The David McWilliams Podcast The old order is not coming back. We should not mourn it. Nostalgia is not a strategy!
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Jan 22, 2026 This conversation delves into the seismic shifts marking the end of the post-1945 U.S. grand bargain. Japan's rising bond yields signal turmoil in global markets, forcing a reevaluation of risks. Mark Carney's insights frame these changes as a rupture, not a mere transition. The discussion extends to geopolitical flashpoints like Greenland, suggesting a potential break in U.S.-Europe relations. With Europe facing tough choices, the balance of power could see new contenders rise as old alliances fray. The world is indeed on the brink of a transformative year.
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The Grand Bargain Has Ended
- 2026 marks a decisive break where the US has ended the post‑1945 grand bargain that underpinned Pax Americana.
- David McWilliams argues this shift will reshape markets, alliances, and European security.
Japan's Bond Shock Ripples Globally
- A sudden rise in Japanese 10‑year yields threatens the global carry trade and forces asset selloffs worldwide.
- McWilliams links Japan's bond move to political change, rearmament needs, and global financial contagion.
Carney: Integration Can Become A Weapon
- Mark Carney describes a 'rupture, not a transition' where integration becomes a weapon used as coercion.
- He urges honesty: the old order is gone and nostalgia is not a strategy.
