The Econoclasts “This isn’t over”: Trump, Greenland & the Davos delusion
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Jan 28, 2026 A sharp takedown of Davos rhetoric and whether calls for a revived multilateral order ring hollow. A debate on whether Europe truly gained leverage in the Greenland spat or remained dependent on US tech, dollars, and security. A clash over fiscal priorities, taxes, and the real limits of monetary policy and interest rates. Discussion of financial sovereignty and how sanctions expose systemic vulnerabilities.
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Davos Rhetoric Lacks Credible Strategy
- Mark Carney's Davos speech was rhetorically strong but hypocritical and muddled in its proposals.
- Yanis Varoufakis argues it recited failures of the rules-based order without credible solutions for middle powers.
Collective Action Needs Centralized Power
- Europe cannot simply band together informally to replace US hegemony without centralized structures.
- Wolfgang Munchau stresses that real power requires unified institutions like a fiscal or security union.
Europe's Two Core Dependencies
- Europe faces two major dependencies on the United States: the dollar/payment system and Big Tech.
- Varoufakis warns that without addressing these, talk of a middle-power alliance is empty.