Net Assessment

A sharp discussion of the US campaign in Iran and the strategic stakes in the Strait of Hormuz. They debate mine warfare, asymmetric Iranian leverage, and whether seizing territory or using ground forces could reopen shipping. Planning, intelligence gaps, and the political costs of prolonged combat also come under scrutiny. The conversation closes with reflections on media, accountability, and a tribute to a veteran war reporter.

Allies are quietly diversifying security ties and economic links as U.S. unpredictability rises. The conversation probes whether hedging stems from one president or deeper power shifts. They debate defense procurement choices, European industrial limits, and the nuclear deterrence question. Reactions to the Iran conflict reveal how far partners will go to assert independence.

They spar over the strategic logic and hidden costs of a proposal for a modern battleship fleet. They trace why capital ships fell out of favor and question the feasibility of new weapons and power systems. They weigh industrial-base hopes against opportunity costs and debate the civil-military and political dynamics behind the idea.

A lively debate over a new CFR proposal called Resolute Global Leadership and whether it truly offers a fresh grand strategy for the United States. They pick apart the report’s strengths and blind spots, especially around politics, budgets, and allies. Quick takes include critiques of media and policy signals, plus shout-outs to surprising political and industry developments abroad.

Kelly Grieco, a Stimson Center senior fellow on U.S. defense and Indo-Pacific alliances. She discusses the 2026 National Defense Strategy’s priorities, its take on burden sharing with allies, tensions between homeland/Indo-Pacific focus and global strike needs, and the document’s ambiguity on China, Taiwan, and force design.

The team delves into the U.S. operation to capture Nicolás Maduro, expressing surprise and analyzing its implications for Venezuela's future. They discuss the operation's tactical execution while debating its strategic benefits and legal ramifications. The conversation moves to Venezuela's struggling oil sector and the potential for foreign investment. Hosts critique Trump's decision-making style and explore the broader impact of the operation on international norms and relationships. Uncertainty looms over Venezuela's political stability and economic recovery.

The hosts reflect on the highs and lows of 2025, discussing pivotal figures like Trump and Ohtani. They highlight impactful articles and institutional lessons learned during the COVID era. Major global events, including strikes and diplomatic maneuvers, are analyzed, along with surprising miscalculations in international relations. Looking ahead, they predict continued challenges in Venezuela and potential shifts in U.S. foreign policy focus. Their insights into AI's influence on the economy and optimism for 2026 conclude an engaging year-end discussion.

The hosts dive into U.S. policy towards China, questioning whether the Trump administration is giving in too much on trade and technology. They discuss security risks tied to advanced chip exports and highlight concerning concessions, from TikTok negotiations to Taiwan policy. The conversation shifts to the impact of tariffs and soybean purchases, revealing U.S. economic pain points. They analyze China's strong bargaining position heading into 2026, emphasizing the need for a coherent strategy to combat Beijing's confidence.

The hosts dissect the recently released U.S. National Security Strategy, questioning its coherence and real impact. They critique its contradictory stance on military and diplomatic ends, highlighting mixed regional priorities, especially regarding Europe and Asia. Grievances arise over the Navy's failures and Congress's renewed oversight role. They also praise new cultural diplomacy efforts and bid farewell to colleagues embarking on new journeys. The conversation weaves through the complexities of promoting American interests in a rapidly changing world.

The hosts delve into Oren Cass's provocative idea of a 'Grand Strategy of Reciprocity,' questioning its practicality. They discuss the implications of the U.S. excluding China and other nations from a strategic bloc, while emphasizing the complexities of managing global trade relationships. Concerns arise over the risks of decoupling from China and whether the approach aligns with previous U.S. strategies. The episode also covers the importance of domestic economic revival and critiques surrounding U.S. foreign policy coherence.