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Pete Hegseth boosts Trump-backed challenger to Rep. Thomas Massie ahead of Kentucky primary
It’s highly unusual for the defense secretary to participate in a political event. Massie has opposed the Trump administration’s handling of the war in Iran.
Sony WH-1000X The ColleXion leak ahead of launch
They will be positioned as a higher-end offering than the current WH-1000XM6. Sony is launching its WH-1000X headphones tomorrow, but a detailed leak has...
I wear Meta Glasses so I don't have to think — You won't either with this smart deal
I was skeptical at first, now these glasses turned into my everyday personal assistant.
Additions to David Blunkett’s alternative king’s speech
Letters: Readers praise – and point to omissions from – the former home secretary’s proposed programme for government
Penn State Health earns fourth consecutive VETS Indexes employer award
For the fourth consecutive year, Penn State Health has been recognized by VETS Index for its commitment to hiring, retaining and supporting veterans. The College of Medicine also was honored.
Penn State Health earns fourth consecutive VETS Indexes employer award
For the fourth consecutive year, Penn State Health has been recognized by VETS Index for its commitment to hiring, retaining and supporting veterans. The College of Medicine also was honored.
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...
Ford Europe plans five new vehicles to turn around passenger business
Although it has leadership in commercial vehicles on the continent, the Blue Oval has struggled with market share in the retail space.
Public Health Law and Policy Experts Urge Secretary Robert F. Kennedy Jr. to Reject the Latest Effort to Destabilize Childhood Vaccines | Milken Institute School of Public Health | The George Washington University
In comments filed on May 19th, a group of public health and administrative law scholars urged HHS Secretary Robert F. Kennedy Jr. to reject a petition seeking to dramatically expand the scope of the National Childhood Vaccine Injury Act of 1986.
Kin Health raises $9M to build an AI notetaker for patients
The app is similar to a meeting notetaker: you can record doctor visits, and it will return an AI summary of the meeting, with the next steps, all of which you share with family and friends if you want to.
Trump admin rolls out Workforce Pell Grants to fast-track workers into high-demand jobs
Education Secretary Linda McMahon said the new Workforce Pell Grant program will help Americans train quickly for in-demand jobs.
The asteroid that wiped out the dinosaurs may have triggered a global fungal bloom
The asteroid that smacked into our planet about 66 million years ago at the Cretaceous-Paleogene (K/Pg) boundary may have been bad news for dinosaurs, but it was good news for fungi. According to new ...
Buttigieg rallies for Montana election initiative, stays mum on political plans
During an hour-long speech in a packed Mother Lode Theatre, Pete Buttigieg made a rousing plea to ban corporate money from Montana politics while repeatedly sidestepping talk of a 2028 presidential run. The 2020 Democratic presidential candidate and former U.S. transportation secretary drew cheers from the audience of 1,200 in Butte as he suggested that special interests and corporate spending in campaigns had drowned out the concerns of average voters.
Scientists Created a Subatomic Particle That Defies Our Understanding of Physics
The eta prime meson held together without one of the fundamental forces of the universe.
This Week In Main Street Technology: Meta’s New AI Glasses, Google Introduces The Googlebook And Claude Has A Small Business Offering
Meta Ray-Bans, Google's Googlebook, Claude For Small Business and other news impacting your small business this week.
Worsening Nebraska drought could impact tree health amid wildfire concerns
As most of western and central Nebraska faces historic drought, the state’s tree experts are concerned drought could proliferate disease and pest concerns. Dry vegetation and trees also compound wildfire risk.
US states reject anti-vaccine bills as public health groups fight MAHA
Dozens of state anti-vaccine bills backed by "Make America Healthy Again" supporters have failed after public health groups won over Republican state lawmakers, marking a series of defeats for the backers of Health Secretary Robert F. Kennedy Jr.
Inside Amer Sports: Retail excellence in Shanghai
“Inside Amer Sports” is a new video series offering a behind-the-scenes look at the people, places, and experiences shaping Amer Sports around the world.
Business Starts for May 18, 2026
In February, 993 new businesses filed incorporation paperwork with the Massachusetts Secretary of the Commonwealth, in order to do business in the state.
'Truly significant': James Webb telescope reveals largest-ever map of the universe's hidden megastructures
Using the James Webb Space Telescope, astronomers have created the most detailed map of the cosmic web ever.
Best Sports Business Cities: Methodology
Explore the Best Sports Business Cities methodology, powered by 540,000+ data points and 120+ executive insights, detailing rankings, event weighting, market definitions, and indexing factors.
SERIE A 2025/26: DATE AND TIME FOR MATCHDAY 38
Coach Allegri's Rossoneri will play their final match of the 2025/26 Serie A season at home, with San Siro behind them. Here are the details of matchday 38:Matchday 38, AC Milan v Cagliari: 24 May at ...
L.A. Fitness, J. Crew among businesses opening in CT
The latest Connecticut retail news includes a gym closure at Connecticut Post Mall and a Branford restaurant shutting down.
Earnings & Insights: WWD Launches Hub for Fashion Business Analysis
WWD's new Earnings & Insights hub offers in-depth analysis, CEO interviews, and the latest financial updates in fashion, beauty, and retail sectors.
Event to showcase Filipino products, business opportunities while building Hawaii-Philippines ties
Gov. Josh Green, Ilocos Norte Gov. Cecilia Araneta Marcos, and Hawaii Senate President Ronald Kouchi are set to give keynote speeches.
<em>Science </em>magazine investigates FBI’s witch-hunt against Chinese researchers</em>
Science magazine, one of the most prestigious peer-reviewed publications in the world, has published an investigative report titled “Researching While Chinese,” detailing the Department of Justice (DOJ) persecution of Chinese researchers at the University of Michigan and Indiana University.
Pete Buttigieg visits Butte to discuss removing corporate money from Montana politics
BUTTE, Mont. — Former U.S. Transportation Secretary Pete Buttigieg came to Butte on Sunday for a town hall focused on Initiative 194, also known as the Montana Plan.
Pete Buttigieg visits Butte to discuss removing corporate money from Montana politics
BUTTE, Mont. — Former U.S. Transportation Secretary Pete Buttigieg came to Butte on Sunday for a town hall focused on Initiative 194, also known as the Montana Plan.
Should the Chicago White Sox Extend Munetaka Murakami?
Munetaka Murakami is playing far beyond the contract the White Sox signed him to last winter.
Scientists just unlocked a cheaper way to make clean hydrogen fuel
Researchers have developed a durable new catalyst that produces clean hydrogen without relying on expensive platinum metals. The breakthrough could make renewable hydrogen fuel cheaper, more efficient, and easier to scale for real-world energy use.
Why does Amazon have no Western rivals?
The internet giant dwarfs other online retailers on both sides of the Atlantic.
2026 Best 40-Under-40 Business Professors: Emma Jingfei Zhang, Goizueta Business School, Emory University
Over the last decade, Poets&Quants has honored more than 540 up-and-coming star MBA and graduate business professors from around the world.
A prayer festival calls for more religion in politics, not less
A prayer festival on the National Mall in Washington, DC was partially organized and funded by the federal government. Its evangelical Christian messaging and call for more religion in politics not less, aligns with the Trump administration's fusion of faith and governance. NPR's Emily Feng went to the event to understand the audience for this approach, and she spoke with author Eric Metaxas, a speaker at the Rededicate 250 festival.For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org. Email us at considerthis@npr.org.This episode was produced by Henry Larson, with audio engineering by It was edited by Sarah Robbins and Daniel Burke.Our executive producer is Sami Yenigun.
Detroit Lions rookie contract details: WR Kendrick Law
What will fifth-round pick and new Detroit Lions wide receiver Kendrick Law earn during his rookie contract?
Bob on Business: New-to-area retailers set for Southlake
Also, more retailers at North East Mall, a leasing partnership and ag scholarships.
5 Lexus Engines You Should Steer Clear Of
Discover which 5 Lexus engines you should steer clear of. We detail reliability issues with the 1MZ-FE, 4GR-FSE, 1UR-FSE, and the twin-turbo V35A-FTS.
Sony Xperia 1 VIII is official, Xiaomi 17 Max is coming - week 20 in review
Samsung begins seeding One UI 8.5, announces One UI 9 beta for the S26 series. Sony unveiled its Xperia 1 VIII flagship with a new design, but the old core...
Metabolic health emerges as key to brain and memory problems in bipolar disorder
While they share similar depressive and cognitive symptoms, the biological underpinnings of bipolar disorder and major depressive disorder are distinct. A novel study appearing in Biological Psychiatry: ...
Crowds pack into Washington's National Mall for prayer rally
President Donald Trump was expected to address the gathering, which got underway as a light rain fell, in a video message. Other top Republicans, including Defense Secretary Pete Hegseth, Secretary of State Marco Rubio and House Speaker Mike Johnson, R-La., were also on the schedule as part of the celebrations this year marking 250 years of U.S. independence.
First Disney Store Limited Time Location Opening This Week
As Disney continues experimenting with smaller-scale retail concepts, the Disney Store is becoming a little easier to find in person.
Xbox Takes #1 Spot In Metacritic's Top 10 Video Games Of 2026 So Far
But bizarrely it doesn't top the Series X and Series S list
Evers says 'politics' tanked tax relief deal, says Dems are in 'bad place' after voting no
"UPFRONT" recap: Gov. Tony Evers in his first interview since the detail failed
Todd Graves’ Billion-Dollar Chicken Chain Started With the Worst Grade in Business School
Todd Graves told Masters of Scale host Jeff Berman that his Raising Cane’s business plan earned the worst grade in his partner’s business class, despite being painstakingly detailed. “The professor said, the plan’s exceptional. I mean, I knew details. I knew exactly what our aprons would cost to get washed,” Graves recalled. The strategic flaw, ... Todd Graves’ Billion-Dollar Chicken Chain Started With the Worst Grade in Business School
Meta’s Ray-Ban Display gets typing through air gestures in latest update
Perhaps more important still, Meta is opening up the device to third-party app development. The Ray-Ban Display – Meta’s flagship smart wearable glasses –...
Retailers are making expensive bets that shoppers still want to go to stores
The nation’s biggest retailers are pouring billions of dollars back into their stores, even as more sales move online, in an effort to lure more shoppers and raise employee efficiency.
Quantum ghost imaging works using only sunlight in stunning new experiment
Scientists have achieved something that once sounded almost impossible: using ordinary sunlight to create quantum-linked photon pairs, a phenomenon normally dependent on precise laboratory lasers. By building a sun-tracking system that funnels sunlight through optical fiber into a special crystal, researchers generated strongly correlated photons capable of performing “ghost imaging,” where images are reconstructed indirectly through quantum correlations. Remarkably, the sunlight-powered setup produced image quality close to that of a traditional laser system, even recreating detailed images like a “ghost face.”
Scientists Uncover an “Alien” Metal Hidden in a 3,000-Year-Old Year-Old Treasure Stash
A Spanish museum guarded a 3,000-year-old secret. Two corroded objects in Europe's richest Bronze Age gold hoard were made from metal that fell from the sky.
New study debunks the biggest fear about yo-yo dieting
For years, “yo-yo dieting” has been blamed for wrecking metabolism and causing lasting damage, but a major new review says the fear may be wildly overblown. After analyzing decades of studies in humans and animals, researchers found little convincing evidence that losing weight and regaining it actually causes long-term harm. While regaining weight can erase some health improvements, it doesn’t appear to make people worse off than before.
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.
Seesaw rulings on Texas’ smokeable hemp ban is bad for business, retailers say
KVII serves the Amarillo, Texas and Panhandle region with local news, sports and weather for the city and surrounding towns, including Canyon, Hereford, Borger, Pampa, Dalhart, Dumas, Childress, Perryton, Clarendon, Texas; Guymon, Oklahoma; and Clovis, Portales, Tucumcari, New Mexico.
The Chinese Lens Boom Continues With a Flood of New Releases
Chinese lens brands drop a wave of new releases for the 2026 trade show season.
How Boston health clinics are using ketamine to help treat mental health. "It's worth it."
‘Dutton Ranch’: Details on Morgan Wade’s Acting Debut
How will the country singer cross paths with Beth?
Liverpool must return to heavy metal football
Mohamed Salah says Liverpool must return to being a "heavy metal attacking team that opponents fear" after trophyless season.
Stores Baffled After Being Sent Boxes Of Rare Poop Slinger Game
Collectors, retailers and influencers alike attempt to figure out which end of the gift horse these mystery packages are coming from
U.K. health secretary will run for prime minister after challenging Starmer's leadership in scathing resignation letter
University of Washington study finds decline in pollinators puts human health at risk
A new study from the University of Washington details how a decline in pollinating insects is putting human health at risk.
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.
First-ever direct image of the cosmic web reveals the Universe’s hidden highways
Astronomers have revealed the sharpest image ever captured of a filament in the cosmic web — the enormous hidden structure connecting galaxies across the Universe. The glowing strand stretches 3 million light-years and links two galaxies from nearly 12 billion years ago. By observing this faint intergalactic gas directly for the first time in such detail, scientists gained new insight into how galaxies are fueled and formed.
Rousey vs. Carano Start Time, Full Fight Card Details!
Ronda Rousey and Gina Carano will headline Jake Paul’s debut mixed martial arts (MMA) event, as MVP MMA 1 is set to go down later tonight (Sat., May 16, 2026) inside Intuit Dome in Los Angeles, California (full results here). In the co-main event of the evening — which will be streaming live on Netflix […]
Walmart's online grocery delivery boom is stretching store workers
A relatively small Walmart rule change caused a big stir, highlighting the tension the surging e-commerce business is creating for retail workers.
Scientists discover hidden “brakes” that stop massive earthquakes
A mysterious underwater fault near Ecuador has been producing nearly identical magnitude 6 earthquakes every five to six years, baffling scientists for decades. Researchers now believe the fault contains hidden “brake zones” where seawater and unusual rock structures work together to stop quakes from becoming even larger. The discovery came from ultra-detailed seafloor recordings that captured how the fault behaves before and after major earthquakes.
Strange Metal From Beyond Our World Spotted in an Ancient Treasure Stash
More precious than gold.
Player Availability Report: #ATXvSKC
Player Availability Report is SportingKC.com’s look at the latest status updates around the team ahead of upcoming matches and is presented by Saint Luke’s. All details listed are from the league’s official Player Status Report that is submitted the day prior to the match. Sporting Kansas City is back on
Rubio: Iran won’t be able to leverage US politics into forcing ‘bad’ deal on Trump
Secretary of State Marco Rubio on Thursday said Iran attempting to use U.S. politics, specifically rising energy prices and its impact on Americans, will not pressure President Trump and lead him i…
Feature: Moore ’26 Keeps Busy with Double Science Major and Music
Luke Moore ’26 came to Kansas Wesleyan on a music scholarship. He’s graduating this weekend (May 16) with a double major in Chemistry and Physics. He’s as active on the music side as he is with his science activities — he’s played the cello for 10 years, including four years at Kansas Wesleyan. It’s common, he said, for scientists and musicians to share those interests. “I’ve spoken to plenty of musicians who would have done science if they weren’t musicians, and I’ve talked to plenty of scientists who would have done music if they weren’t scientists,” Mooresaid. He played the cello in the string orchestra, which he’s done since his first year, and as a junior and senior, sang in the Philharmonic Choir as a bass. He hadn’t sung in a choir since middle schoolin Garden City, but he found he really enjoys that aspect of his college career. Also as a junior, Moore helped re-activate the STEM Club as vice president. For two years, he helped build the club’s battlebot. Last year the bot came home from battles in Kansas City in pieces, lots of pieces. This year it came home with the first-place trophy. He’s helped make frozen nitrogen ice cream at Homecoming and other events and helped organize the STEM Club’s first gingerbread house competition for the holidays. Willing to get his hands – and face – dirty for science, he encouraged fellow musicians and scientists to smash him in the face with whipped cream pies on Pi Day (March 14) as a fundraiser for the STEM Club. His capstone project involved developing a metallic organic framework (MOF) that takes a methylene blue dye out of water. “I’m proud that I was able to design this project, and I was proud that I did end up making the MOF,” Moore said. The professors and attitudes at KWU have made all this possible. “I don’t actually have time for everything,” Moore said. “I have to prioritize things. Things inevitably fall through the cracks, but it’s hard for me to choose one over the other, because I like a lot of things. And I don’t want to not do music, and I don’t want to not do science.” Moore said that Kansas Wesleyan, as a smaller university, gives students the opportunity to try things. “If I were to want to be in a music ensemble, it would probably be a bit harder in a larger school. One nice thing about this school is that everyone’s involved in something,” he said. “Professors know that you have other things going on, and they are flexible and understanding.” Moore has applied to grad schools, with an goal of earning his Ph.D. and landing at a university big enough to allow for a small research team that also gives him an opportunity to teach. He’s off to a good start. Moore is receiving the award for Outstanding Research in the Math, Physics and Computer Studies Department at Commencement this year. Story by Jean Kozubowski
PS5 Now Tells You Exactly How Many People Play GTA 5
A new beta feature lists the most played games and their player counts
PFA has been a game-changer for heart patients—but there are still risks
Devi Nair, MD, reviewed some of the rare complications clinicians are seeing with PFA.
Cuban political detainee released after US issues 2-week deadline
Cuban political prisoner Sissi Abascal Zamora is seen hugging loved ones outside La Bellotex women's prison in video posted of her release.
Apple Card Promo to Offer Free AirPods Pro 3
Starting as early as next week, customers who sign up for an Apple Card at Apple's retail stores in the U.S. will receive $249 cash back when they purchase AirPods Pro 3, according to Bloomberg's Mark Gurman. The promotion has yet to be officially announced by Apple, so exact terms and conditions are not available at this time. AirPods Pro 3 are priced at $249 in the U.S., so customers who sign up for an Apple Card will effectively get free AirPods Pro through this promotion.
Middlesbrough: Championship club calls for Southampton's expulsion from play-offs
Middlesbrough issue a statement demanding Southampton's expulsion from the Championship play-offs over spying allegations.
Meta braces for Android XR, opens Ray-Ban Display glasses to third-party apps
Meta is opening the door to third-party apps on Ray-Ban Display glasses as the debut of Android XR is right around the corner.
Sony Surprise Drops New Feature via May 2026 Beta Update
Sony has just added a new feature to the PS5 via a beta update for May 2026. A new social/community widget is being tested.
What you need to know about the new health secretary James Murray
What are the most pressing priorities for the new minister in charge of health?
PCOS Gets a New Name in Landmark Women's Health Shift
By HealthDay Staff HealthDay ReporterFRIDAY, May 15, 2026 (HealthDay News) — A major women’s health condition is getting a new name—and experts say it could change how millions are diagnosed and treated worldwide. Polycystic ovary syndrome, or PCOS, will now be known as polyendocrine metabolic ...
NYU's Joshua Tucker on the politics of training AI
Joshua Tucker, New York University Center for Social Media & Politics co-director, joins 'Squawk Box' to discuss details of the university's new research showing that AI chatbots generate more government-friendly responses when prompted in languages tied to countries with tighter media controls, the intersection of politics and AI, and more.
Future of Sports Analytics: Building Trust and Intelligence with SūmerSports and Cisco
Cisco and SūmerSports demonstrate how on-premise AI infrastructure gives sports organizations the security and trust they need to turn proprietary data into a real competitive edge.
Unknown Worlds / Subnautica 2 Early Access Roadmap
We want to share a few more details about what you can expect from Subnautica 2 in our first Early Access roadmap.
The Weekly Closeout: Another entertainment exec at Gap Inc., and tariff refunds trickle in
The apparel conglomerate beefed up its "fashiontainment" roster, while retailers are getting their money back on import levies canceled by the Supreme Court.
How Munetaka Murakami is teeing up business for White Sox and Chicago companies
“As soon as we signed him we changed our thinking and moved our ticket sales targets up because we anticipated him bringing in more interest,” Sox chief revenue and marketing officer Brooks Boyer said.
Your kid's more likely to eat vegetables if you stick to an easy healthy habit during pregnancy
Seesaw rulings on Texas’ smokeable hemp ban is bad for business, retailers say
Some smoke shops say the flurry of court actions since March 31 has already forced them to scale back hours, cut staff and prepare to shut down.
Britain Politics
Britain's newly appointed Secretary of State for Health and Social Care James Murray leaves 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
Britain's newly appointed Secretary of State for Health and Social Care James Murray leaves 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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