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'Survivor 50' winner Aubry Bracco reveals what happened when the cameras turned off
'Survivor 50' winner Aubry Bracco reveals what happened when the cameras turned off, and shares about her reunion with Michele Fitzgerald.
Google launches Gemini for Science AI tools | ETIH EdTech News
AI in education and edtech research shift as Google launches Gemini for Science, with Google Labs tools for literature insights, hypothesis generation, computational discovery, and Science Skills in Google Antigravity. ETIH edtech news looks at Google DeepMind, Google Cloud, NotebookLM, Co-Scientist
Research Shows Soy May Help Improve Sexual Health After Menopause
Plant compounds found in tofu, tempeh and more could reduce symptoms associated with menopause.
The Herald's weekly entertainment picks
Looking to be entertained from Thursday, May 21, through Wednesday, May 27? Check out the Skagit Valley Herald’s weekly recommendations.
'The Boys' showrunner Eric Kripke says Queen Maeve actress Dominique McElligott has retired from acting
There's a reason Queen Maeve didn't make an appearance on 'The Boys' finale.
Scientists Warn AI Slop Is Wreaking Havoc in the Research World
A new study finds that AI hallucinations produced nearly 150,000 fake citations appearing in research papers.
'Brady Bunch' star Barry Williams says it took 15 years to make peace with fans calling him 'Greg': 'It was a threat to my identity'
'Brady Bunch' star Barry Williams says it took 15 years for him to make peace with fans calling him 'Greg' in public: 'It was a threat to my identity.'
Anxiety and anger: New report explores mental health struggles of boys and young men
A new report from The Jed Foundation (JED) examines the mental health challenges facing boys and young men.
Anxiety and anger: New report explores mental health struggles of boys and young men
A new report from The Jed Foundation (JED) examines the mental health challenges facing boys and young men.
Anxiety and anger: New report explores mental health struggles of boys and young men
A new report from The Jed Foundation (JED) examines the mental health challenges facing boys and young men.
Screen time limits can protect children’s health, U.S. surgeon general advisory says
The Trump administration warned that too much screen time for children is linked to poor sleep, bad behavior and less physical and social activity
Anxiety and anger: New report explores mental health struggles of boys and young men
A new report from The Jed Foundation (JED) examines the mental health challenges facing boys and young men.
Michelle Obama reacts to Viola Davis’ viral 'First Lady' portrayal
Michelle Obama revealed she has not watched Showtime's 'The First Lady,' in which Viola Davis portrays the former first lady.
Scientists Solved the 150 Year-Old Mystery of Why Most of Your Molecules Are Right-Handed
The shape of life’s building blocks is the result of biology, chemistry, and quantum physics colliding.
Exclusive: British theatre group ATG Entertainment readied for sale, sources say
British West End theatre operator ATG Entertainment is in the early stages of being prepared for a possible sale by its private equity owner, four people familiar with the matter said.
Inside Mindy Kaling's Weight Loss Journey and Her New Motivation for Staying Healthy
Mindy Kaling has been open about her physical transformation and weight loss journey over the years. Here's everything she has said about her health.
Meredith Hayden Shares Her Cooking ‘Summer Bucket List’ for Her First Summer Since Surgery Recovery (Exclusive)
Meredith Hayden told PEOPLE about her summer cooking goals, ACL recovery and how cooking supports her mental health, plus details on her Barilla partnership.
Wisconsin Launches New Hub for Live Entertainment at Badger Venues
"Live at Wisconsin" Becomes the Digital Home for Concerts & Events at Camp Randall Stadium and the Kohl Center
Nine Horizon Europe projects convene in Brussels to advance science-based pathways for transformative change for biodiversity
A joint results conference of nine projects from the Transformative Change Cluster will bring together around 150 participants from science and policy on 4–5 June 2026 at Comet Louise, Brussels.
Massie's loss leaves no doubt about Trump's power over the GOP. 6 takeaways from Tuesday's primaries
While President Donald Trump has racked up several wins this primary season, this one perhaps sends an even more forceful message to the president's Republican critics.
Bracknell hotel owner says he is facing £150k business rate hike
Jason McKelvie says Stirrups Hotel could see its annual rates rise by almost £150k over the next three years.
Lost for 150,000 years: Rainforest discovery upends human history
For decades, scientists believed ancient humans avoided dense rainforests, treating them as nearly impossible environments for early survival. But a groundbreaking discovery in West Africa is rewriting that story. Researchers uncovered evidence that humans were living deep within rainforest environments in present-day Côte d'Ivoire around 150,000 years ago — far earlier than anyone thought possible.
Scientists use DNA from poop to save the world’s rarest marsupial
Scientists in Australia are using cutting-edge DNA techniques to help save one of the world’s rarest marsupials — the critically endangered Gilbert’s potoroo, with fewer than 150 left in the wild. By analyzing tiny traces of DNA in the animals’ scat, researchers uncovered clues about the elusive fungi the potoroos depend on for survival. The findings could help conservationists identify safer new habitats and establish backup populations before disasters like bushfires wipe them out.
In deal with business leaders, $30 minimum wage for L.A. hotel and airport workers will be delayed
The minimum wage will still increase to $25 in July and continue in increments until reaching $30 in January 2030.
Phil Collins makes rare public appearance months after revealing devastating health issues
Phil Collins made a rare public appearance in London over the weekend with his ex-wife, Jill Collins, along with Rod Stewart and Penny Lancaster. The former Genesis drummer will be inducted into the Rock & Roll Hall of Fame in November.
PWHL expands to Bay Area with San Jose team: See official colors
The Professional Women's Hockey League is expanding to San Jose, California, bringing another women's sports team to the Bay Area.
Environmental Science Classes Earn Eco-Educator Award — Central Catholic High School
Central Catholic’s AP Environmental Science classes recently earned the Eco-Educator Award from the S.A.V.E. (Science Alliance for Valuing the Environment) Foundation. The S.A.V.E. Eco-Educator Award is a regional honor celebrating Toledo-area teachers who exhibit a strong commitment to en
Sen. Cassidy has no regrets over Trump impeachment vote, even after it cost him his seat
Cassidy lost his seat in his state’s Republican primary Saturday after Trump endorsed one of his opponents.
Trump picks Paxton over Cornyn in Texas’ GOP Senate primary runoff as early voting is underway
The Republican president had repeatedly teased his intention to endorse a candidate in the race, starting soon after Ken Paxton and John Cornyn emerged as the remaining contenders from the first round of primary voting in March.
Stephen Colbert now thinks 'Late Show' cancellation may have 'saved my life'
Stephen Colbert told PEOPLE in a new interview that the 'Late Show' cancellation may have 'saved my life' after hosting the program for 11 seasons.
Live Results: Georgia midterm congressional primaries
Voting concludes in the swing state of Georgia on Tuesday in competitive primaries for governor and a U.S. Senate seat that could decide control of the closely divided chamber.
Why Hayden Panettiere was 'deeply uncomfortable' with dynamic with Connie Britton on 'Nashville'
In her new book, Hayden Panettiere explores the 'deeply uncomfortable' dynamic with Connie Britton on the set of 'Nashville.'
Renderings Reveal Barclays Center Renovations In Prospect Heights, Brooklyn
Renderings have been revealed for the $150 million renovation of Barclays Center designed by Populous in Prospect Heights, Brooklyn.
Lauxera Capital Partners raises a hefty €520M for health, medtech companies
Lauxera Capital Partners has nearly doubled the size of its first funding drive with a €520 million ($605 million) raise for health and medical technology companies. | Lauxera Capital Partners has nearly doubled the size of its first funding drive with a €520 million ($605 million) raise for health and medical technology companies.
Biggest bombshells from Hayden Panettiere’s book ‘This Is Me: A Reckoning’
Hayden Panettiere's book, ‘This Is Me: A Reckoning,' includes revelations about her career, Hollywood romances, substance abuse struggles, and more.
‘Healthy Rounds’: How Worried Should We Be About Hantavirus?
Dr. David Banach shares his infectious diseases expertise on Dr. Anthony Alessi’s podcast
June 2026: Science history from 50, 100 and 150 years ago
Door-building spiders; a new quantum liquid
1 hurt in shooting at west Charlotte check cashing business
It happened just after midnight at the PLS Check Cashers on South Tryon Street at West Boulevard, officials said.
US Senate confirms Louisiana nominees for U.S attorney, energy regulator and more
WASHINGTON – Zachary Keller was confirmed by the Senate Monday evening as U.S. Attorney for much of Louisiana, along with two other candidates from Louisiana.
Ketanji Brown Jackson says Supreme Court risks being seen as political after voting rights decision
She spoke after writing a solo dissent from the court's decision allowing Louisiana to move quickly to use new maps.
Packers sign Vanderbilt cornerback Marlon Jones to fill out roster
After beating stage 3 cancer, Marlon Jones joins the Green Bay Packers
Trump administration proposes admitting more White South African refugees
The Trump administration is proposing increasing the refugee admissions ceiling to 17,500 for White South Africans, according to a State Department report to Congress obtained by CNN.
Asia’s Maternal Health Story Is Changing — And Young People Are Asking Bigger Questions
From Tokyo to rural villages, maternal health in Asia is rapidly changing.
This unsealed Apollo 17 photo is the 'most significant evidence' in new UAP release, says doc director
'The Age of Disclosure' director Dan Farah reacts to the new tranche of UAP files released by the Department of War, singling out one image from the Apollo 17 moon landing as the 'most significant evidence.'
Crumbl Cookies Closes Chapel Hill Location After 3 Years In Business
The store, located in Suite 150 at 133 West Franklin St., first opened its doors in February of 2023. It was open for just over three years.
New 'Lanterns' trailer reveals Laura Linney casting, Nathan Fillion's Guy Gardner return
New 'Lanterns' trailer reveals Laura Linney casting and a first look at Nathan Fillion's Guy Gardner return.
Cowboys schedule includes seven standalone games
The Cowboys have a lot of standalone games in 2026.
Op-ed: Peru’s Politics of Instability
As Peru approaches new presidential elections, a cycle of political upheaval has normalized instability, raising urgent questions about whether democracy can function when crisis becomes routine.
Op-ed: Peru’s Politics of Instability
As Peru approaches new presidential elections, a cycle of political upheaval has normalized instability, raising urgent questions about whether democracy can function when crisis becomes routine.
Op-ed: Trump Fires All Governing Members of the US National Science Foundation Amidst Major Cuts to Research
Trump Administration efforts to erase the independence of federal agencies, and roll back research, continue in the firing of all 22 National Science Foundation board members
ServiceNow Stock Has Been Battered By AI Disruption Worries. These Experts Think AI Will Actually Boost Its Business
ServiceNow shares rallied Monday after Bank of America analysts relaunched coverage of the enterprise software maker with a bullish rating.
Pomegranate vs. Grapefruit: Which Is Better for Antioxidants and Overall Health?
When it comes to antioxidant capacity, studies show that grapefruit has higher free radical-neutralizing power. However, pomegranate also provides powerful antioxidants.
Don't mistake voter apathy for popular mandates
Alabama politics are dominated by hate, distraction and a lack of meaningful choices. It's hard to say the state as a whole is embracing that.
Fernandes' pride at PL assist record
Manchester United skipper Bruno Fernandes says he did not think about the Premier League assist record until he reached number 19 against Brentford last month. Fernandes has been on an amazing run of form since Michael Carrick took charge at United in January. The Brentford game, when he set up Benjamin Sesko, was his seventh assist in as many matches and left him one short of the season record, jointly held by Thierry Henry and Kevin de Bruyne.
“Un-African” or Unjust? The Politics of Homophobia in Senegal
In recent months, Senegal has found itself at the center of growing debates over LGBTQ rights as rising homophobia and stricter laws reshape the nation’s social and legal landscape. Building on past legislation, a 2026 bill to increase penalties for queer individuals has been met with strong public
British Takeovers Up 250% as Global Buyers Bypass Political Flux
Britain has been a go-to destination for international deal hunters. The value of M&A mergers targeting UK companies is up more than 250% this year to around $150 billion, according to data compiled by Bloomberg.
Pete Davidson's ex Elsie Hewitt says she's 'exhausted' from parenting on her own after couple split
Pete Davidson's ex Elsie Hewitt, the mother of his daughter, defended herself as a solo parent following criticism of her appearance after their split: 'I'm doing it on my own.'
Call Her Mommy! Alex Cooper Is Pregnant, Expecting Her First Baby with Husband Matt Kaplan
'Call Her Daddy' podcast host Alex Cooper is pregnant and expecting her first baby with husband Matt Kaplan. The pair tied the knot in Mexico in 2024.
'You're Not The Host, I Am': Will Ferrell Kicks Celeb Doppelgänger Off The Stage On 'SNL'
Ferrell joked that the rock star "took the wind" out of his sail after he crashed the "SNL" great's hosting gig.
Adam Driver has cheeky response when asked for comment on Lena Dunham's bombshell book
Adam Driver was asked about Lena Dunham's bombshell memoir, which included several claims about his alleged behavior on the set of 'Girls,' at Cannes.
Tomoyuki Sugano notches his 150th career win
The Japanese ace finds himself adjusting to pitching at elevation.
'Outlander' cast recalls important Black Jack Randall scene — and why it didn't air.
'Outlander' cast explains that Jack Black Randall survived in a scene that was filmed but never aired. Here's why Tobias Mezies' character had to die.
Inside the 'Risky Business' Cast's Lives After the Movie
'Risky Business' premiered on Aug. 5, 1983. See where the film's stars — Tom Cruise, Rebecca De Mornay, Joe Pantoliano and more — are today.
New Orleans novelist draws on his experience in group homes for new novel
Joe Bond’s debut novel draws on his youth around group homes in Kentucky, portraying troubled teens’ lives in care during the 1980s.
$150M plan seeks to redevelop aging CT cineplex into 300+ apartments, entertainment venue
A massive redevelopment planned for the 13-acre multiplex could include more than 300 mixed-income apartments.
'SNL' recap: Host Will Ferrell opens season finale as Jeffrey Epstein
Will Ferrell hosts the 'Saturday Night Live' season 51 finale, with Paul McCartney as musical guest. Read Entertainment Weekly's recap.
Letlow, Fleming advance to runoff in Louisiana GOP Senate primary, CBS News projects
Incumbent GOP Sen. Bill Cassidy, who had occasionally broken with the Trump administration, did not advance to the runoff, CBS News projected.
Strike three? Not quite. St. Charles-Vandebilt title winner rallies after close pitches called balls
SULPHUR — One pitch made all the difference for St. Charles Catholic in the state championship game.
High school sports results, playoff schedule for Saturday, May 16, 2026
SATURDAY’S RESULTS Boys Tennis PIAA CLASS 3A PLAYOFFS At Hershey Racquet Club Semifinals Conestoga 3, Abington Heights 0 North Allegheny 3, Unionville...
Stunning 150-million-year-old stegosaur skull rewrites dinosaur evolution
A spectacular dinosaur discovery in Spain is giving scientists a rare new look inside the world of stegosaurs. Paleontologists uncovered the best-preserved stegosaur skull ever found in Europe, belonging to the iconic plated dinosaur Dacentrurus armatus, which roamed Earth around 150 million years ago. Because stegosaur skulls are extremely fragile and almost never survive intact, the fossil is helping researchers uncover previously unknown details about how these armored giants evolved.
'Top Gun' creators say Tom Cruise 'barfed on himself' during jet ride that sold him on doing the movie
'Top Gun' co-writer Jack Epps says Tom Cruise 'barfed on himself' when the Blue Angels took him on a gnarly jet ride to convince him to do the movie: 'They shook him around.'
Our Guide to the Small Business Sales Week 2026
Treeline Review’s guide to Garage Grown Gear’s Small Business Sales Week 2026 for ultralight and cottage backpacking brands.
James Franco mounting big Hollywood comeback with 'Rambo' prequel
James Franco will star in the Rambo prequel 'John Rambo' alongside Noah Centineo, marking Franco's first big Hollywood blockbuster since he was accused of sexual misconduct in 2018.
Alleged burglars caught inside Colorado Springs business overnight: Police
Two suspects were arrested after police say they were caught red-handed inside a Colorado Springs business overnight.
Lilly, Caitlin Clark Foundation, and Musco Lighting open three community sports courts in Indianapolis, expanding year-round access for youth
/PRNewswire/ -- The Caitlin Clark Foundation, in partnership with Eli Lilly and Company (NYSE: LLY) and Musco Lighting, has opened three new multi-sport...
U.S. and Nigerian mission kills Islamic State group leader, Trump says
Trump made the announcement of the joint operation to take out Abu-Bilal al-Mainuki in a late-night social media post Friday that offered few details.
8 Books That Break the Silence Around Suicide for Mental Health Awareness Month (Exclusive)
"I wrote a story that centers suicide because I know what it feels like for tomorrow to not feel promised," writes 'A Breath Too Late' author and mental health advocate Rocky Callen
Indiana Farmer Balances High-Profile Ag Politics With Family Farm Values
Indiana farmer Tyler Everett shares his experience welcoming Brooke Rollins into his combine and meeting President Trump. Back on the farm, he focuses on making smart financial choices and protecting family time.
Heart of Midlothian: A 150-1 Long Shot Is Set to Shock the Scottish Premier League
Plus, the World War I pilot who helped shape this week’s PGA Championship, the slugger who lost his home run stroke and Jason Gay.
Lupita Nyong'o Will Play Helen Of Troy In ‘The Odyssey’ — And Elon Musk’s Reaction Was Exactly What You’d Expect
The tech billionaire doubled down on his criticism of Christopher Nolan’s star-studded film adaptation.
Science with Steve: Climate change & allergies
Reporting Portland and Vancouver area breaking news and weather stories to make Oregon and Southwest Washington a better place to live
High school sports results, playoff schedule for Friday, May 15, 2026
FRIDAY’S RESULTS Boys Tennis PIAA CLASS 3A TEAM PLAYOFFS At Hershey Racquet Club Quarterfinals Conestoga 3, Hershey 0 North Allegheny 3, Central...
Spurs vs Timberwolves how to watch; Timberwolves game today live
Timberwolves vs. Spurs Game 6 takes place tonight. Here's everything you need to know about the game.
What to know about the mistrial in Harvey Weinstein’s rape retrial
A New York has declared a mistrial in Harvey Weinstein’s rape case from the #MeToo-era that has gone to trial three times so far after a jury was unable to
Viltrox 75mm f/1.8 EVO for Fujifilm X – Additional Images and Shipping in June
Last month we reported about Viltrox launching two new autofocus lenses for Fujifilm X mount. Viltrox 75mm f/1.8 EVO Viltrox 90mm f/2.2 EVO While we now a lot about the Viltrox AF 90mm f/2.2 EVO, since it is listed at Amazon here with all specs and images, we knew little about the Viltrox AF 75mm…
New documentary takes closer look at post-removal education
A new documentary from the Cherokee Nation explores the legacy and generational impact of post-removal seminaries established for young Cherokees in the mid-1800s.
A look at loneliness and teen mental health
Hayden Panettiere reflects on dating 30-year-old Milo Ventimiglia when she was 18, predicts her daughter will do the same
Hayden Panettiere is preparing for her 11-year-old daughter to date an older man after the actress dated her 30-year-old 'Heroes' costar Milo Ventimiglia when she was just 18.
Gas Prices, Gerrymandering and Obama’s Return to Texas
Co-hosts Brandon Rottinghaus and Jeronimo Cortina delve into the latest news in politics
Jurors struggle to decide Harvey Weinstein's rape retrial
The jury in Harvey Weinstein’s rape retrial says it's at loggerheads, but a judge has told the panel to keep trying for a verdict. The signs of stalemate emerged Friday,
Vermont high school sports scores, results, stats for Friday, May 15
Vermont high school sports scores and results as reported to the Burlington Free Press sports department.
A ‘Devil Wears Prada 2’ Actor’s Performance Is Drawing Backlash — And His Wife Isn’t Staying Quiet
Reviews of "The Devil Wears Prada 2" have been mostly positive, but this one character has divided the film's fans.
These Are the Most Obvious Signs That You Travel for Business, According to Flight Attendants
Flight attendants share how they identify business travelers, from clothing to behavior, and explain why these passengers are often the easiest to serve.
‘Football City USA’ adds players, including Steelers’ Mason Rudolph, to York County Sports Hall of Fame
Rock Hill hosted the York County Sports Hall of Fame ceremony, featuring the induction of NFL quarterback Mason Rudolph of the Pittsburgh Steelers, plus other former athletes and coaches.
This founder was nearly homeless after 3 failed startup ideas. Then he built a $150 million business
His story is a master class in pulling off a pivot.
Africa's top health body confirms new Ebola outbreak in remote Congo province
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
David Letterman got in one last 'Late Show' jab at CBS when he visited Stephen Colbert: 'Good night and good luck, motherf---ers!"
David Letterman didn't hold back in his message to CBS when he joined Stephen Colbert on 'The Late Show' one last time: 'Good night and good luck, motherf---ers'