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A dispute has erupted between the Social Democrats and Moderates in Malmö, Sweden, following reports that soft baby wipes at a maternity ward were replaced with rough paper due to cost-saving measures.

South Texas Democratic Primary Tests Latino Vote
In a closely watched primary in Texas’ 15th District, Democrats are divided between a progressive challenger and a more moderate contender as they seek to reclaim ground with Latino voters in a redrawn district.

Sunny with Moderate Clouds in BiH, Temperatures Up to 18 Degrees
Bosnia and Herzegovina is experiencing moderate to predominantly cloudy weather this morning, with fog in some valleys. Temperatures are expected to reach up to 18 degrees Celsius.

Danish Government Party Proposes Overhaul of Property Tax System
A Danish government party, Moderaterne, is advocating for a fundamental restructuring of the country's problematic and costly property valuation system amidst the election campaign.

Kraftstoffpreise trotzen Iran-Krieg – nur Diesel mit leichtem Plus
Trotz Preiserhöhungen an den Rohstoffbörsen und im benachbarten Ausland bleibt es in Luxemburg bei einem moderaten Anstieg.

Politicswsjtimes-ukpolitiken+1newsbeast1d ago4 sources Who will replace Ayatollah Khamenei — a moderate or an ‘Iranian Putin’? - The Times
Who will replace Ayatollah Khamenei — a moderate or an ‘Iranian Putin’? The Times

Rachel Reeves to Slow Down Youth Minimum Wage Increase
Chancellor Rachel Reeves plans to moderate the increase to the youth minimum wage, watering down a Labour manifesto pledge for a uniform rate for all workers over 18.

PoliticsThe IndependentDaily Nation1d ago2 sources Hassan Khomeini: The late Ayatollah’s grandson who could become Iran’s next Supreme Leader
The 53-year-old is seen as a relative moderate within Iran’s establishment

Cyprus Weather Forecast: Fine Weather with Temperatures Up to 19C
Cyprus is expected to experience mainly fine weather on Monday, with temperatures reaching up to 19 degrees Celsius. Winds will be light to moderate, and the sea slight to moderate.
Bets on Fate of Iran’s Khamenei Spark Uproar at Leading Prediction Markets - WSJ
Bets on Fate of Iran’s Khamenei Spark Uproar at Leading Prediction Markets WSJ

US Job Growth Moderates After Strong January
US job growth is expected to slow down following a robust performance in January, indicating a moderation in the labor market.

Warm Weather Period Expected with Temperatures Up to 20 Degrees
Meteorologists in North Macedonia are forecasting a period of warm weather, with daytime temperatures expected to reach up to 20 degrees Celsius. Morning temperatures will remain low, with sunny skies and light to moderate cloudiness.

Sunny with light cloudiness
In Skopje, sunny with light to moderate cloudiness and a light southeast wind. In parts of the valley, there will be conditions for morning fog.

Løkke's SMS messages reveal Jon Stephensen's integration into Moderaterne party
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Danish Politician Henrik Rejnholt Andersen Joins Venstre Party
Henrik Rejnholt Andersen, who previously served in the Folketing for Moderaterne, has officially joined the Venstre party and is ready for the upcoming election.

Sunny and Warm Weekend Expected
Skopje will experience sunny weather with light to moderate cloudiness and a weak southeast wind, with morning fog possible in some areas. The sunny weather will continue tomorrow with daily temperatures between 12 and 17 degrees Celsius.

Montenegro Weather Forecast: Mostly Sunny with Temperatures Up to 19 Degrees
Montenegro is expected to have mostly sunny weather with maximum temperatures reaching 19 degrees Celsius. The Institute for Hydrometeorology and Seismology (ZHMS) forecasts moderate high cloudiness in the latter part of the day.

Danish Politician Alex Vanopslagh Prepares for Election
Alex Vanopslagh, leader of the Liberal Alliance, held a secret meeting, fundraised, and announced his candidacy for the upcoming general election in Denmark.
America needs moderate churches
The decline of the mainline has left us more polarized.

Danish Politician Karin Liltorp Will Not Seek Re-election
Karin Liltorp, who has represented both the Moderates and Alternativet parties in Denmark, has announced she will not be seeking re-election in the upcoming parliamentary election.

Danish Moderates Party Offered Jon Stephensen 1.3 Million Kroner
Jon Stephensen claims that the Moderates party offered him 1.3 million Danish kroner, though the context or reason for this offer is not specified in the headline.

Danish Politician Alleges Offer to Give Up Mandate
Danish politician Jon Stephensen claims he was offered 1.3 million by the Moderaterne party to relinquish his mandate, an accusation the party has declined to comment on.

Danish Prime Minister Mette Frederiksen Compares SVM Colleagues to Camels and Giraffes
The Danish Parliament erupted in laughter when Prime Minister Mette Frederiksen compared her SVM (Social Democrats, Venstre, Moderates) coalition colleagues to camels and giraffes.

Internal Document Reveals Moderate Party's Plan to Win Votes
An internal document reportedly reveals the Moderate Party's plan to 'steal' 160,000 votes from the Social Democrats and the Center Party in Sweden, as part of their strategy to win the election.

Bull market cools Korea’s activist battles
Activist hedge funds were once treated as unwelcome agitators in South Korea, often turned away at corporate doorsteps. Management teams, wary of short-term pressure and hostile campaigns, viewed them as disruptive forces threatening their control and stability. While a full detente has yet to emerge, the mood is noticeably shifting. Amid a blistering stock market rally, shareholder activism has moderated as rising valuations ease the urgency for direct confrontation. At the same time, corporati

Sunny Weather Forecast for Skopje, North Macedonia
Skopje, North Macedonia, is forecast to have sunny weather with light to moderate cloudiness and temperatures reaching up to 14-16 degrees Celsius.

Swedish Moderates See Continued Decline in Support
Despite recent dramatic weeks for the Tidö parties, including renewed focus on migration, no party has been significantly punished by voters. However, the Moderates have seen a slight decline in support, reaching one of their lowest figures for the current mandate period.
Moderat folketingsmedlem skifter til Venstre kort før exit
Henrik Rejnholt Andersen skifter fra Moderaterne (M) til Venstre (V), dagen inden han forlader Folketinget.

Richtech Robotics Inc Shows Moderately Bullish Activity
Despite a 1.72% drop in shares, Richtech Robotics Inc is experiencing moderately bullish market activity.

Meta’s AI sending ‘junk’ tips to DoJ, US child abuse investigators say
Officers say flood of low-quality reports is draining resources and slowing cases amid New Mexico lawsuit
Meta’s use of artificial intelligence software to moderate its social media platforms is generating large volumes of useless reports about cases of child sexual abuse, which are draining resources and hindering investigations, said officers from the US Internet Crimes Against Children (ICAC) taskforce.
“We get a lot of tips from Meta that are just kind of junk,” Benjamin Zwiebel, a specia...

New Dem star's quick hard-left turn after 'moderate' campaign won her coveted response to Trump: lawmaker
Virginia Republican accuses Gov. Spanberger of supporting controversial redistricting to gain Democratic party favor and State of Union response role.

Slovenian political dynamics: Golob and Mesec in symbiosis, Han between left and Janša's 'moderate' right
Slovenian politics sees Prime Minister Golob and Minister Mesec in a symbiotic relationship, while Minister Han navigates between the left and Janez Janša's 'moderate' right, with the 'spring' coalition united on tax cuts and healthcare privatization but lacking answers on budget shortfalls.

Weather today: Low-pressure area over Bay of Bengal weakens; Delhi gets warm
IMD forecasts thunderstorms in Kolkata and surrounding states, while Kerala and Tamil Nadu expect moderate rainfall until March 1.

Moderate Earthquake Hits Southern Bosnia and Herzegovina
A moderate earthquake was registered in the southern part of Bosnia and Herzegovina, with its epicenter 11 km southwest of Lištica. The event was recorded by the Seismology Sector of Montenegro's Institute for Hydrometeorology and Seismology.

Moderate Party MP Tobias Grotkjær Elmstrøm Not Seeking Re-election
Tobias Grotkjær Elmstrøm of the Moderate Party, currently on leave, has announced he will not seek re-election in the next parliamentary election.

Death of Fredrick Brennan, creator of 8chan forum where QAnon emerged
This self-taught programmer ultimately renounced his creation and became a fierce critic of QAnon and unmoderated forums.

Witkoff reiterates U.S. red lines; Pezeshkian signals optimism
“Iran is committed to peace and stability in the region. Recent negotiations involved the exchange of practical proposals and yielded encouraging signals,” Mr. Pezeshkian, a doctor-turned-moderate politician who was elected President in 2024 after the death of President Ebrahim Raisi in a helicopter accident, wrote in a social media post

Ifo-geschäftsklima: „Erste Signale einer Belebung“
Das Geschäftsklima in Deutschland hellt sich auf. Damit bleibt die Hoffnung auf eine moderate wirtschaftliche Erholung in diesem Jahr intakt.

What kind of weather awaits us today?
The weather today in the first part of the day in most of Serbia will be moderately to completely cloudy, and in the morning in the south and southeast mostly clear with light frost, announced the Republic Hydrometeorological Institute.

Pound to Naira exchange rate today, February 23, 2026
The British Pound has opened the new trading week with moderate gains against the Nigerian Naira on Monday, February 23, 2026.
The post Pound to Naira exchange rate today, February 23, 2026 appeared first on Vanguard News.

195 evacuees displaced by Kanlaon eruption head for home
BACOLOD CITY–The 195 residents of Bago City and La Carlota City who evacuated following a two-minute moderate eruption at Kanlaon Volcano have decamped and returned to their homes. Kanlaon has remained relatively calm following Thursday’s eruption, Mari Andylene Quintia, a Philippine Institute of Volcanology and Seismology (Phivolcs) volcanologist, said on Sunday, Feb. 22. The volcano

Heavy rains swell Agusan Marsh; families flee rising floodwaters
SAN FRANCISCO, AGUSAN DEL SUR — Continuous moderate to heavy rains triggered by a prevailing shear line and generally bad weather have inundated vast portions of the Agusan Marsh Wildlife Sanctuary in Agusan del Sur. The situation forced families in low-lying communities to evacuate, disaster officials said. The marsh — often described as the natural

Study Suggests Coffee During Pregnancy May Lower Baby's Atopy Risk
Research from Ewha Womans University indicates that moderate coffee consumption during pregnancy could potentially reduce a baby's risk of developing atopy.

US Intelligence: 15,000+ Were Let Free From ISIS Detention Camp After Collapse
US Intelligence: 15,000+ Were Let Free From ISIS Detention Camp After Collapse
Another 'win' for America's disastrous Syria policy, long predicated on overthrowing the Assad government and installing a 'moderate' Sunni regime - though it turns out Jolani's bearded Hayat Tahrir al-Sham (HTS) militants are anything but...
"U.S. intelligence agencies have concluded that 15,000 to 20,000 people, including Islamic State affiliates are now at large in Syria, after an exodus from a cam...
Japan's Manufacturing and Services Sectors Accelerate in February
Both the manufacturing and services sectors in Japan experienced accelerated growth during February.

80% Plunge In Immigration Is Reshaping Labor Market Math, But AI Wildcard Looms: Goldman
80% Plunge In Immigration Is Reshaping Labor Market Math, But AI Wildcard Looms: Goldman
The Trump administration's crackdown on illegal immigration has resulted in an 80% collapse in net immigration to the USA, and has fundamentally altered the mathematics behind the nation's labor supply to the point where the level of job growth needed to maintain economic stability is now far lower, according to a new Goldman analysis.
After a flood of more than 10.8 million illegal immigrants (official figure) entered the United States under Biden, net immigration - both legal and illegal - has gone from roughly one million people per year in the 2010s to around 500,000 in 2025, with a further drop to just 200,000 projected by Goldman for 2026. This has sharply reduced labor-force growth and lowered the economy's "breakeven" pace of job creation, the bank opines.
Here's Goldman vs. Brookings vs. the Congressional Budget Office on net immigration:
Now, the US will only need around 50,000 new jobs per month by the end of this year to keep the unemployment rate from rising, down from roughly 70,000 today.
At the same time, Goldman says labor demand still looks "shaky" because job growth is narrow and job openings are trending lower - with the main downside risk being a faster, more disruptive AI-driven adjustment that could tamp down hiring or raise job losses beyond current estimates.
Elevated deportations, tighter visa / green-card policies, a pause in immigrant visa processing that affects dozens of countries, and the loss of Temporary Protected Status for some groups, Goldman suggests there is additional downside risk to the workforce.
A shakier demand picture
Of course, new math on the labor supply doesn't mean the labor market is strong (duh)... In fact, Goldman describes demand as “shaky,” writing that job growth has become increasingly narrow - dominated by healthcare - and that job openings have continued to fall. Openings are now around seven million, below pre-pandemic levels and still declining.
Because fewer new workers are entering the economy, hiring no longer needs to run as hot to prevent unemployment from drifting higher. “A small pickup is all that should be needed to sustain job growth at the breakeven pace,” according to the report, arguing that weaker-looking payroll numbers may increasingly mask a labor market that is merely treading water rather than deteriorating.
Official data from the Bureau of Labor Statistics show a similar trend, with job openings drifting toward the mid-six-million range late last year. A continued slide in openings, Goldman warns, would increase the risk that unemployment rises more meaningfully, even with slower labor-force growth.
There is also a risk that tighter immigration enforcement is pushing more workers into informal or off-the-books employment. If so, official payroll data could understate the true level of labor-market activity, complicating the Federal Reserve’s task of gauging economic momentum.
AI looms as the wildcard
Goldman sees artificial intelligence (AI) as the largest downside risk to the labor outlook - not because it has already triggered mass layoffs, but because it may restrain hiring at the margin. So far, the firm estimates that AI-related substitution has shaved only 5,000 to 10,000 jobs from monthly growth in the most exposed industries. But a faster or more disruptive deployment could weigh more heavily on demand.
...the main reason that we worry about downside risk to our baseline forecast that the labor market will stabilize going forward is the possibility of a faster and more disruptive deployment of artificial intelligence (AI). While plenty of recent anecdotes point to a potentially faster rate of adoption and corresponding job losses, it is hard to know how these will translate to macroeconomic outcomes. -Goldman
The bank shows that job growth has slowed and turned slightly negative in several subindustries where AI is most ready to deploy, while company-level anecdotes indicate that AI is already reducing the need for workers. The impact, while visible, remains 'moderate' so far.
For now, the bank expects the unemployment rate to drift only modestly higher, toward 4.5%, while Goldman chief economist Jan Hatzius said in a separate note (available to Pro subs) that the probability of a recession next year is "moderate" at 20%. The labor market, in the firm’s words, is taking “early steps toward stabilization.”
The paradox is that stability may increasingly look like weakness. As immigration slows and the workforce grows more slowly, payroll gains that once signaled trouble may soon be enough to keep the labor market steady - at least on paper.
h/t Capital.news
Tyler Durden
Wed, 02/18/2026 - 19:40

PoliticsThe GuardianFox NewsEL PAIS+1The Independent15d ago4 sources Thousands of Local Police Deputized for ICE Immigration Enforcement
A new report reveals that up to 15,800 local law enforcement officers have been deputized to enforce immigration law, significantly expanding ICE's roundup surge capabilities.

WorldDaily SabahDaily Star BD15d ago2 sources Bangladesh Election Sees Moderate Turnout Amid Political Rifts and Public Sentiment
Bangladesh's national election recorded a 47.91% turnout by 2 PM, while internal rifts within the BNP party impacted seat outcomes and public sentiment questioned the potential for change.
UK House Price Growth Moderates in February Amid High Supply
January's housing market gains in the UK are sustained, but high supply levels are tempering house-price growth in February, according to Rightmove.
Democrats Grapple with Moderation and Policy Effectiveness Amidst Political Challenges
Facing potential electoral defeats, Democrats are urged to moderate their stances, while their social-spending package is critiqued for failing to address declining social mobility. The party is navigating internal debates on strategy and policy impact.

Wall Street Rates Oklo Inc. (OKLO) as a Moderate Buy
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Political Polarization and AI's Impact on Moderates
This story discusses how rising anger and AI-driven disruption are creating a more resentful political landscape, posing a significant threat to moderate politicians.

AfD in Baden-Württemberg Uses Dual 'Remigration' Narratives
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Crockett vs. Talarico. Progressive vs. Moderate. Right?
The Texas Democratic Senate primary is more about persona than policy, and the same is true for many other races.

Can These Democrats Make Combative Centrism Happen for 2028 Election?
Third Way, the moderate Democratic advocacy group and think tank, has an expansive and expensive plan to shape the 2028 presidential campaign.

PoliticsAPbloombergwsj+2times-ukjerusalem-post1d ago5 sources 'Like death of pope': UCL Ahlul-Bayt Islamic Society doubles down on mourning 'beloved' Khamenei
UCL's Ahlul-Bayt Islamic Society, which purports to explore the teachings of Islam as taught by the Prophet and his household, posted its "condolences" on Khamenei's "martyrdom."

Consumer protection group expects moderate price increases after regulation expiry
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If the war in Iran prolongs, it could raise prices and pull the rug out from under Finland's economic growth
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Lars Løkke Proposes Housing Tax Changes After Next Election
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CBSE Class 10th Hindi Exam Analysis 2026: ‘Difficulty level was moderate,’ say teachers

Albania Forecasts Stable, Clear Weather for March 2, 2026
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IMD Forecasts Above-Normal Heatwave Days for India
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Dhaka Experiences Moderate Tremors, Warned of Future Major Earthquake
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Sunny and Warm Weather Forecast for Serbia
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Iran, from Khomeini's grandson to the moderate Rouhani: the race for Khamenei's succession
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French Far-Right Leader Jordan Bardella Calls on Moderate Left to Break with LFI
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Kanlaon Volcano Eruption Triggers Grassfires and Evacuations in Negros Island
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Polish Fuel Prices Expected to Rise in March
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Danish Election Campaign: Lars Løkke in Trouble, Mette Frederiksen's Strategy Questioned
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Løkke Declines to Confirm or Deny Offer to Jon Stephensen
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Polish Regulator Examines Banks' Exposure to Government Debt
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Flutter Entertainment Sees Moderated Customer Growth and Market Share Decline
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Swedish Moderates Struggle in Opinion Polls Ahead of Election
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indian-express5d ago
CBSE 2026 Class 12 Geography Exam Analysis Released
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Japan's Economy Shows Moderate Recovery, Corporate Profit Outlook Improves
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Danish MP Switches Parties Before Leaving Parliament
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Wal-Mart Shares Show Bullish Activity
Wal-Mart shares experienced moderately bullish activity, with the stock rising by 1.15%.

Bulgarian Retail News: Top 20 Clothing and Shoe Stores, Moderate Growth for Courier Business
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Weather Forecast for North Macedonia: Sunny with Light Clouds
Skopje, North Macedonia, is expected to have sunny weather with light to moderate clouds and a moderate to strong northern wind today, with similar conditions and temperatures between 8-16 degrees Celsius tomorrow.

Moderate Earthquake Strikes Albania
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Abigail Spanberger: Democrats turn to centrist as party seeks return to relevance
Choice of Virginia governor to give Trump rebuttal suggests DNC believes moderate approach could bring midterm wins
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Sunny with Moderate Clouds in Skopje, North Macedonia
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Danish Moderate Politician on Leave Will Not Seek Re-election to Parliament
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Casablanca Stock Exchange Closes Lower as MASI Slips 0.26%
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The post Casablanca Stock Exchange Closes Lower as MASI Slips 0.26% appeared first on Morocco World News.

Power Struggle in AfD North Rhine-Westphalia Amid Höcke's Appearance
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Hungarian Central Bank Expected to Cut Interest Rates Amid Moderating Inflation
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Danish Moderates party achieves best poll results since autumn 2023
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Spring temperatures: Sunny and warm today, up to 16 degrees in some parts of BiH
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Sunny with temperatures up to 16 degrees
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195 evacuees displaced by Kanlaon eruption head for home
BACOLOD CITY–The 195 residents of Bago City and La Carlota City who evacuated following a two-minute moderate eruption at Kanlaon Volcano have decamped and returned to their homes. Kanlaon has remained relatively calm following Thursday’s eruption, Mari Andylene Quintia, a Philippine Institute of Volcanology and Seismology (Phivolcs) volcanologist, said on Sunday, Feb. 22. The volcano

Danish Politician Jeppe Søe to Create New Political Meeting Place Before Leaving Parliament
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Eurozone Inflation Trends and Price Increases Analyzed
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At the Italian Consulate in Paris, a meeting between Italian students and OECD leaders
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Read article...

Pentagon Flags 33 Universities as 'Moderate' or 'High' Risk for Military Education
The Pentagon has identified 33 universities as 'moderate' or 'high' risk for military education, according to a leaked list.

Panics, Politics, & Power: America's 3 Experiments With Central Banks
Panics, Politics, & Power: America's 3 Experiments With Central Banks
Authored by Andrew Moran via The Epoch Times,
The Federal Reserve, established more than a century ago, is the United States’ third experiment with central banking.
For much of its existence, the institution maintained a low public profile.
Only after the 2008 global financial crisis did the Fed begin communicating more openly, introducing post-meeting press conferences and allowing monetary policymakers to engage more frequently with the media.
Greater transparency, however, has brought greater scrutiny.
Public sentiment toward the Fed and its leadership has fluctuated over the years. Today, YouGov polling suggests the central bank is viewed favorably by 44 percent of Americans and unfavorably by 18 percent.
If the Fed pursues a series of reforms, it will have “another great 100 years,” said Kevin Warsh, who was nominated by President Donald Trump to serve as the institution’s next chair.
Comparable to past central banks, Warsh said, the current Federal Reserve System is beginning to lose the consent of the governed.
“You can think about the Jacksonians of prior times say that the central bank seems like they’re trying to focus and they’re all preoccupied with those special interests on the East Coast, and they’ve lost track of what’s happening to us in the center of the country,” Warsh said in a July 2025 interview with the Hoover Institution’s Peter Robinson.
“It’s a version of what worries me today.”
What happened in the past, and why is it relevant to today’s central bank?
The First Bank of the United States
In the aftermath of the American Revolution, the United States faced a series of immense economic disruptions, forcing the nation’s architects to rebuild the economy.
The objective was to lower inflation, restore the value of the nation’s currency, repay war debt, and revive the economy.
Alexander Hamilton, the first secretary of the Treasury under the new Constitution, proposed establishing a national bank modeled on the Bank of England. Hamilton stated that a U.S. version would perform various duties, including issuing paper money, serving as the government’s fiscal agent, and protecting public funds.
Not everyone shared Hamilton’s ebullience over a central bank.
Thomas Jefferson, for example, feared that such an institution would not serve the nation’s best interests. Additionally, Jefferson and other critics argued that the Constitution did not grant the government the authority to create these entities.
Nevertheless, Congress enacted legislation to establish the Bank of the United States. President George Washington then signed the bill in February 1791.
Two of America's founding fathers: Thomas Jefferson (L) and Alexander Hamilton. The White House
While bank officials did not conduct monetary policy as modern central banks do, they did influence the supply of money and credit, as well as interest rates.
The entity managed the money supply by controlling when to redeem or retain state‑bank notes. If it sought to tighten credit, it would require payment in gold or silver, thereby draining state banks’ reserves and limiting their ability to issue new notes. If it wanted to expand credit, it simply held on to those notes, boosting state‑bank reserves and enabling them to lend more.
By 1811, the national bank’s charter expired.
While there had been discussions of allowing it to continue maintaining operations, Congress—both chambers—voted against renewing its mandate by a single vote.
Its closure came shortly before the War of 1812, which fueled inflation and weakened the currency.
Second Bank of the United States
Lawmakers believed another central bank was critical at a time of fiscal, inflationary, and trade pressures.
Congress used a similar 20-year model to produce the Second Bank of the United States, headed by Nicholas Biddle. The second incarnation had a federal charter, was privately owned, and was tasked with regulating state banks (with gold and silver for note redemption).
President James Madison, who opposed the first central bank on constitutional grounds, supported the new institution out of financial necessity.
Its creation stabilized credit and brought down inflation. However, by the 1830s, the bank faced strong opposition, particularly from President Andrew Jackson.
Labeled the Bank War, Jackson engaged in a years-long initiative to dissolve the central bank.
Jackson claimed the national bank was a tool for the wealthy eastern elite and a threat to self-government.
“The Jacksonians described themselves as conscious hard-money men who supported the rigid discipline of the gold standard, yet they opposed the newly powerful national Bank because it restrained the expansion of credit and, thus, thwarted robust economic expansion,” author William Greider wrote in “Secrets of the Temple.”
In 1832, Jackson vetoed legislation to recharter the bank four years early, delivering a fiery message that historians say was one of the most important vetoes in the nation’s history.
“It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government,” Jackson wrote.
“There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. In the act before me, there seems to be a wide and unnecessary departure from these just principles.”
The charter expired in 1836, leading to the panic of 1837.
An economic crisis unfolded, leading to bank failures, business bankruptcies, rising unemployment, and contracting credit. While the collapse of the central bank is often considered a leading cause, the British also urged London banks to reduce credit to American merchants, causing a sharp drop in global trade.
As the smoke cleared and dust settled, it was not until the 1840s that the United States embarked on a historic economic recovery, now known as the Free Banking Era.
Banking was decentralized, and finance was largely unregulated. Despite an erratic financial system, the U.S. economy grew rapidly: agricultural production accelerated, railroads were built, and the country expanded westward. Additionally, deflation was paramount throughout most of the economic expansion.
The Federal Reserve System
The panic of 1907 led to the creation of the Federal Reserve System.
Following years of heavy borrowing, speculative commodities investments (mainly copper), and enormous stock market gains, a financial crisis was brewing. The event nearly brought down the U.S. banking system.
J.P. Morgan, a financier, intervened and emulated the actions of modern central banks. He met with the nation’s top bankers, facilitated emergency loans to financial institutions, and backed stockbrokers. The damage had been done as the United States fell into a year-long recession, marked by high unemployment and widespread bank failures.
The Federal Reserve Board of Governors seal in Washington on Oct. 29, 2025. Madalina Kilroy/The Epoch Times
Washington realized that it could not rely on private bailouts to prevent sharp downturns.
Sen. Nelson Aldrich (R-R.I.) is widely regarded as one of the chief architects of the modern Federal Reserve System.
In 1910, Aldrich hosted the famous Jekyll Island meetings, a gathering of U.S. officials and bankers, to discuss the blueprint of a new central bank.
While the initial draft laid the foundation for the institution, the official Federal Reserve Act was drafted by President Woodrow Wilson, Rep. Carter Glass (D-Va.), and H. Parker Willis, an economist on the House Banking Committee.
The new system was a public-private hybrid, with the federal government firmly in charge, and bankers running the regional reserve banks.
“It was Wilson’s great compromise,” wrote Greider, “creating a hybrid institution that mixed private and public control, an approach without precedent at the time.”
The legislation triggered a contentious political debate over the extent of its independence from the Treasury and the degree of authority delegated to policymakers over currency issuance.
Days before Christmas, the bill cleared both chambers and was signed into law by Wilson on Dec. 23.
“Wilson’s conviction that he had struck the right moderate balance seemed confirmed, however, by the reactions to his legislation,” Greider noted.
“It was attacked by both extremes—the ‘radicals’ from the Populist states and the bankers in Wall Street and elsewhere.”
Since its inception in 1913, the modern Federal Reserve has undergone numerous changes and has gained greater power.
The New Deal, for instance, allowed the Fed to become the lender of last resort as Washington learned the central bank could not prevent bank failures.
In 1951, the Treasury-Fed Accord restored central bank independence after the Federal Reserve had been forced to keep interest rates artificially low throughout the Second World War.
Congress then enacted the Federal Reserve Reform Act in 1977, establishing the dual mandate of promoting maximum employment and maintaining price stability.
2026 and Beyond
Over the past 50 years, the Fed has undergone modest changes, including the issuance of forward guidance and the disclosure of emergency lending facilities.
But while each new regime has nibbled around the edges, Warsh has suggested he could effect substantial reforms at the central bank.
“Until there’s regime change at the Fed and new people running the Fed, a new operating framework, they’re stuck with their old mistakes,” Warsh told Fox Business Network in October 2025.
“Bygones aren’t just bygones.”
Tyler Durden
Wed, 02/18/2026 - 16:20

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Alchimia, the Italian design revolution on display at the Italian Cultural Institute in Madrid
(ANSA) - MADRID, 16 FEB - A raft travels through the three exhibition rooms of the historic Palacio de Abrantes, in Calle Mayor, with bright colors, decorated surfaces, and provocative ornaments that challenge conventional taste. It is from here, from the Italian Cultural Institute in Madrid, that 'Alchimia. The Italian Design Revolution', a retrospective dedicated to the Milanese collective active between 1976 and 1992, presented as part of the Madrid Design Festival. The exhibition, produced by the ADI Design Museum with the Brohan-Museum, arrives in the Iberian capital after Berlin and Milan, with a layout conceived as an immersive and symbolic journey through objects, furnishings, sketches, and photographs, on display until March 14. Founded by Adriana and Alessandro Guerriero—who was present at the official opening on Sunday evening and is the curator of the exhibition—Alchimia was a workshop of ideas, even before it was a workshop of objects. Guerriero defines it as "a cultural and artistic adventure, guided by a desire to critique beautiful design and functionalism," capable of expressing "both from a theoretical and practical point of view, a project to transform the environment in which people live." Among its protagonists were Alessandro Mendini, Ettore Scottsass, Andrea Branzi, and Michele De Lucchi. The exhibition revolves around the "carpet-raft," a symbolic device that invites the public to climb aboard "without worrying about the route," the curator explained to ANSA.
"The exhibition testifies to the extraordinary ability of Italian design to become a cultural expression, a critical tool, and a language of international dialogue," noted the Italian ambassador to Spain, Giuseppe Buccino Grimaldi. He linked the event to the strategy of Deputy Prime Minister and Foreign Minister Antonio Tajani to strengthen exports and investments, with the goal of reaching €700 million: promoting design, he stressed, means enhancing "a constituent element of Italian identity." The exhibition, the ambassador also noted, is "an intellectual reflection, an invitation to overcome aesthetic homologation and industrial standardization through freedom of expression, irony, and experimentation." And "confirms the centrality of Italian design in the European landscape," which sees Italy as the leader with about 20% of the continent's turnover, €3.2 billion in added value, and over 46,000 operators, he noted. The director of the Italian Cultural Institute in Madrid, Elena Fontanella, recalled how design is "a cultural and economic pillar of Made in Italy." She added that participation in the festival confirms the institute's commitment to creating "relationships, diplomacy, and business" through culture. Fontanella also presented the first edition of Italian Design Week in Madrid, promoted by the IIcm and coordinated by Regina De Albertis, who, as artistic director, will also accompany future editions. Angelo Piero Cappello, Director General of Contemporary Creativity at the Ministry of Culture, highlighted design as "a feature of Italian culture made up of tradition, the culture of our past, but also imagination, improvisation, research, and innovation." During the evening of conviviality, paella, and flamenco, the talk—moderated by Regina De Albertis—featured Francesca Caruso, Councilor for Culture of the Lombardy Region, Adrea Cancellato, director of the ADI Design Museum, and architect and designer Patricia Urquiola Hidalgo. Caruso emphasized the economic importance of the sector in Lombardy—33 billion euros in value generated and 378,000 jobs—describing it as "a fundamental driving force." Cancellato echoed this sentiment, defining design as "the true Esperanto of creativity, capable of speaking to the world."
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For people living with gastritis or peptic ulcer disease, Ramazan fasting can require extra care. Common causes of this ailment include bacterial infection, smoking, long-term use of painkillers, overeating, and frequent consumption of spicy, fatty, or acidic foods.
Symptoms often include stomach pain, heartburn, bloating, burping, acid reflux, and a burning or aching sensation in the upper abdomen. These symptoms tend to worsen when the stomach remains empty for long hours, making fasting during Ramazan particularly challenging for some individuals.
What to consider during fasting
Whether a person with gastritis or an ulcer can fast during Ramazan depends on the severity of the condition. Skipping meals, especially sehri, can significantly increase stomach acidity and should be avoided.
Sehri should include slow-digesting carbohydrates to help sustain energy and reduce gastric irritation during fasting hours. If appetite is low, light but nourishing foods such as milk, dates, and sufficient water are recommended.
Tea and other caffeinated beverages at sehri should be avoided, as they increase urine output and lead to loss of essential mineral salts, potentially worsening dehydration and acidity.
Breaking the fast gently
Breaking the fast gently helps prevent a sudden surge in stomach acid. Dates and water are commonly used to break the fast and are generally well tolerated. Soups or mild fruit-based drinks can also help ease digestion.
Meals at Iftar should be balanced and moderate, including carbohydrates, protein, fruits, and vegetables. Fried, spicy, salty, and sugary foods should be avoided, as they can aggravate gastritis symptoms and cause discomfort.
Things to avoid
Fasting can increase stomach acidity, making certain foods especially problematic for people with gastritis. These include fried, greasy, and fatty foods, spicy and acidic foods, and citrus fruits such as lemons, limes, oranges, and grapefruits.
Moreover, processed and canned foods, particularly tomato-based products, foods high in sugar and refined carbohydrates, can cause significant discomfort.
Smoking is strongly linked to gastritis and peptic ulcer disease, and Ramazan offers an opportunity to quit and reduce further irritation to the stomach lining.
Foods that are better tolerated
Some foods like dates and bananas are gentler on the stomach and may help reduce discomfort, as they are easy to digest, rich in potassium and provide energy along with fibre and minerals. Furthermore, almonds can be a good source of protein.
Oven-grilled or baked foods instead of fried items should also be taken into account. Eating smaller portions and avoiding overeating at both sehri and iftar are key to keeping symptoms under control.
Importance of hydration and medication
Adequate hydration between Iftar and nighttime is important to help the body regulate fluid levels during the next fasting day.
Water and non-acidic drinks are preferable. Prescribed medications for gastritis or ulcers should be taken as advised by a physician, usually at sehri.
Observing Ramazan with comfort
While fasting is obligatory for Muslims during Ramazan, those with gastritis or peptic ulcers must be especially mindful of their eating habits.
A diet that is mild, balanced, and low in spice, fat, and acidity, combined with moderation, hydration, and proper meal timing, can help ease symptoms and allow the holy month to be observed with greater comfort and care.
This article was originally published on The Daily Star, an ANN partner of Dawn.

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Liberal MPs have warned their new leader, Angus Taylor, against lurching further to the right, and imposing “blanket bans” on immigration after a proposal was leaked to adopt hardline Trump-like policies to ban immigrants from specific regions under terrorist control – including Gaza and Lebanon.
Guardian Australia reported on Monday an immigration plan drafted under the former leader Sussan Ley, proposing to ban migrants from 37 regions of 13 countries where listed terrorist organisations have territorial control.
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