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Bristol shock Gloucester-Hartpury to end season on high
Bristol Bears stun defending Premiership Women's Rugby champions Gloucester-Hartpury with a 26-21 win at Kingsholm on Sunday.
Stealth classic Thief: The Dark Project is getting the remaster treatment from retro specialist Nightdive Studios
After successfully tackling System Shock and its sequel, retro specialist Nightdive is remastering another classic immersive sim.
'Rivals' shocks viewers by killing off major character in surprise book change
'Rivals' just deviated from Jilly Cooper's 'Rutshire Chronicles' by killing off a major character in a surprise change from the books. Why? Because it was time for Tony to "pay some penance for what he has done."
LATAM CEO sees more airline capacity cuts if fuel shock persists
LATAM Airlines Chief Executive Roberto Alvo said the airline industry may need to cut capacity further if elevated fuel prices persist into 2027, warning that carriers with weaker balance sheets and greater exposure to price-sensitive traffic will face mounting pressure.
Global airlines slash 2026 profit forecast on fuel shock from Iran war
The global airline industry nearly halved its 2026 profit forecast on Sunday, citing conflict in the Middle East that has driven up fuel costs, disrupted key air corridors and exposed the fragility of a sector operating on thin margins.
How PE Guy became a million-dollar business in just a year
Johnny Hilbrant's joke parodying annoying finance bros has become a hit. They would be shocked by how much he makes off of "silly little skits."
WHO urges targeted action to strengthen emergency workforce capacities for shared health risks across the Asia-Pacific region
Kuala Lumpur, Malaysia, 11 June 2026 – At a time when the world is more interconnected than ever, the World Health Organization (WHO) is disseminating a comprehensive regional analysis of shared health risks across Asia and the Pacific, urging Member States to invest in enhancing workforce capacities regionwide to mitigate these risks and ensure health systems are better prepared to anticipate, tackle and withstand a range of crises and shocks. Over 100 delegates from 49 countries and areas in the Asia-Pacific region reviewed results from the regional risk analysis during the WHO-led Asia Pacific Health Security Action Framework (APSHAF) Stakeholders Meeting in Malaysia. Synthesizing insights from 21 strategic risk assessments and more than 800 multisectoral experts, the regional analysis highlighted an urgent imperative: countries must proactively invest in emergency workforce preparedness to navigate a landscape where climate hazards, disease outbreaks and geophysical events increasingly overlap. These complex converging crises create devastating, compounding impacts on health systems and communities - reiterating the need for investing in a fit-for-purpose regional health workforce and multisectoral action. Key findings: an evolving risk landscape More than half of the participating countries ranked flooding, cyclones, dengue and pandemic-potential respiratory pathogens as being of high or very high risk, while antimicrobial resistance, landslides and gastroenteritis remain widespread concerns as well. “Given that 51% - over half - of these assessed hazards are deeply interconnected, isolated health interventions are no longer sufficient,” said Dr Saia Ma’u Piukala, WHO Regional Director for the Western Pacific. “Extreme weather events like cyclones and floods directly trigger subsequent disease outbreaks, while environmental degradation - driven by sea-level rise, coastal erosion and saltwater intrusion - fuels health risks across the Pacific. Mitigating these cascading risks requires unified, cross-sectoral action linking environmental, agricultural and public health policies to build true regional resilience.” Priority recommendations for action To address critical vulnerabilities, WHO calls on Member States in the Asia-Pacific region to urgently prioritize the following strategic actions: Bridge workforce capacity gaps. Embed and standardize emergency preparedness within academia to promote regional workforce interoperability. Foster multisectoral coordination. Address ad-hoc taskforce responses and fragmented surge support through formalized contingency plans and standard operating procedures that are frequently updated and tested. Secure sustainable financing for emergencies. Overcome systemic barriers to access dedicated funding for both immediate anticipatory actions and long-term emergency preparedness initiatives. Enable emergency-ready primary health care. Embed emergency management into public health workforce readiness planning. Ensure that emergency planning is inclusive. Establish clear pathways for inclusive emergency planning that actively involves communities most at risk and other vulnerable groups. Optimize communication. Update risk communication and community engagement strategies, aligning them with seasonal risk calendars. Elevating workforce readiness to meet regional health risks While the gaps identified are significant, the Asia-Pacific region possesses solid foundational pillars, including dedicated clinicians, laboratory staff, rapid response teams, emergency medical teams and extensive community networks. However, to adequately address the compounding nature of modern crises, the various components of the emergency workforce must collaborate cohesively. True resilience depends entirely on transforming this currently fragmented workforce into a highly trained, interconnected and rapidly deployable asset. To achieve this, WHO is actively advancing regional workforce capacities through the Global Health Emergency Corps initiative. This initiative - supported by the Gates Foundation and Institute of Philanthropy - seeks to build a seamless network of emergency workforce across borders and sectors, ensuring that when a crisis strikes, a standardized, well-coordinated and trained workforce is immediately ready to respond. “Scaling up emergency workforce readiness is no longer optional,” said Dr Gina Samaan, Regional Emergency Director for WHO in the Western Pacific. “It is the definitive factor that will determine how effectively the Asia-Pacific region safeguards health and protects lives in an increasingly unpredictable future.” For more information, or to arrange media interviews, contact: Ara Johannes, WHO Western Pacific Health Emergencies Division: johannesa@who.int WHO Western Pacific Communications: wprocom@who.int
Super Yooka-Laylee Kart announced, first details and trailer
Playtonic just unveiled its next game, which is Super Yooka-Laylee Kart. The company says it’s planning the game for PC with other platforms to follow – we’d be shocked if Nintendo Switch 2 / Switch isn’t a part of the plan. Playtonic did tell us: “we absolutely love the Nintendo Switch and are die-hard Nintendo fans ourselves, so stay tuned...
Israel gives in to the politics of debasement
A shocking new Knesset vote showed just how deleterious Netayahu’s governance has been
<i>Scary Movie 6</i> Is Another Hollywood Reboot From Our Childhoods. But Have We Outgrown the Joke?
Shock-value humor used to be able to carry an entire film, but simply being offensive isn't enough anymore. Once the nostalgia of Scary Movie 6 wears off, is there enough to keep us entertained?
‘Everwood’ Met a Shocking Cancellation 20 Years Ago
A last-minute renewal of ‘7th Heaven’ meant the end of this small-town family drama.
Report: Arne Slot could be set for shock managerial return
Celtic weigh ambitious move for former Liverpool boss as managerial search takes fresh twistCeltic’s search for a new permanent manager could be heading in a fascinating new direction, with former L...
Alexa Demie reveals how she felt about Barbie Ferreira leaving 'Euphoria' after season 2
'Euphoria' star Alexa Demie has revealed how she really felt about Barbie Ferreira's shocking exit after season 2, ahead of the heavily criticized final season of the Zendaya-starring show.
Broncos come in shockingly low in ESPN's preseason power index
Broncos fans are going to struggle with this one.
Smack-Talking Rousey ‘Doesn’t Want’ Holm Rematch
It’s been over a decade since the high kick heard ‘round the world. In November 2015, Holly Holm picked apart and knocked out the previously undefeated Ronda Rousey, shaking up the sport in a shocking way. The two would never rematch, however, as Holm lost her title (in the worst business decision of all time?) […]
A question looms over Iran diplomacy: Is Trump being straight with the American people?
President Donald Trump’s ability to shock and outrage Washington elites is a superpower when it comes to solidifying his political base.
Biggest diesel shock since 2022 deals another blow to farmers
In Illinois, the top US soybean-producing state, farm diesel averaged a record $5.41 a gallon at the start of May, nearly double the price a year earlier.
NASA’s Juno Reveals New Insights into Cosmic Ray Origins
Particles traveling close to the speed of light near Jupiter were captured by NASA’s Juno mission, providing new evidence for how and where high-energy
Another year, another Va. retail cannabis market veto leaves businesses, the public with few options
Governor Abigail Spanberger’s veto shocked advocates for an adult-use market.
As Corporate Profits Surge, America’s Small Businesses Get Left Behind
Between Trump tariffs, rising gas prices and labor supply shocks, Main Street businesses are seeing declining profits and slower hiring. Is uncertainty their new normal?
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.
Is 'Euphoria' over? Creator Sam Levinson reveals if shocking season 3 ending was series finale
Is 'Euphoria' over? Creator Sam Levinson reveals if shocking season 3 ending was series finale
Introducing Shorts on the BBC Sport app
From stunning goals and shocking interviews to unforgettable celebrations, some sporting moments are made to be watched, not just read about - and that's why BBC Sport are launching Shorts.
'Euphoria' creator reveals if season 3 ending was series finale after shocking death
Is 'Euphoria' over? Creator Sam Levinson has revealed that the season 3 ending was the series finale following the shocking death of four main characters.
If a mosquito buzzes your ear tonight, this hidden meaning will shock you - Futura-Sciences
The Nighttime Nemesis: Why Mosquitoes Target Our Ears Any summer night can become a stage for this unwelcome duet: the unmistakable whine of a mosquito around your ear, one of the most dreaded noises to disturb your sleep. While this particular form of aural torture might seem like an act...
Fletcher made 'hugely positive impression' in Scotland training
The Fletcher family were due to go to the World Cup as fans this summer. The shock choice says everything about the professionalism, diligence and work ethic Fletcher has shown in training. Once there, Fletcher made a hugely positive impression on Scotland's coaches.
Video shows driver plowing into businesses in San Francisco's Castro District
The community is in shock after a driver plowed his car into some businesses in the Castro District early Sunday morning.
'The Audacity' recap: Silicon Valley satire gets serious in surprisingly emotional season 1 finale
'The Audacity' season 1 finale sees Duncan make a shocking discovery while a beloved character is killed off. Read Entertainment Weekly's recap.
Political firestorm heats up after unrest at ICE detention center Delaney Hall
New Jersey Gov. Mikie Sherrill said deploying state police was “absolutely necessary.” And House Minority Leader Hakeem Jeffries said conditions inside ‘shock the conscience.’
Glyco Harmony Drops [URGENT REPORT 2026] GlycoHarmony Shocking Complete Scientific Breakdown of Benefits Everyone Is Talking
Explore the science behind Glyco Harmony. Get a detailed explanation of its ingredients, benefits, potential effects, and how the formula may support healthy glucose metabolism. Glyco Harmony Glyco Harmony New York City, NY, May 31, 2026 (GLOBE NEWSWIRE) -- As awareness of metabolic health continues to rise worldwide, consumers are increasingly searching for products that can help support healthy blood sugar levels, improve overall wellness, and complement healthy lifestyle choices. Learn what’s
10 Indie Games From 2026 That Feel Like Cult Classics Already
As we approach the midway point of 2026, let's take a look at some under-the-radar indie gems that already feel like cult classic video games.
UCLA Baseball Hits Back-to-Back Homers in Crucial Walk-Off Win
After St. Mary’s shockingly upset No. 1 overall seed UCLA baseball in the regional opener on Saturday, the Bruins needed a win on Sunday to keep their season alive. Going into the bottom of the ninth, UCLA was down by two runs against Virginia Tech. That’s when first baseman Mulivai Levu, who was named the […] The post UCLA Baseball Hits Back-to-Back Homers in Crucial Walk-Off Win appeared first on LA Sports Report.
No more expensive roaming: the data trick business travelers swear by - Futura-Sciences
Stay connected across borders—without the roaming bill shock If you’re a frequent flyer for work, your data needs are probably sky-high. Between video meetings, sending files on the go, and keeping your cloud tools synced, staying online isn’t just convenient—it’s essential. Traditional mobile plans and public Wi-Fi networks often leave...
StarCraft 2 Fans Shocked After Blizzard Launches Major Balance Changes for the First Time in Years
StarCraft 2 players have lost their collective minds after Blizzard announced major changes coming in update 5.0.16.
Windows PC Industry Reacts to Apple's Most Affordable MacBook Ever
A few months ago, Apple released the MacBook Neo, its most affordable MacBook ever. At the time, an ASUS executive admitted that the laptop came as a "shock" to the Windows PC industry, which is now in the process of responding. Acer today introduced a Swift Air 14 laptop, with U.S. pricing starting at $699. By comparison, the MacBook Neo starts at $599 with a 256GB SSD and 8GB of RAM, or at $499 for college students and educational staff.
Five of the most shocking upsets in sports history, from Michigan-App State to Virginia-UMBC
Sinner's stunning French Open loss inspired a look back at five all-time upsets, including Djokovic falling to Denis Istomin at the 2017 Australian Open.
In a Shocking Twist, Musicians are Deciding that Playing Trumpstock is a Bad Career Move
More than a few artists announced for the Trump-backed Great American State Fair are pulling out.
Everlane Co-founder, Shocked by Shein Acquisition, Wants a Redo
Michael Preysman, who ran the brand for a decade, can’t believe what happened to the company he built. Can he start over?
The shocking cost of youth sports in New Jersey
New investigation reveals a predatory industry preying on well-meaning parents, leaving them broke and exhausted
Eurozone Economic Confidence Rises Despite Iran War Energy Shocks
Selling-price expectations eased across all business sectors, interrupting the steep upward trend seen in the last two months.
Holly Holm wasn't surprised by Ronda Rousey returning
Ronda Rousey's dominating three-year reign atop the UFC women's bantamweight division was brought to a sudden halt by Holly Holm at UFC 193 in November 2015. Holm knocked out Rousey with a head kick early in the second round sending shockwaves throughout the combat sports world. Rousey returned to ...
Fed's Goolsbee says oil shock could exacerbate inflationary impulse of AI hype
Chicago Federal Reserve President Austan Goolsbee on Thursday amped up his warning that mounting expectations for the productivity-boosting potential of AI could send inflation higher and force the Fed and other central banks to raise interest rates.
Local health officials warn about sepsis signs following Kyle Busch’s death
NASCAR legend Kyle Busch’s tragic death at just 41 years old from pneumonia-induced sepsis shocked the sports and medical worlds alike.
‘Jeopardy!’ Fans Stunned Contestants Miss ‘Sopranos’ Clue
Ken Jennings seemed shocked they didnt know the answer.
‘Jeopardy!’ Fans Stunned Contestants Miss ‘Sopranos’ Clue
Ken Jennings seemed shocked they didnt know the answer.
Susan Boyle reveals jaw-dropping transformation before 'new era' for reclusive star
Singer Susan Boyle has revealed a shocking transformation ahead of a 'new era' for the recently reclusive singer and 'Britain's Got Talent' breakout star.
Hasim 'The Rock' Rahman announces comeback fight in Rochester
Rahman, 53, retired from boxing in 2014 after a 20-year career that included a shocking upset in 2001 by knocking out Lennox Lewis.
Editorial: CTU rank-and-file finds its nerve and votes down dues hike to fund politics
This internal vote looks less like simple sticker shock than a warning from members that CTU leadership has drifted too far from the classroom and too deep into politics.
How Has the Lynx’s No. 2 Overall Pick Been Performing?
When the Minnesota Lynx drafted Olivia Miles No. 2 overall in the 2026 WNBA Draft, there was some shock. Among experts, there seemed to be a definitive top four prospects: Azzi Fudd, Awa Fam, Lauren Betts and Miles herself. Top prospects during the draft process Fudd had a successful five-year career playing guard at UConn. […] The post How Has the Lynx’s No. 2 Overall Pick Been Performing? appeared first on The Lead.
Time to level up: How to help America’s small businesses survive and thrive in tumultuous times
Small businesses have faced years of economic shocks, yet remain vital to jobs and growth. Local leaders are showing how targeted investment can strengthen small business ecosystems and better support entrepreneurs, even with limited resources.
Meta layoffs hit shocking number of Seattle-area workers
The layoffs are part of the job cuts announced last month and will hit workers in Seattle, Bellevue and Redmond, as well as remote workers in Washington.
Alyssa Farah Griffin calls Donald Trump Jr.'s wedding his 'funeral' in shocking on-air slip
'The View' star Alyssa Farah Griffin shocks audience, mistakenly calls Donald Trump Jr.'s wedding his 'funeral' live on the air.
Megyn Kelly Claims Trump Has Cheated On Every Wife Including Melania
The former Fox News host also brings up shocking past accusation against the president.
Megyn Kelly Claims Trump Has Cheated On Every Wife Including Melania
The former Fox News host also brings up shocking past accusation against the president.
As an online petition for Destiny 3 gains traction, reports suggest Bungie staff didn't know about the end of Destiny 2 until the public announcement
Following the surprise announcement of support for Destiny 2 ending that shocked even Bungie staff, fans have started an online petition asking for Destiny 3.
System Shock 2: 25th Anniversary Remaster gets new Nintendo Switch 2 version
Atari and Nightdive Studios have announced that, starting today, a new Nintendo Switch 2 version of System Shock 2: 25th Anniversary Remaster will be available. The game previously landed on the original Nintendo Switch. The survival horror game features high-resolution models, bonus materials, and cross-play capabilities. Here’s some information about the title: System Shock® 2: 25th Anniversary Remaster by Nightdive...
Economy to see negative growth shock, sticky inflation, JPMorgan warns
JPMorgan sees core inflation sticking around 3% globally. It could eventually cool, but only after the economy feels the negative impacts on growth.
10 Takeaways: The Avalanche Keep Finding Ways to Lose
Utter shock and disappointment poured out of the Colorado Avalanche locker room after getting humiliated once again. The reasons why […] The post 10 Takeaways: The Avalanche Keep Finding Ways to Lose appeared first on Colorado Hockey Now.
Indy 500: Emotional David Malukas Exasperated After Shocking Finish
David Malukas ran the whole gamut of emotions after placing second in the closest finish ever at the Indianapolis 500.
‘Give it some time:’ Inside Tom Dundon’s NHL success amid Trail Blazer uncertainty
In Portland, the cost-conscious Dundon's arrival has been a shock to the system. In Raleigh, some say his NHL ownership has been a shock to the heart.
Bond breakout? Big effects of bad data. Immigration and thermostatic politics & dad-chat is coming for dad-books.
Thank you for opening your Chartbook email. Anna Airy, A Shell Forge at a National Projectile Factory, Hackney Marshes, London, 1918 Bond breakout - John Authers Across the developed markets, bond markets are staging a slow-motion car wreck. Looking at the drastic moves in the US, Japan, the UK and France, Barclays’ Ajay Rajadhyaksha commented: “Last week, long bonds broke. Not in one country. In all of them. Simultaneously. Four countries. Four different political systems. Four different central banks. But the same trade — “get me out of duration!”” Each country has its own contributing political problems, but the uniformity of the shift out of long-term bonds with high duration makes clear that something broader is afoot. For Rajadhyaksha, it is “simple and uncomfortable.” The developed world “has too much debt, too little fiscal discipline, and no political appetite for fixing either.” If there’s a trigger, it has been the Iran war and the resulting shock to oil supply. Source: Bloomberg G7 countries are now borrowing at rates that were enjoyed by EM in the early 2020s For contributing subscribers only. Subscribe Trade between China and Russia has grown in recent years For contributing subscribers only. Subscribe Big effects of bad data A decade ago nearly nine in ten Americans, when approached, agreed to fill out the Current Population Survey, which is administered to about 60,000 households each month and asks about, among other things, employment. Fewer than seven in ten do so now (see chart 1). For the Consumer Expenditure Survey, which tries to capture 3,700 households monthly, the response rate is down from 68% to 40%. … When the information becomes less reliable, investment decisions get more difficult to make. Some may be delayed, creating a potential drag on the economy. A new working paper by Nicholas Bloom of Stanford University, Erica Groshen, former head of the Bureau of Labour Statistics (BLS) now at Cornell University, and Duncan Hobbs and Michael Strain of the American Enterprise Institute, a think-tank, hazards an estimate. Preserving trust in “the integrity and quality of official statistics”, the authors claim, generates economic benefits of about $25 for every $1 spent on the BLS, the agency with an annual budget of $700m that is responsible for many of these data. To arrive at their conclusion the quartet analysed an ignoble episode in the BLS’s recent history. On August 1st 2025 Donald Trump sacked Erika McEntarfer, appointed as the agency’s commissioner by his predecessor, Joe Biden. The president alleged, without evidence, that the BLS’s steep downward revision to recent jobs numbers had been “RIGGED in order to make the Republicans, and ME, look bad”. In fact, it was the wanton dismissal that looked bad in the eyes of many observers. In the following seven days there was a 50% leap, relative to the week before, in the average value of the index of Economic Policy Uncertainty (EPU), which tracks the number of articles mentioning such uncertainty that are published daily in American newspapers. This was a discernible jump even when compared to the chaos caused by Mr Trump’s trade war in April 2025 and his real one in Iran in the past two months (see chart 2). Based on Mr Bloom’s earlier study with other colleagues of the EPU’s impact on business investment, industrial production and employment, the authors estimate that the jump reduced American GDP by over $100bn (0.3%) and non-farm payrolls by 168,000 (0.1%). Source: The Economist Immigration and thermostatic politics (Sarah O’Connor in the FT) A strange thing happened a year and a half ago. No sooner had Americans elected Donald Trump as president on an explicitly anti-immigration platform than US public opinion began to swing much more favourably towards immigration. … to political scientists who study “thermostatic” politics, this development is no surprise at all. Public opinion often moves against the prevailing party, especially if they are perceived to have gone “too far” in one direction. The phenomenon was first explored in the 1990s with reference to fiscal policy, but in recent years it has been particularly evident in the realm of immigration policy. While these swings in opinion polls can make it seem as if people don’t know their own minds, they can be a useful democratic check on governments by sending bright flashing warning lights when policies stray too far from the public’s comfort zone. The problem comes when politicians misinterpret those signals. When people tell pollsters they want less immigration, or think it is bad for the country overall (or the converse), they are often expressing an opinion about how things appear to be going in that moment relative to their preferences, rather than a deep shift in their underlying views. According to Alexander Kustov, a political scientist, most Americans’ views are quite stable and moderate: they support immigration that is controlled and in the national interest, and oppose flows that are disorderly or under-enforced. In the US, he argues the Trump administration over-interpreted dissatisfaction with high immigration under Joe Biden, and implemented policies that went too far for many voters. “People don’t necessarily change their idea about their ideal immigration policy, but they can react to what the government is currently doing,” he told me. “A lot of people are not happy with what the Trump administration are doing — right now we’re not talking about border enforcement, we’re talking about people not just getting harassed, but killed.” But similarly, he added, pro-immigration advocates would be making a mistake to interpret the recent, more favourable swing towards immigration as a deep-seated ideological shift in attitudes. The recent history of UK immigration policy offers another cautionary tale. After the 2016 Brexit referendum, public concern about immigration fell. This was partly because net migration statistics declined, but also because people felt a sense of catharsis and control, says Sunder Katwala, director of British Future, a think-tank. By 2019, the public ranked immigration as only the ninth biggest issue of concern, according to Ipsos polling. But when the Conservative government liberalised visa routes for students and care workers between 2019 and 2022, that helped net migration to surge. And so, too, did public concern. Today’s Labour government has implemented another sharply restrictive turn in immigration policy. As Kustov and researcher Caitlyn Yates argue, thermostatic public opinion should be a useful check on politicians. Instead it seems to have helped to magnify the pendulum swing in the UK. The government over-interprets and overreacts to a change in public opinion, which reacts in turn, prompting a sudden swing the other way. Source: Financial Times HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Anna Airy, Shop for Machining 15-Inch Shells: Singer Manufacturing Company, Clydebank, Glasgow, 1918 Racing for a vaccine … we have been here before! The deadly Ebola outbreak in two African countries driven by a virus species with no vaccine has triggered an urgent search for a potential jab, in a test of troubled global efforts to avert threats posed by emerging diseases. A World Health Organization advisory group is due to would meet on Tuesday to recommend candidate jabs to prioritise for clinical trials, the global health body said. It will assess data including an analysis by the Coalition for Epidemic Preparedness Innovations (Cepi), which was set up after failures in the international response to a previous Ebola crisis. The latest Ebola outbreak in Democratic Republic of Congo and Uganda has infected hundreds of people and killed more than 80, health authorities say. Cepi’s reaction will be a crucial indicator of its progress towards its wider goal of producing vaccines for pandemic threats in just 100 days, despite steep cuts to international health funding. “If there was ever a time that we could show the world why Cepi is needed and show the world why the 100-day mission is needed, it’s now,” Nicole Lurie, the organisation’s executive director for preparedness and response, told the FT. “We’re happy to accept that responsibility, but obviously we need help from partners — particularly financial help in the long run.” DR Congo and Uganda would make the final decision on whether to press ahead with any vaccine candidates endorsed for clinical trials by the WHO experts, the global health body said. “Other ethical and community acceptability issues will be considered,” said the WHO, which declared the latest outbreak a public health emergency of international concern on Sunday. “This will be important to make sure that the trial, if it happens, will be adequately communicated to the population.” Lurie said Cepi had provided information from a survey of research teams and companies working on drugs that might be effective against the Bundibugyo virus behind the outbreak. The organisation hoped soon to announce partners in the quest for a jab, she added, although she declined to give a timescale for when one might be developed. Cepi’s Nicole Laurie said global health bodies were ‘getting some live-fire drills’ with hantavirus and the latest Ebola outbreak. The hunt for a vaccine should be helped by scientific advances including the use of artificial intelligence to find drugs active against viruses, Lurie said. Existing jabs against the Zaire Ebola virus responsible for many previous outbreaks might provide a basis for tackling the Bundibugyo species, she added. “We’ll see how far and how fast we can get,” Lurie said, adding that Cepi had done preliminary work recently on a possible jab for the rat-borne hantavirus responsible for a recent fatal outbreak on a cruise ship. “Both with hantavirus and now with Ebola, [we] are getting some live-fire drills.” Source: Michael Peel in the Financial Times Dad-chat is coming for dad-books. (By Pamela Paul and Jeffrey A. Trachtenberg in the WSJ) They were the go-to gifts for Father’s Day: a book about some little-known chapter of World War II, the sweeping narrative of a shipwreck, perhaps the latest presidential biography. These days, dad books are a dying breed. Nonfiction book sales have been in decline for the past four years, and are now the most challenged segment of the print book market. Publishers say certain types of books still fare well—including celebrity memoirs and religious titles. But in recent years, print sales in such categories as biography, current affairs and business and economics—what publishers refer to as “serious nonfiction” and which tend to resonate especially with men—have fallen considerably. Sales of nonfiction print titles were down nearly 8% through May 9 this year, and sales of books about politics and current affairs were down 19%, according to book tracker Circana BookScan. Publishing has long been subject to cyclical changes, with trends in format and genre taking over bookshelves in grand sweeps. (Remember the adult coloring-book craze? Or the stratospheric rise of romantasy?) But many in publishing believe the decline in serious nonfiction is more existential. “The trend couldn’t be clearer,” said Jonathan Karp, the former chief executive of Simon & Schuster and publisher of the new Simon Six imprint. “This is a sea change and people should wake up and realize we’re living in a new world.” One culprit for the shift: a new media diet for fans of more serious nonfiction. … Sixty-two percent of men and 54% of women consumed a podcast in the prior month, according to a recent survey by Edison Research at SSRS, up from 46% and 39%, respectively, in 2023. “When we have internal meetings to talk about this problem, it always comes around to podcasts,” said Jonathan Burnham, president and publisher of the Harper Group at HarperCollins Publishers. “The man who wants to read American history is now tuning into one of the many good podcasts about history that lends the quiet attention to a serious subject he’s looking for. It makes the idea of sitting down with a 700-page Ron Chernow book less appealing. You’ve scratched that itch.” Source: Wall Street Journal Remarkable report by Novara from the nationalist rally in London in mid May. Anna Airy, Leopard Moth and Plums, 1915 If you’ve scrolled this far, you know you want to click: Subscribe
Rams QB Ty Simpson Details Los Angeles ‘Culture Shock’
The Los Angeles Rams made quarterback Ty Simpson the talk of the 2026 NFL Draft by surprisingly taking him 13th overall.
Forget the 11-year solar cycle, a single space storm can send a shockwave through your local forecast
The regular solar cycle is a mere climate murmur, but sudden geomagnetic jolts are a different story. These high-altitude outbursts appear to be hijacking the polar vortex to rewrite weather on the ground.
Valve Remains Silent As Racist Plantation Sim Game Trolls Everyone
Steam guidelines claim to ban 'content that is patently offensive or intended to shock or disgust viewers'
PSA – Valve's Steam Controller Puck Could Try to Charge Your Metal Watch Strap, to Dramatic Effect
/u/Toikka on Reddit had a shocking experience.
German Business Confidence Edges Higher Though War Concerns Still Weigh
Sentiment rebounded marginally this month, though remained near multiyear lows, as companies adapted to the energy shock prompted by the closure of the Strait of Hormuz.
Customers in shock after Providence Health Plan announces it will be canceling most coverage: 'Completely out of the blue'
Mike Duggan drops governor bid in Michigan election shocker
In a stunning announcement, former Detroit Mayor Mike Duggan ends his bid for Michigan governor, citing a shifting political landscape.
Mark Consuelos Shocks ‘Live’ Audience With Surprising Viewer Question
Consuelos made a unique request during the show's 'Stump Mark' segment.
Mark Consuelos Shocks ‘Live’ Audience With Surprising Viewer Question
Consuelos made a unique request during the show's 'Stump Mark' segment.
Bonus 228: The $1.776B Political Question
Every so often a story comes along that is so brazen, so cleanly emblematic of the moment we are living through, that staying quiet about it feels like a kind of complicity unto itself. Monday’s announcement by the Department of Justice that the Acting Attorney General has unilaterally created a $1.776 billion “Anti-Weaponization Fund” to compensate so-called “victims of lawfare” is one of those stories. And the reason I want to write about it here, in a newsletter ostensibly devoted to the Supreme Court and the law and politics surrounding it, is that I’m increasingly worried that we’re asking the wrong institution to save us from one of the most offensive, alarming, and anti-constitutional things we’ve seen from any president in American history. As I explain below the fold, the Anti-Weaponization Fund is not principally a legal problem awaiting a judicial fix. It is a shockingly egregious political abuse—the President suing his own government, purporting to settle with himself, and routing nearly $2 billion from the Treasury to his own supporters as a not-so-subtle (and not-so-formal) reward, if not an incentive, for political violence. And the Constitution’s answer to political abuses of this kind and magnitude is a political remedy, not a legal one. In his majority opinion in NFIB v. Sebelius (the Affordable Care Act case from 2012), Chief Justice Roberts defended the Court’s endorsement of Congress’s power to adopt the individual mandate by noting that it is “not our job to protect the people from the consequences of their political choices.” As much of a judicial supremacist as I am, that sentiment is, for better or worse, an entirely correct (and, in the long term, normatively desirable) institutional assessment. One can believe in substantial judicial power without believing that literally every political dispute in our country can and should be resolved by unelected judges. The real upshot of this latest headline (among so, so many other similar headlines) is that it is past time to reinvigorate impeachment—not because conviction is realistic in this Senate, or even because impeachment itself is feasible in this House, but because forcing every member of Congress to vote on the record whether this brazen, corrosive, and affirmatively dangerous corruption is impeachable is itself a point worth fighting for (and fighting with our friends over). Assuming the courts will save us absolves our political leaders of both responsibility and accountability for allowing this kind of mischief to continue, and it absolves all of us of our responsibility to refuse to tolerate those who would just as quickly shrug their shoulders and move on. For those who aren’t paid subscribers, we’ll be back (no later than) Monday with our continuing coverage of the Supreme Court. For those who are, please read on.
UK Businesses Shrink as Starmer Crisis Creates Perfect Storm
British businesses posted the first decline in output in over a year as the Iran shock and a mounting rebellion against Prime Minister Keir Starmer hit activity in the services sector, a survey showed.
Runoff surprises and shockwaves: What Tuesday’s results may reveal about Georgia’s political mood
According to the Georgia Secretary of State's website, with a nearly 28% turnout of active voters, more than two million people cast a ballot in the May 19 Georgia primary election. A panel of political analysts discussed what the results and voter turnout will mean for the November midterm election.
Shockwave Medical's new IVL catheter overcomes previous limitations
Ziad Ali, MD, said the new device has completely changed the way he and his colleagues treat patients with calcified coronary artery disease.
Browns quarterback competition may come down to one shocking factor
The Cleveland Browns quarterback situation remains a big question mark as the summer months approach.
California business owners ‘working for peanuts’ as costs, record gas prices and regulations devour profits
California "sticker shock" is mounting for the state's small business owners, but one restaurateur and their multi-billion-dollar lender explain why they're not walking away — yet.
The inside story of ‘Spygate’ — featuring a pine tree, disguises, damning WhatsApps and a sport in shock
The Championship has been thrown into chaos by one of the most remarkable stories of the season
Republican Senators Are Livid at Trump’s Endorsement of Paxton
News that President Trump had snubbed Senator John Cornyn of Texas, the four-term incumbent, was met with shock, anger and fear that the G.O.P. could lose his seat.
Inside the trans athlete podium controversy sending political shockwaves in California ahead of elections
California's CIF forced co-podium placements with trans athlete AB Hernandez, igniting a firestorm in the national debate over girls' sports.
Shock, The Developer For Yoshi And The Mysterious Book Is Exactly Who You Think
How you feelin'?
Fears of new China shock as EU industry’s reliance on imports grows
Rising volume of components imported from China prompts warning of cannibalisation of European industries
Walmart just launched six new Android 16 tablets starting at $97, and they look shockingly decent [Gallery]
Walmart is not the first brand anyone thinks of when it comes to Android tablets, but the retailer’s Onn brand...
Jewish lawmakers face an explosion of antisemitism
The hate is direct, explicit and shockingly casual.
Are Vagal Nerve Stimulators a Scam?
This information conduit is crucial to how your body functions. So why are so many people trying to shock it?
The Aid Report: A shock to the system: Global health after US aid cuts
The abrupt freeze and rollback of US foreign assistance in early 2025 disrupted far more than clinics and medical supply chains.
TST Best Bets: May 17, 2026
The final spot in the NBA Conference Finals is up for grabs tonight, as the Detroit Pistons and Cleveland Cavaliers face off in what should be a thrilling Game 7 matchup. It’s been a rollercoaster ride of a season for the Pistons, who shocked the world by winning 60 games in the regular season to take the top seed in the Eastern Conference. Their playoff run first looked to set up for disaster, as they fell down 3-1 to the Orlando Magic before pulling off the unlikely comeback to escape the firs
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.
The DOJ Just Made a Shocking Confession About One of Trump’s Worst Early Executive Orders
On Thursday, the U.S. Court of Appeals for the D.C. Circuit heard argument in two cases about when the president can target private attorneys.
As a French mom raising my kid in Florida, I've had culture shock
I'm a French mom raising my daughter in Florida. I've noticed differences between the way I parent and how people in the US parent their kids.
Britain's pound, stocks and bonds fall on political uncertainty, global inflation angst
British government bonds, stocks and sterling fell on Friday, as domestic political uncertainty clashed with global worries about an inflationary shock, leaving UK assets in the mire.
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
War worsens Lebanon’s economic crisis with job losses, price gouging and slow business
The latest war between Israel and Hamas, and the closure of the Strait of Hormuz, have sent economic shock waves across the Mideast.
‘Half Man’: Richard Gadd Explains That Shocking Body Reveal
The creator talks about bringing the end to the middle of the series.
Protecting lives everywhere
In 2025, the WHO Health Emergencies Programme responded to a growing number of health emergencies driven by conflict, climate shocks and disease outbreaks, amid severe funding constraints. This report shows how WHO delivered life‑saving health services, supported countries to detect and control outbreaks, and helped maintain essential health care in some of the world’s most fragile settings
Taming UK yields depends on economics not politics
Long-term government borrowing costs above 5% are higher than other developed economies and more sensitive to shocks. It’s tempting to blame political upheaval, but structural factors matter more. The solution is to shrink macroeconomic imbalances and revive capital markets.
J&J launches Shockwave Medical’s next-generation coronary IVL catheter
The Shockwave C2 Aero Coronary IVL Catheter is based on years of user feedback. For example, it was built with improved deliverability and repositioning capabilities in mind.
Man Tears Up After Learning Shocking Value of Handbag He Thrifted for $1.50
An 'Antiques Roadshow' guest is blown away by the price of a bag that he "just picked it up" because he "thought it was pretty"
The Science is Not Settled: How Weak Evidence is Fueling a National
As statehouses ramp up for 2026, we’re seeing a familiar and concerning trend of lawmakers rushing to regulate the internet based on shockingly shaky science. From the California State Assembly to
BioShock creator says Nintendo Switch 2 proves gaming graphics are hitting "diminishing returns"
Ken Levine, creator of BioShock, recently used the Nintendo Switch 2 as an example while criticizing the gaming industry’s increasing obsession with graphical realism, arguing that the medium has reached a point of “diminishing returns” when it comes to visuals. Speaking with IGN, Levine discussed how modern games continue to chase photorealism, but believes players and developers alike are starting...