Episode 2 of our 5-part Davos 2026 Special series.

Mark Carney declares "a rupture, not a transition" in the most talked-about speech at Davos — more than Trump's own address. Finland's Stubb calls the Greenland standoff "the biggest transatlantic crisis since Suez." Germany commits 5% of GDP to defense and 500 billion euros to infrastructure. China's He Lifeng reveals WTO most-favored-nation trade collapsed from 80% to 72% in a single year. We unpack US unilateralism fracturing alliances, the definitive end of efficiency-driven globalization, and Europe's urgent scramble for strategic autonomy — from Macron's "vassalization" warning to Zelenskyy's call for united European armed forces. Coming next: Money, Markets, and the Macro Machine.