Carney’s Bold Davos Speech—Where’s the Bold Policy? – Paul Jay

Mark Carney’s Davos speech was widely praised as a bold stand against the breakdown of the so-called “rules-based order” and the rise of naked great-power politics under Trump. But speeches do not change power relations. In this wide-ranging analysis, Paul Jay argues that Trump did not rupture the global order so much as strip away its cover—exposing a U.S. system in internal crisis, increasingly authoritarian at home and openly coercive abroad. From hemispheric dominance to trade war and militarization, Jay situates Canada inside that system: deeply embedded in U.S. military strategy, financial capitalism, and projects like missile defense and Arctic militarization. Without a break from those foundations, talk of sovereignty and middle-power independence risks becoming performance rather than substance. The issue is not tone, but whether Canada—and others—will challenge the economic and military structures of U.S. power, or merely bargain for a safer place within them.