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Environment May 11, 2026

Norway's UN Funding Pause Threatens Global Plastic Treaty Negotiations

Norway, the largest donor to the UN Environment Programme, has paused funding before a budget revie…
The Lead: Norway's Funding Pause Creates Uncertainty for Global Environmental EffortsThe largest donor to the United Nations Environment Programme (Unep) has paused funding to the body before its revised budget on 12 May, triggering concern among member states and NGOs. The news carries significant implications for the already troubled plastic treaty negotiations being overseen by Unep, which have struggled to reach agreement since 2022.The Event Details: Norway's Financial Support to UnepUnep's executive director, Inger Andersen, met the director general of the Norwegian Agency for Development Cooperation (Norad) the week before last and was told that "all [funding] agreements are on hold" pending budget decisions, according to sources.Norway has been the largest overall donor to Unep in recent years, contributing approximately $12m (£9m) annually to the fund over the three years to 2025. Norway also contributed $19m in 2025 to the Planetary Fund and another $7.8m in earmarked funds in 2025, meaning that even a pause introduces significant uncertainty for future functioning of the global environment agency with the wider UN already facing severe financial pressure.In addition, the Guardian has obtained an email sent to NGOs by Norad advising them that it was postponing a funding call aimed at projects to combat plastic pollution in developing countries. The programme is valued at £4m-£6m a year and, according to Norad, the funding can be used for projects that support countries in the plastic treaty process.The Data Analysis: Financial Impact of Norway's Funding PauseNorway's financial contributions to environmental initiatives are substantial:Approximately $12m (£9m) annually to Unep's fund (2023-2025)$19m contributed to the Planetary Fund in 2025$7.8m in earmarked funds in 2025£4m-£6m annually for projects to combat plastic pollution in developing countriesPotential £79m commitment between 2025 and 2028 as previously announcedThese figures represent a significant portion of Unep's operational budget and the specific funding needed to support developing countries in the plastic treaty process.The Impact Analysis: Implications for Global Plastic Treaty NegotiationsNorway is the co-leader with Rwanda of the high-ambition coalition at the plastic treaty negotiations. The coalition says it is working for an "ambitious" and legally binding instrument on the "full life cycle of plastics". This stands in contrast to a small group of petrostates, who are widely seen as blocking moves to put a cap on plastic production.Christina Dixon, ocean campaign leader at the Environmental Investigation Agency, emphasized the timing: "Any risk to funding could not come at a worse time for the negotiations … sustained funding would reinforce Norway's longstanding leadership toward an ambitious plastics treaty."Karen Landmark, managing director at GRID-Arendal, a Norwegian environmental foundation that works closely with Unep, expressed concern that the funding pause could "give other countries an excuse to lower their level of ambition." She added: "For years, Norway has played a clear and constructive leadership role in pushing for a strong global plastics treaty. When a country in that position signals hesitation or withdraws support, the consequences can extend far beyond its own borders."The Prediction: Future Outlook for Environmental DiplomacyThe plastic treaty negotiations have faced significant challenges, with the chair of the process resigning suddenly last year after talks collapsed with little progress following three years of negotiations. A new chair was elected this year, with negotiations expected to resume in early 2027.Norway's reassessment of Unep funding comes amid a shifting domestic political and economic debate over climate and environmental spending. The country is governed by the centre-left Labour party, which has continued to position Norway internationally as a supporter of climate diplomacy, rainforest protection and efforts to negotiate a global plastics treaty.Per Fredrik Pharo, head of Norad's department for climate and nature, indicated that the assessment process for future cooperation will be finished in mid-2026. However, the vague language surrounding Norway's continued commitment to combating plastic pollution has raised concerns among environmental organizations about the future of these critical initiatives.
#Norway #United Nations #Plastic Pollution
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Entertainment May 11, 2026

Alan Cumming Slams Bafta as 'Bad People' After N-Word Incident

Alan Cumming has criticized Bafta organizers as 'bad people who weren't doing their jobs properly' …
The Lead: Awards Show Turns ControversialAlan Cumming, host of this year's Bafta film awards, has launched a scathing attack on the ceremony's organizers, describing them as 'bad people who weren't doing their jobs properly' after an incident involving Tourette activist John Davidson resulted in the N-word being broadcast during the live ceremony.The Event Details: N-Word Outburst at Prestigious CeremonyDuring the February Bafta ceremony, Davidson, who was nominated for multiple awards for his film 'I Swear' based on his life story with Tourette syndrome, shouted the N-word twice, as well as a slur aimed at Cumming himself. The BBC's broadcast of the incident remained on BBC iPlayer overnight before being taken down. Both the BBC and Bafta subsequently issued apologies for the broadcast.Cumming, who was unaware of the full extent of what had transpired during the ceremony, described the event as a 'shitshow.' He explained that he had a device in his ear that made it difficult to hear specific details and suggested that other presenters like Delroy Lindo and Michael B Jordan likely didn't hear the actual slur either.The Impact Analysis: Personal and Professional FalloutThe incident has had significant personal consequences for both Cumming and Davidson. Cumming revealed that he had no plans to host the Baftas again, telling his agent right before the ceremony began, 'Remind me, I never want to do this again.' He described the hosting role as a 'tough gig' where he had to fight against the 'generic, middle-of-the-road' expectations of the audience while trying to bring his 'quirky personality' to the event.For Davidson, the incident led to international media attention and personal distress. In an interview with Variety, he expressed being 'upset and distraught' as the impact of the incident sank in. Davidson emphasized that his tics are 'involuntary neurological misfires' that have 'absolutely nothing to do with what I think, feel or believe,' stating that 'my tics are not an intention, not a choice and not a reflection of my values.'The Aftermath: Apologies and ExplanationsCumming had apologized during the ceremony itself, stating: 'Tourette syndrome is a disability ... we apologise if you are offended tonight.' However, he told the Sunday Times that neither he nor the audience had been warned by Bafta that Davidson might shout offensive slurs. 'They just said, 'There'll be noise,'' Cumming explained, adding that Bafta 'clearly did' know about the potential for offensive language since Davidson had apparently used the N-word at a party the day before.The incident escalated when Davidson gave an interview claiming, 'I'm not a racist. I called Alan Cumming a paedophile too,' which Cumming described as making his name and 'paedophile' appear together in sentences worldwide.The Future Outlook: Rebuilding Trust in Awards CeremoniesThe controversy has raised questions about how awards shows handle guests with medical conditions that might result in unpredictable behavior. Bafta has been contacted for a response to Cumming's criticisms, but the incident has already damaged the organization's reputation for preparedness and sensitivity.As the entertainment industry continues to grapple with issues of inclusion and appropriate representation, this incident serves as a cautionary tale about the importance of proper preparation and communication when hosting events featuring individuals with complex medical conditions. The challenge for Bafta will be to implement changes that prevent similar incidents while maintaining an inclusive environment for all participants.
#Alan Cumming #Bafta #John Davidson
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Politics May 11, 2026

Former Qatar PM: Netanyahu Using Iran War to Reshape Middle East

Former Qatari Prime Minister and Foreign Minister Sheikh Hamad bin Jassim Al Thani says Israeli Pri…
The LeadThe United States-Israel war on Iran is not the result of a sudden escalation but the culmination of a long-term Israeli agenda to violently reshape the Middle East, former Qatari Prime Minister and Foreign Minister Sheikh Hamad bin Jassim Al Thani tells Al Jazeera. Netanyahu's 'Illusion' and the US MisstepSheikh Hamad had warned of an impending conflict last year and urged Gulf states to push for a diplomatic resolution to resolve the crisis with Iran and prevent military strikes. He identified a push for a conflict with Iran and blamed it on a 'hardline faction' within Israel led by Netanyahu, who he said had been trying to drag the US into a war over Tehran's nuclear programme since President Bill Clinton's administration in the 1990s. The Strait of Hormuz: A New Global FlashpointAssessing Tehran's strategy, Sheikh Hamad said Iran successfully absorbed the initial military strikes of the war and subsequently dragged its feet on a settlement after realising it could leverage a new strategic advantage: the Strait of Hormuz. Calling the weaponisation of the waterway the 'most dangerous outcome' of the war, he warned that Iran is now treating the vital international chokepoint as its own sovereign territory. A Call for a 'Gulf NATO'In one of his most blunt assessments, Sheikh Hamad declared that the greatest threat to the Gulf is neither Iran, Israel nor foreign military bases but internal Gulf disunity. To counter this, he proposed the creation of a 'Gulf NATO', a joint political and defence project starting with a core group of strategically aligned Gulf nations with Saudi Arabia serving as its natural backbone. Gaza, Normalisation and a Late-1990s SecretTurning to the issue of Palestine, Sheikh Hamad condemned the killing of civilians on all sides but accused Israel of committing a 'moral and political disaster' in Gaza, where more than 72,500 Palestinians have been killed since Israel's genocidal war began in October 2023.
#Qatar #Israel #Iran
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Economy May 11, 2026

Researchers Find 42% Drop in Canadian Visits to U.S. Metro Areas Amid Trump 2.0

A University of Toronto research tool tracking cell‑phone activity shows a 42% year‑over‑year fall …
Researchers Unveil 42% Drop in Canadian Visits to U.S. CitiesA new cell‑phone tracking tool developed by the University of Toronto reveals a median year‑over‑year decline of roughly 42% in Canadian trips to U.S. metropolitan areas between 1 April 2024 and 31 March 2026. The figure dwarfs the ~25% dip recorded by official border‑crossing data, suggesting Canadians are avoiding U.S. urban centres under the second Trump administration.Methodology and Scope of the Cell‑Phone Tracking StudyThe researchers analyzed anonymised device‑level location data to count Canadian‑registered phones entering U.S. metro zones. The period covered two full years, capturing both leisure and business travel, as well as freight‑related movements that traditional border counts miss.Quantifying the 42% Decline vs Official 25% Border‑Crossing Figures42% median drop in Canadian visits to U.S. metros (cell‑phone data).~25% decline reported by government border statistics for the same period.Official Canadian‑resident return trips from the U.S. fell 25% in 2025.U.S.‑resident trips to Canada slipped 7.5% in 2025.The discrepancy is partly attributed to the tool’s ability to capture freight traffic and temporary residents who may have returned to Canada.Economic Ripple Effects on U.S. Border Towns and Tourist HubsBorder‑town economies that rely on Canadian shoppers are feeling the pinch, as are major tourist destinations such as Las Vegas, Walt Disney World, and winter recreation areas in Florida. High‑tech and financial centres like San Francisco and Houston also reported reduced business‑related travel, reflecting broader economic uncertainty.Specific city impacts highlighted by the study include:Grand Rapids, Michigan – noted for its auto‑industry links with Ontario, saw a sharp decline.New York, New Hampshire, Vermont – all experienced notable visitor drops.Potential Trajectory of Canada‑U.S. Travel Under Ongoing Tariff and Enforcement PoliciesIf heightened tariffs, immigration enforcement operations, and political rhetoric continue, the researchers expect the travel gap to widen. They warn that reduced cross‑border tourism could further strain U.S. border‑town revenues and diminish bilateral business exchanges.Monitoring cell‑phone mobility trends will provide a more granular view of future shifts than traditional border counts, offering policymakers a real‑time gauge of the economic fallout from trade and immigration policies.
#University of Toronto #Donald Trump #Canadian tourism
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Entertainment May 11, 2026

Ray Burgoyne: Essex Painter, Musician and Carpenter Dies at 80

Ray Burgoyne, a self-taught painter, carpenter and musician from Essex, has died at age 80. Burgoyn…
The Life of a Multifaceted ArtistRay Burgoyne, a painter, carpenter and musician from Essex, has died aged 80. He first exhibited his paintings in the late 1980s and spent the next 30 years organizing countless exhibitions across the Essex and Suffolk coastline. Burgoyne was self-taught and arrived in the art world with a seemingly fully realised, studied vision.An Artistic Journey of Abstract ExpressionThe extensive body of work Burgoyne produced mirrored the abstract ballad that was his life – romantic, unpredictable, filled with both childlike simplicity and dark complexity. His paintings featured carnivalesque characters, forgotten landscapes, and were painted in pure, deep colors. When viewing his more abstract paintings, typically characterised by thick oil application and conjured shapes, he was often confronted with the question: "So, what is it actually meant to be?" to which he would reply with that unmistakable Ray smile, "It's whatever you think it is."Early Life and Musical RootsBorn in Southend-on-Sea, Essex, Ray was the youngest of two children of Joseph Burgoyne, a greengrocer, and Dolly (nee Nash). His early life was characterised by fierce independence, spent trying to ride on the back of his pet pig, Rosie, pretending to be one of Alan Ladd's cowboys, fishing at the end of the pier and drinking in seafront dance halls to the soundtrack of the Shirelles.The Mod Scene and Musical CareerBy the early 60s, Ray was at the heart of the emerging mod scene in Southend as a founding member and drummer for the Flowerpots, a local rhythm and blues band who opened for the Animals and the Who. He stayed in the band until 1966, demonstrating his early artistic expression through music before transitioning to visual arts.Carpentry and Family LifeRay dreamed of going to art school, but after leaving Wentworth high school for boys, aged 14, was sent to work at a cabinet maker's as an apprentice carpenter. He continued to work as a carpenter throughout his life, at a boat-building yard in Leigh-on-Sea, doing shop fitting and antique restoration around Essex, and installing shows for the Design Centre in central London. In the mid-70s, he became master carpenter at the Palace theatre in Westcliff-on-Sea, building and constructing sets for repertory productions.Personal Relationships and Later YearsIn 1968 he married Sylvia, and they had four children, Claire, Paul, Helen and Sam. Ray and Sylvia divorced in 1986, and Ray married Gilly, a student nurse, later that same year. They had two children, Phelan and the author of this obituary. After the family moved to the village of Friston, in Suffolk, in 1999, Ray finally became a full-time artist.Artistic LegacyRay exhibited both solo and in groups, primarily in the nearby seaside town of Aldeburgh, with established and fledgling artists. He is survived by Gilly, his six children and 15 grandchildren. His artistic legacy continues through his extensive body of work that captured the romantic, unpredictable nature of his life through abstract expressionism and deep, pure colors.
#Ray Burgoyne #Essex #painter
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Entertainment May 11, 2026

Rivals Season 2: A Bonkbuster Extravaganza That Defies Critique

Jilly Cooper delivers a glowing review of Rivals season 2, praising its unapologetically prepostero…
The LeadRivals season 2 returns with an unapologetically preposterous bonkbuster extravaganza that defies conventional criticism. Jilly Cooper's review praises the show's naked audacity and its ability to make 80s excess look like a delightful romp through scandal and seduction.The Bonkbuster PhenomenonThe series centers around Rupert Campbell-Black, a bounder and braggart described as having "a head for business and a body for wearing jodhpurs while shouting 'ARE YOU READY FOR ME TO COME DOWN YOUR CHIMNEY?' during sex." His character, the MP for Chalford and Bisley and "most handsome man in England," serves as the throbbing nub of this adaptation of Cooper's 80s novel. The show doesn't shy away from explicit content, featuring "frantic halfway-up-the-stairs sex," "shouting-into-a-full-length-mirror sex," and even a soft-focus barnyard tryst.The Performances That Define ExcessThe acting is described as "huge and gleeful within the ever-present fug of hairspray," with everyone involved "clearly having the time of their life." Special praise is reserved for Aidan Turner as densely moustached broadcast hunk Declan O'Hara, whose shower scene performance is said to "live long in the memory." The show's ability to balance outrageous content with superb performances creates a viewing experience that is simultaneously ridiculous and captivating.Cultural Impact of 80s ExcessEvery frame of Rivals is "saturated with cigarette smoke and an affection for the 80s so intense it almost manages to make the era's casual bigotry and venality look as quaint as boil-in-the-bag cod." The show navigates outdated attitudes with a wink and a nod, addressing "hideously outdated attitudes to homophobia and the ignorance and panic that once surrounded Aids" while maintaining its campy charm. This delicate balance of critique and celebration gives the show a unique cultural resonance.The Future of Escapist TelevisionRivals season 2 represents a bold statement in the current television landscape—proof that audiences still crave unapologetically excessive, character-driven storytelling. Its success on Disney+ suggests that there's room for big, bold, bonkbuster-style entertainment in an increasingly cautious media environment. As Cooper concludes, "Rivals is beyond earthly praise"—a sentiment that perfectly captures the show's ability to transcend criticism through sheer audacity and charm.
#Rivals #Jilly Cooper #Disney+
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Entertainment May 11, 2026

John of John by Douglas Stuart Review: A Father-Son Story of Repression and Queer Identity in the Outer Hebrides

Douglas Stuart's new novel 'John of John' explores the complex relationship between a gay son retur…
The Lead: A Tale of Repression and Hidden DesiresThere's a common greeting in the Outer Hebrides: the lineage-establishing "Who do you belong to?" By the time this question is posed to 22-year-old gay Harris islander John-Calum Macleod, or Cal, in Douglas Stuart's new novel, there is a sense that Cal is his father John's beyond the ordinary claims of blood – the latter's sway containing undercurrents of domineering ownership.The Novel's Core Themes: Repression and Self-Denial in a Conservative CommunityThe book opens with the two conducting a strange ritual over the phone, performed regularly ever since Cal moved to Edinburgh to study textiles: John, a precentor, reads to Cal in Gaelic from the New Testament and has him sing back "with the full power of his belief". The verse John recites – which prefigures the novel's themes of repression and self-denial – urges the faithful to guide the errant and to stay vigilant against temptation. After receiving Cal's assent, John orders him to return home, ostensibly because Cal's maternal grandmother, Ella, is sick. Though John lives with Ella in her croft house, she is his ex-wife's mother and thus not his responsibility.Set within a tight-knit Free Presbyterian community of farmers, weavers and fishers in what appears to be the 1990s, John of John tells the story of Cal's uneasy homecoming. It's a reprise of the parable of the prodigal son and an ardent exploration of the half-lives of queer men condemned to love, pine and suffer in silence. Intimate yet epic in scale, it contains equal parts pastoral drama, tale of familial fracture, love story and inquiry into various forms of loneliness: the loneliness that can reside between fathers and sons, between lovers, between man and God, and between a small place and the big world.Character Analysis: Complex Relationships and Hidden TruthsJohn disapproves of Cal's appearance, his sartorial choices and his long, "flame-coloured" hair, disturbed "by the confused signal they were sending, the strange tension between the masculine and the feminine". Cal's disinclination to be "saved" creates a rift between them that later erupts in violence. Meanwhile, childhood friend and hookup partner Doll gives Cal the brush-off, cross that he's been away for so long. Wearied by his ultraconservative environment, where connection feels out of reach, Cal takes a fancy to his dad's sole friend, confirmed bachelor Innes MacInnes. Cal is struck by Innes's "gentleness, his benevolence – which Cal had never appreciated before, which, if he were honest, he would have said he found boring, unsexy in younger men".This, however, can never be the merry May-December romance Cal wishes it to be. Innes and John are lovers, we learn fairly early on, and it is this pair's tortured relationship since their teenage years – kept secret from everyone, including Cal – that forms the novel's centre of gravity. Masters of discretion, John and Innes are, to townsfolk, neighbouring sheep farmers. The first time we see them alone together, at Innes's, they go through the motions of a long-established routine, allowing themselves to draw close only after John has made sure each room is empty and they are really alone. Later, as John prepares to leave, Innes loudly seeks his assistance over an unspecified "two-man job", "all in case someone should find out and ask what exactly John Macleod was doing upstairs in the MacInnes house at such an ungodly hour".Literary Context: Stuart's Evolution as a StorytellerThe novel tries their bond in ways small and big. Aside from the difficulty of Cal, there is the matter of John's other liaison with a married man, and the tenancy of Ella's house soon to be transferred to Cal's mother. Innes floats the idea of John moving in with him but intuits "how, even under the threat of homelessness, a life together with him seemed no consolation at all". John is a man tormented by the idea of his own depravity: "He loved God. He loved Innes. He loved God and God hated how he loved Innes." At one point he entertains the possibility of Innes, Cal and himself being a family, but even in fantasy, the thought of Cal being gay, like him, remains unimaginable: "They would live like this every day, be useful, peaceful, happy on their land, looking forward to the day Cal married a local girl and filled their croft with grandchildren."The novel is outstandingly canny and wrenching on self-contempt, on the toilsome art of deceit, and on the contradictions we all contain, as well as the friction that can exist between the personal and the collective. As secular values gain ground, there is the suggestion that John and Innes living together could deal a death blow to their local congregation, leaving us wondering whether John and Cal will – or can – come out to one another. Amid all this, Stuart finds the space to touch on crofter subservience to absentee landowners, the scorn and prejudice of mainlanders, and the place of the Western Isles within the English imagination.Critical Reception: A Complex but Ultimately Rewarding ReadJohn of John is certainly enthralling, but the ambient Weltschmerz and the characters' frequent self-pity can be draining. Stuart's first two novels, the Booker-winning Shuggie Bain and its follow-up, Young Mungo, were feats of heartfelt, operatic storytelling, composed as though in defiant response to our age of irony and subtlety. Despite their occasionally miserabilist tenor, the emotions felt guileless and real, whether Shuggie's love for his doomed, alcoholic mother, Agnes; Jodie's for her brother Mungo; Mungo's for his birdkeeping neighbour James or his own doomed, alcoholic mother, Maureen. The impoverished Glaswegian milieus where they were set – marked by Thatcherite ruination, homophobia, sexual predation and sectarian strife – made for sobering reading; but these were novels so lavishly and graciously imagined, so very moving, that you gladly faced up to their gloom.Here Stuart leans heavily on melodrama and sensationalism as a shortcut to tragedy. Towards the end, the novel is eventful to a fault and surfeited with pathos: we have a pregnancy; an attempted shotgun wedding ("What in the world of Thomas Hardy?" says Cal); a death and a momentous departure from the island. While this book will not appeal to those with a low tolerance for excess, diehard romantics will find much to love; I see Cal, John and Innes – knottily entangled and imperfectly endearing – being cherished with readerly devotion. And that is no small feat.
#Douglas Stuart #John of John #Book Review
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Environment May 11, 2026

The Human Shield Effect: How Our Presence Impacts Wildlife

A personal account of observing a tawny owl, woodcock, and mallard nesting in a garden, highlightin…
The Nocturnal Visitors A big moon is cresting the Scots pine as I sit at an upstairs window looking down on to the garden. Awaiting the dusk emergence of a female tawny owl has become an evening ritual. After a day spent in the confines of a nest box in our sycamore tree, her departure shifts back by a few minutes every night. Completely silent, she drops towards the woodland border and skims the plants, each time on the same trajectory, a grey shadow in the gloaming. Secretive Woodcock Another movement on the path below catches my eye: a woodcock slinking along, using the box hedge to disguise her passage. If I hadn’t been watching for the owl I would never have known that she too is nesting somewhere in the garden’s thick leafiness. In July 2023, I wrote about a woodcock nesting in a flower border a few metres from the house, four chicks successfully hatching from four eggs. Last year, another attempt was disturbed by a cat captured on trailcam. This may be the same bird returned for a third time. Woodcocks are extremely secretive birds, their close proximity to a house very unusual. The Mallard's Close Call A third nest this year is that of a mallard, hidden beneath foliage just inches from a path. I talked to her as I walked by so she was familiar with my voice, since I knew I’d have to help her get the ducklings over the boundary wall. When they hatched, I was ready with a bucket. She was unflustered as I approached her and scooped all 10 ducklings into the bucket. Then I held it, squeaking and piping, over the wall. The mallard flew over, rejoined them and led them to the river. The Human Shield Effect The “human shield effect” changes the behaviour of animals, making them less vigilant for predators when they know that humans are around. Unwittingly through our presence, combined with the undisturbed density of this wildlife garden, we have made birds feel safer here, and maybe they have learned this from successful previous years. A Nocturnal Reunion Early evening, the female tawny gets restless and calls to the answering male. He flies briefly to the nest box for a noisy reunion, before remerging in front of us, wing tips backlit by amber sunlight.
#wildlife #gardening #human-shield-effect
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Economy May 11, 2026

Senate Poised to Confirm Warsh as Federal Reserve Chair Amid Political Pressure

The US Senate is expected to confirm Kevin Warsh as the next Federal Reserve chair, despite concern…
The Lead: Warsh Confirmation Signals New Era for Federal ReserveThe US Senate is expected to confirm Kevin Warsh this week as chair of the Federal Reserve, as Donald Trump continues his campaign to influence the world's most important central bank. The Fed's influence over the economy spans from the job market to mortgage rates, and its every move is carefully scrutinized by investors on Wall Street.The Event Details: Warsh's Background and Political AlignmentWarsh served on the Fed's board as a governor from 2006 to 2011 and developed a reputation as a so-called "inflation hawk" during the 2008 recession crisis – advocating for higher interest rates to mitigate rising prices. However, since Trump started his second term, Warsh publicly aligned himself with the president's stance that interest rates are now too high. In a Wall Street Journal op-ed last November, Warsh called the Fed's leadership "broken" and called the bank "an institution whose reach has extended far beyond its grasp."The Political Battle: Trump's Assault on Fed IndependenceThe vote is expected to be split along party lines. Democrats criticize Warsh for being Trump's "sock puppet" at a time when the president has pushed past the typical boundaries between the White House and the nonpartisan Fed. Trump's battle with the Fed culminated in a criminal investigation against the outgoing Fed chair, Jerome Powell. Trump accused Powell of fraud over renovations at the Fed's headquarters that went over budget.The Impact Analysis: Central Bank Independence at RiskWarsh told the Senate that he will be an "independent actor" as Fed chair, but resisting pressure from the White House will be difficult amid the legal assault Trump has foisted upon the central bank for going against his wishes. When pushed by Democrats in Congress, Warsh refused to answer whether Trump had lost the 2020 election. Though the justice department ended its investigation after a Republican senator said he would hold up Warsh's nomination, Powell announced last month that he would stay on the Fed's board as a governor until any inquiry into the renovations are "well and truly over with transparency and finality."The Prediction: Future of Monetary Policy Under WarshIn his last press conference as chair, Powell noted that Warsh testified that he will withstand political pressure from Trump and that he will "take him at his word". But the outgoing Fed chair also made some of his most pointed remarks to date about the current risk to Fed's independence, which is crucial for the health of the economy. "The institution is being battered over these things. We're having to resort to the courts to enforce our ... ability to make monetary policy without political considerations," Powell said. "I'd like to think we can get out of that era and go back to respecting what the law says and what custom has been."
#Kevin Warsh #Federal Reserve #Donald Trump
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