrible place.”Gender equality is also important when it comes to the quality of science as a career. “The more women we have, the better it becomes,” Robinson adds.Imposter syndromeAccording to EU data, women outnumber men in university education but account for just about a third of graduates in science, technology, engineering and mathematics (Stem). And while the number of women working as scientists and engineers in the 27-member bloc is on the rise, their representation remains below that of men, at 41%. This discrepancy is even more pronounced in top-tier functions across these fields, where women fill just 20% of positions.Having supervised many young scientists, Robinson sees that women continue to have a greater propensity than men to doubt their abilities, a feeling she once shared. “When I was doing my PhD at the University at Cambridge, I really felt like an imposter,” she says. “I don’t think I ever felt I deserved to be there or owned it and was proud. I just thought I was lucky.” Later on, she adds, “I was always that person who said, I can’t apply yet because my CV is not strong enough.”She has now made it her job to encourage women to break with this imposter syndrome. For example, rather than calling for volunteers to give a lecture in the groups that she mentors or teaches, which nearly always results in men stepping forward, she goes straight to the women, “because I know they won’t push themselves forward.”But the gender gap in science is not just down to imposter syndrome. The “obvious” reason, Robinson says, and the reason that is on everybody’s mind when discussing workplace gender equality, is the balance between work and raising a family. Her own path was to choose between the two, taking an eight-year break after completing a postdoctoral training fellowship to bring up three children. And she continues to advise women not to work part-time while they raise a family. “You’ll just get half the pay and continue to work full-time because you are not able to fit everything in,” she says. “You should be able to have a family and come back to have the career that you want.”The solution is for men to also take career breaks. “That kind of evens it up, so that it’s not such a big thing for women,” Robinson says. “I always encourage men in my groups to do that. I think it’s important to take your share of the duties.”Support produces resultsAccording to the Women in Stem Network, a UK advocacy group, countries with strong childcare systems and equal pay policies retain more women in technical careers. In Europe, these are primarily found in the Nordic region and parts of central Europe.At the EU level, the European Commission asks all Horizon Europe applicant organisations to have a gender action plan in place. Since this criterion was introduced in 2021, the share of women leading consortia has increased to 31%, against 23% in Horizon 2020. Their overall participation, however, has risen just 1%, to 38%. After trying to weaken the requirement for gender action plans in 2025, the Commission now intends to adopt a plan for supporting women in research and innovation.Related articlesCommission scraps plan to water down gender requirements in HorizonHow gender balance can swing who wins Horizon Europe fundingRobinson herself has benefited from three Advanced Grants from the European Research Council. “I was extremely honoured and privileged to get those, because they really allowed me to fuel my passion,” she says. “Without that, it would have been a much harder slog.”Beyond applying gender rules, she says that more work is needed on translational enterprise, where women are, once again, largely underrepresented. The European Patent Office found that only 13.8% of applications were filed by women in 2022. “We have so many more women doing amazing science; why do they feel it’s not a thing to have a company?” she asks.She founded her own spin-out company, OMass Technologies, in 2016, and remains chair of its scientific advisory board now that it trades as OMass Therapeutics. As for research, Robinson is now studying how changes in the brain may be linked to depression, using port-mortem tissue. “We’re hoping to publish soon,” she says. “We had to consult with a lot of people who knew a lot more about the brain than we did. So, we’ve learnt a lot, and that’s always a lot of fun to learn a new thing. That’s what keeps you going.”
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