Two weeks have passed since Frank last spoke to listeners. Since then, it has been chaos in global geopolitical circles, with Frank wondering whether some of this noise is meant to distract from issues the US Administration would prefer to take a back seat in the current news cycle. Trump's consistent musings about owning Greenland have become a major escalation of geopolitical risk, and Frank worries that it is at this juncture in cross-border disputes when mistakes happen, someone says or does the wrong thing, and a situation destabilizes. He is hopeful that cooler heads prevail, and an off ramp can be found in Davos. Frank still wonders why the US Administration claims it needs Greenland, asking "why buy the cow when you already get the milk for free?" This month's podcast also covers tariffs, Iran, Minnesota, Venezuela, the Board of Peace, the Munroe Doctrine, Canada's China pivot, Legault's resignation in Quebec, Powell's Fed Indictment, populist market interventions by Trump and Prime Minister Carney's "sobering" speech to the World Economic Forum.

This podcast was recorded on January 20, 2026

Chapter Headings:

01:10    US vs NATO on Greenland

06:04    Study Confirms Cost of Tariffs Borne by US Consumer

10:37    Jawboning The Supreme Court Over Tariffs

13:30    Carney's Sobering Speech in Davos

15:19    Trump Rhetoric over Greenland Eerily Similar to Putin and Ukraine

18:17    Iranian Military Quells Uprising

20:20    Two Weeks Later – What Lies Ahead for Venezuela

23:48    Trump's Alternative to the UN – A So-Called "Board of Peace"

27:14    Listener Mailbag – MAGA Supporter Asks Frank about Munroe Doctrine

35:38    Trump's Populist Marketplace Interventions

37:54    ICE and Minnesota

40:10    Powell and Fed Independence

41:40    Legault Resignation Throws Open Quebec's Leadership Race

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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Episode 73 of Geopolitics is a special episode in which Frank discusses the implications for global geopolitics of the arrest of Venezuelan President Nicolas Maduro. Frank discusses backlash in Washington of the decision to arrest Maduro without Congressional authority, what it means for possible next moves for the United States as it flexes its military muscle in the Western Hemisphere for both Venezuelan neighbors but also Greenland and Canada. In addition, he ponders the potential that the Maduro move spawns global spheres of influence as the US implements its National Security Strategy (coined by President Trump as "the Donroe Document." For Canadians, Frank discusses implications of this geopolitical theatre for Canada's energy sector and whether a new pipeline to tidewater is more or less feasible today than last week and whether the prospect of growth in Venezuelan heavy oil production truly provides US leverage in upcoming CUSMA negotiations.

This podcast was recorded on January 7, 2026

Chapter Headings:

01:10 - The Capture of Maduro – US Motivation and Next Day Plans

06:38 - Trump Chooses Incumbent over Nobel Prize Winning Opponent

12:54 - Rebuilding Venezuela's Oil Infrastructure

17:32 - Spheres of Influence – Where Does Canada Stand?

29:54 - Sleeping With One Eye Open – Will Trump Follow Through on Saber Rattling?

37:38 - Mark Wiseman's Chops as Ambassador

39:18 - Implications for Canada's Energy Sector

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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Episode 72 of Geopolitics is a mix of current events and predictions for 2026. Frank discusses the U.S.'s recently released National Security Strategy that some pundits believe is akin to the original Monroe Doctrine published following the American Revolution that aimed to establish U.S. dominance over the Western Hemisphere.  After praising outgoing Canadian Ambassador to the U.S. Kirsten Hillman on her retirement announcement, Frank provides advice to the next person in the foxhole for Canada in Washington. He discusses the continued aisle crossings in Ottawa pushing the Liberals near to a majority and reminds listeners that the practice is nothing new in Canada. Before getting to his 2026 predictions, Frank weighs in again on the MTG vs Trump saga and finally whether Indiana's rebuttal of President Trump means the end of gerrymandering…for now. In terms of predictions, you won't want to miss his thoughts on the future of CUSMA, the Trans Mountain Pipeline, the War in Ukraine, and the Mid-term elections in Washington.

This podcast was recorded on December 15, 2025

Chapter Headings:

00:43 - The Monroe Doctrine 2.0

07:52 - Advice for the Incoming Ambassador in Washington

12:18 - Another MP Crosses the Aisle

17:12 - MTG Questions Whether Trump is America First

23:09 - The End of Gerrymandering…for Now

26:14 - 2026 Predictions

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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Frank comes out on fire in Episode 71 when questioned on his recent travels to the Middle East, describing the region as hot, and clearly justifying the Prime Minister's recent outreach for partnerships with countries in the region. He summarizes thoughts on the recent COP 30 and the G20 Summits, as well as trade negotiations with the US and he highlights a sleeper issue in Canada, which is the growing popularity of a separatist party in Quebec with a mandate to vote for separation. He finishes with thoughts on political meddling allegations, Marjorie Taylor Greene's resignation, and other hot topics in Washington.

This podcast was recorded on November 26, 2025

Chapter Headings:

03:41    Ukraine Peace Plan Makes Progress – Why Now?

08:31    Is COP 30 Past its Best Before Date?

13:33    The BC Pipeline Debate

24:04    Quebec Separation Chatter

26:26    Trade Negotiations and Political Meddling

39:10    Is Marjorie Taylor Greene's Resignation a Canary?

41:23    Other News in Washington

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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Episode 70 of Geopolitics is a bonus episode taken from a panel at our recent Portfolio Management and Market Structure Conference. Frank McKenna is joined by his TD colleague The Honorable Rona Ambrose, Deputy Chairwoman, TD Securities, and former leader of the Conservative Party in Canada, for a discussion that includes the on again off again trade negotiations between Canada and the US and a review of last week's budget in Canada. While Frank admits the budget was likely over-hyped and a disappointment, Rona takes direct aim at the fact the incumbent government clearly stated that younger generations will need to suffer and made no attempts to appease the interest of the other parties in parliament with its budget decisions. Frank admits he still does not know what Trump's end goal in trade negotiations with Canada is but believes the end deal between the two countries is likely to be much narrower than anticipated originally.   

This podcast was recorded on November 6, 2025

Chapter Times:

02:09 - Trump's Real Motivation for Suspending Trade Negotiations

20:33 - The View Inside the Republican Party on Trade

23:09 - Supreme Court Appears Skeptical of Trump's Use of IEEPA

28:14 - Signals from Off Cycle US Elections

34:54 - Gerrymandering

41:07 - First Take on Canada's Budget

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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In Episode 69, Frank invites Chris Krueger, Strategist with TD Cowen's Washington Research Group, to join the pod to help navigate the fast-moving developments in Washington including the government work stoppage, Canada-US trade negotiations, and the postmortem of President Trump's recent Whitehouse meeting with Ukraine President Zelensky. Frank describes trade negotiations as slogging along given that the two countries have incredibly inter-twined economies, and a complex trade and security relationship. Pipelines are back in the news and Frank weighs the pros and cons of a Keystone restart or pipeline to the Northern BC Coast with continued expansion of existing infrastructure. Chris provides our mostly Canadian audience with a 101 on gerrymandering, and its impact on mid-term elections. The two geopolitical experts finish up discussing the merits of a Nobel Peace Prize for Trump and potential end to the war in Ukraine.

This podcast was recorded on October 20, 2025

Chapter Times:

01:31 - Slogging Through Canada-US Trade Negotiations

13:39 - Carney's Balancing Act with Canada's Premiers

17:09 - Setting the Record Straight on Tariff Revenues

22:20 - Pipelines Back in the News in Canada

29:07 - Explaining Washington's Work Stoppage

33:53 - Is Stellantis's Brampton Plant Closure the Canary?

38:33 - Gerrymandering Gone Wild

43:41 - Peace Negotiations in Middle East and Ukraine

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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Frank comes to the September podcast taping in a somber mood, strange for someone who prides himself as the eternal optimist.  What has Frank in a mood? Well, he lists several issues with the current US Administration that has him questioning the United States's position as leader of the free world. Meanwhile he is very concerned about the prospect Trump triggers the shotgun clause on CUSMA wiping out the existing agreement, a possibility allowed under Article 34.6 of the Agreement. Hence the need for Canada's Prime Minister Carney to continue to strengthen trading relationships outside of the US such as was evidenced with his recent meeting with Mexican President Claudia Sheinbaum. Frank likes the appointment of Dawn Farrell to head the Major Projects Office and is bullish on the prospects that the one project, one review, one decision two-year time frame for Major Projects is realistic. Frank provides his thoughts on free speech in the wake of Charlie Kirk's assassination and on Putin's addiction to War. Finally, Frank cracked his familiar smile again when talking about his beloved Blue Jays as we do at the end of every podcast.

This podcast was recorded on September 23, 2025 at 6 pm EST

Chapter Headings:

00:52 Frank's Somber Mood Towards Canada-US Relations

06:33 Will Trump Renegotiate or Blow-Up CUSMA?

20:50 Carney Branches Out Trading Relationships

23:09 Dawn Farrell and Canada's Five Major Infrastructure Projects

28:58 Canada Joins Other G7 Countries in Recognizing Palestinian State

34:33 The Polarized US Political Landscape

41:26 Putin's Addiction to War

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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Frank is back after a month off with a lot to cover in the current Episode 67.  He starts with a review of Canada's handling of forest fires, an area where Canada is arguably a world leader, and what can be done in the new normal to mitigate risk of future forest fire growth.  Frank discusses the pros and cons of back to work legislation by the Federal Government used in the Air Canada flight attendant strike and is frustrated whenever one party has too much leverage in work disruptions.  After covering the latest on trade negotiations between Canada and the US and the potential sale of infrastructure assets by Canada's Federal Government, he switches gears to US politics, finishing up on Trump's dramatic efforts to broker an end to the Ukraine – Russian war and the gerrymandering of districts fight on-going in Texas.

This podcast was recorded on August 19, 2025.

Chapter Headings

04:40 - Forest Fire Mitigation Tools

10:08 - Air Canada Strike Resolution is Teaching Moment

18:25 - Canada's New Normal Trade Arrangement with US

33:23 - Will Canada's Federal Government Sell Infrastructure Assets?

37:38 - Trump's Full Court Press to End the War in Ukraine

44:39 - Gerrymandering in Texas – A Precursor to More Partisan Politics

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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Frank's focus during the June episode of Geopolitics was on analyzing the fluid situation in the Middle East following Israel's 12-day war with Iran and the US's decision to bomb Iran's nuclear facilities. Stepping back to the catalyst event for this war, Israel's Prime Minister Netanyahu's order to take out Iranian military leaders, Frank believes this decision is more about Netanyahu's political survival than a tactical move to take advantage of a weakened group of Iranian proxies. The Iranian-Israel war also took center stage at the recent G7 Summit hosted by Canadian Prime Minister Carney, an event partially hijacked by President Trump's decision to leave early to address the Middle Eastern unrest. Prior to his departure, Trump did meet with Carney and the two leaders agreed to work out a comprehensive bi-lateral trade and security agreement within 30 days, an announcement that brings with it some skepticism as to what such an agreement will look like and whether Section 899 tax issues will be included. The conversation ends where it always seems to end, with Frank continuing to be more bullish on his beloved Blue Jays than the host.

This podcast was recorded on June 24, 2025.

Chapter Headings:

03:08 President Trump's Attack on Iran

10:28 Political Calculus for Trump's Iran Missive

16:00 Netanyahu's Decision to Open Another War Flank with Iran

20:03 Trump's G-7 Departure and Relationship with Carney

24:46 Evaluating Carney's Decision to Invite India's Moti to G-7

31:10 The Latest on Section 899

35:50 Is Danielle Smith Setting the Bar Too High with BC Pipeline Chatter?

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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For the first time in four months of our podcast series, the focus of Frank's attention is not centered around tariffs. This month Frank starts with a detailed analysis of Prime Minister Carney's cabinet, a carefully constructed team of ministers balancing geographic, gender and ethnic interests from across the country. Frank addresses comments from Alberta's Premier Danielle Smith on separation, suggesting she would be better off leading than following her base of support. On a positive note, Smith seemed more bullish on the prospects for energy infrastructure builds across the country following comments from Quebec Premier Legault, who previously did not support building pipelines through his province. Frank discussed Prime Minister Carney's visit to the Whitehouse where he received good marks for his messaging on Canada's sovereignty which did not require confrontation with the President. We then move the discussion to global issues, covering handshake trade deals, the conflicts in Ukraine and Gaza, which Frank suggests are closer to the end than the beginning, and the recent flare up between Pakistan and India in Kashmir. He finishes with a suggestion that the Jays are better than their record, a point of view that was not supported by the normally bullish podcast host.

This podcast was recorded on May 21, 2025.

Chapter Headings:

01:28 - The Carney Cabinet

06:21 - Smith and Alberta Separation

12:50 - Spending on Energy Infrastructure

21:53 - Bullish Tone for Canada

28:50 - Carney and Trump

34:36 - Trump and Tariffs

40:30 - Is Trump's Nobel Prize Slipping Away?

43:31 - India-Pakistan Flare Up

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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