Speaking at the World Economic Forum in Davos, Switzerland, Canadian Prime Minister Mark Carney declared that the “old order is not coming back” and urged middle powers to collaborate in response to the changing global landscape. He warned that great powers are increasingly using economic tools for coercion, citing examples like the US’s approach to tariffs and its interest in Greenland. Carney affirmed Canada’s unwavering support for Greenland, Denmark, and the NATO alliance, highlighting Canada’s commitment to Article Five of the NATO agreement and its focus on forming diverse coalitions based on shared values.
Read More
The European Parliament is poised to suspend its approval of the US tariffs deal agreed upon in July, a move likely to be announced on Wednesday. This decision stems from heightened tensions, as the US, under President Trump, considers new tariffs and presses to acquire Greenland. The standstill has caused financial market volatility, with stocks and the US dollar declining, while borrowing costs are rising. The EU had been delaying potential retaliatory measures against US tariffs, but these could be activated on February 7th if the new deal isn’t approved.
Read More
In February and March 2026, Sweden will deploy a Gripen fighter unit to Iceland as part of NATO’s incident preparedness mission, marking the first time the Swedish Air Force will be based in Iceland under NATO tasking. The deployment, equivalent to a fighter division, will be supported by ground personnel from Skaraborg Air Flotilla (F 7) operating from Keflavik Air Base. This mission signifies Sweden’s commitment to NATO’s joint air defense tasks in the strategically important Arctic region, building upon previous Nordic deployments and experience operating under NATO leadership. The combat aviation unit, familiar with winter climates and incident preparedness, is well-equipped to protect Iceland’s territorial integrity.
Read More
Belgian Foreign Minister Maxime Prévot criticized President Trump’s plans to take control of Greenland, deeming the US’s approach “incomprehensible” and “unnecessarily hostile.” Prévot acknowledged US concerns about threats in the Arctic but emphasized that aggressive actions are unnecessary, given existing partnerships between the US and Denmark, such as the Greenland Defence Agreement. Trump’s threats of tariffs and military presence have spurred European leaders to consider retaliatory measures, including the use of the anti-coercion instrument, although dialogue and diplomacy are being prioritized. The EU faces a critical juncture, needing to send a clear message to the US while avoiding escalating a tariff war and seeking a reasonable solution.
Read More
AkademikerPension, a Danish pension operator, is divesting from U.S. Treasurys due to concerns about the U.S.’s financial health and growing tensions between the U.S. and Denmark. The decision, driven by America’s debt crisis and Moody’s downgrade, comes amid escalating disagreements over Greenland. The fund, holding approximately $100 million in U.S. Treasurys, plans to exit its holdings by the end of the month. This move reflects broader anxieties, with experts like Ray Dalio suggesting sovereign funds may reduce U.S. investments due to geopolitical instability and trade conflicts.
Read More
Prime Minister Mark Carney presented a critical assessment of the global landscape at Davos, asserting the end of the U.S.-led international order. He argued that middle powers like Canada must adapt to avoid coercion from powerful nations by focusing on self-reliance and diversifying trade relationships. Carney emphasized the need for Canada to develop strategic autonomy in critical sectors as multilateral institutions face diminished influence. He also highlighted Canada’s efforts to diversify trade and strengthen partnerships, positioning the country as a stable and reliable partner in a world of shifting power dynamics.
Read More
Amidst escalating tensions, NATO officials are limiting intelligence sharing with the United States due to concerns over President Trump’s intentions regarding Greenland. Sources indicate that this move stems from Trump’s attempts to annex Greenland and his threats of tariffs against NATO allies, eroding decades of trust. This breakdown in cooperation is considered the most serious since the Suez Crisis, prompting European nations to bolster their military presence in Greenland. Experts warn that Trump’s actions are destabilizing trust within intelligence services, potentially causing long-term damage to international alliances.
Read More
The global rise in gold prices is fueled by consistent buying from central banks, notably in India and China. Both nations are strategically reducing their holdings of US Treasuries while simultaneously increasing their gold reserves, reflecting a shift in reserve management. India’s actions are driven by diversification and risk management, resulting in a significantly increased portion of gold within its reserves. China’s move away from US debt is motivated by both technical and geopolitical concerns, as the country seeks to optimize its reserve pool and mitigate potential risks. This trend suggests a broader global reevaluation of US debt and a growing emphasis on gold as a strategic reserve asset.
Read More
According to Ukraine’s Security Service (SBU), long-range strikes over the past year have damaged or destroyed approximately $4 billion worth of Russian air defense systems, including S-300, S-350, and S-400 systems, as well as several others. The SBU stated that these attacks have opened corridors in Russia’s air defense, allowing Ukrainian drones to penetrate deeper into enemy territory, targeting military bases, warehouses, and airfields. The SBU’s claims also include damage to radar reconnaissance and guidance systems, as well as strikes on a large drone factory in Taganrog, where the Molniya drone was produced. Moscow has yet to respond to the SBU’s claims, which are difficult to independently verify.
Read More
Russian tax revenues from oil and gas are projected to plummet by 46% in January 2024, hitting approximately 420 billion rubles, the lowest level since August 2020. This decline is attributed to a stronger ruble and low global oil prices. The market has become oversaturated due to factors such as reduced demand from major economies and the U.S. trade war with China. Western sanctions, including those imposed by the EU and the Trump administration, are further impacting Russia’s energy revenues, especially with reduced European imports and the need to offer discounted oil to new markets.
Read More
John Q. Hosedrinker