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Would Term Limits Make The DC Swamp Even Worse?

Would Term Limits Make The DC Swamp Even Worse?

Via Brian McGlinchey at Stark Realities

Though America is beset by increasingly bitter political divisions, there are two convictions that unite Americans across party and demographic lines. Large majorities are certain that Congress isn’t serving the interests of the American people, and that Capitol Hill would become far more virtuous with the imposition of term limits.

Despite their broad appeal to our “throw out the bums” instincts, term limits would probably make Congress even worse than it is now. Even as a proposed policy, the concept does the country a disservice by distracting Americans from the more extreme remedies required for a federal government guiding us along a dangerous path into mounting partisan hostility, unconstitutionally-concentrated power, and obliviousness to coming financial ruin.

According to a 2023 McLaughlin and Associates poll, an overwhelming 87% of US adults favor congressional term limits, a finding that’s consistent with other surveys. Proposals vary. Reflecting a common recommendation, one of the term-limit bills introduced this session would limit House representatives to six two-year terms, and senators to two six-year terms, thus maxing out both varieties of legislator at a dozen years. Notably, members who served before 2023 -- including the bill’s introducing sponsor, Brian Fitzpatrick (R-PA) -- would be exempted.

One dynamic that makes term limits appealing is the overwhelming power of incumbency in US electoral politics: Federal incumbents who sought reelection had a 98% success rate in 2024, matching the pace of 2022 and edging the 96% rate seen in 2020.

Jarring as they are, those stats create a false impression of the degree of stagnancy in the House and Senate. That’s because -- over the dozen years often floated as a term-limit maximum tenure -- a substantial number of legislators already leave on their own. According to the most recent Pew Research calculations, over a 12-year period, 69% of House seats and 62% of Senate seats had different occupants at the end versus the beginning.

With those numbers in mind, Republican Kentucky Congressman Thomas Massie -- who has backed term-limit bills-- cautioned that the idea is not a “silver bullet.” Pointing to the notion that term limits would open more seats to good people since incumbents are otherwise hard to dislodge, Massie noted the substantial churn in seat-holders, and asked, “Where are all the good guys/gals?”

Note that about 84% of congressional seats are “safe seats,” where party control isn’t in question, and the real election happens in the party primary. This incentivizes primary candidates to take positions that maximize their appeal to their party’s extreme, which contributes to polarization in Washington. Term limits wouldn’t change that, other than increasing the frequency of contested primaries, which, if anything, might make the phenomenon slightly stronger.

Cook Political Report's House Race Ratings as of Jan 15

Cycling more people out of Congress may exacerbate one of the worst dynamics of Washington: the “revolving door” that sees legislators frequently moving on to lobbying posts and board positions, and incentivizing them to cater to lobbyists and corporations before their swing through the door happens. “Mandating member exits ensures a predictable and consistently high number of former members available to peddle their influence,” wrote Casey Burgat at Brookings.

Term-limit proponents are hopeful that bringing new faces into Washington would reduce the power of special interests, lobbyists and the entrenched bureaucracy -- the last of which is sometimes called the “Deep State.” However, lacking understanding of complex federal issues and experience with DC’s legislative machinery, wide-eyed, rookie legislators are even more susceptible to outside influences who bring clear guidance sprinkled with money and favors.

Advocates of term limits often envision a warm, fuzzy new era where career politicians are replaced by humble “citizen legislators” who come from all walks of life and professions. However, the great majority of US representatives and senators held some other office before winning their current seat, and there’s no reason to think term limits would do away with the inherent advantages that state and local officeholders have when they seek federal office.

Many champions of term limits are convinced that term-limited federal legislators would spend far less time on electoral politics and fundraising. Don’t bet on it. First, until a legislator’s final term, they’d still be focused on re-election. More importantly, much and perhaps even most of the time and energy that members spend on fundraising isn’t for their own campaigns, but for their parties.

Here, it’s important to spotlight a little-known yet powerful congressional dynamic, one that guarantees that even term-limited legislators would continue spending substantial time on party fundraising: Each party ties committee assignments to how much money a legislator raises for the party.

The numbers are big. “Between 2023 and 2024, Democratic Party members were expected to raise between $100,000 and $30 million per year in dues to the party to move up in the [House] chamber,” wrote Maya Kornberg of the Brennan Center for Justice. It’s the same on both sides of the aisle. Here’s how Republican Massie candidly described the arrangement to Reason’s Matt Welch:

“[Members] have to raise money and give it to the party in order to rent or buy their committee assignments. Literally, the party comes to you, whether you’re a Democrat or Republican, and says, ‘if you want an important committee, you’re going to have to pay us this much money,’ not one time, but every election cycle. You can’t go back to your district and ask your constituents at a fundraiser to help you buy a seat on a committee. You get that money from the lobbyists who are in Washington, DC.”

For members striving for plum committee assignments, there’s another major avenue of fundraising, one that turns legislators into glorified telemarketers, calling party donors across the country and asking for donations or inviting them to events that require them. It’s illegal to make such calls from their offices, so legislators walk to nearby party call centers to do it.

A hidden-camera glimpse inside the GOP call center showed a dozen tiny offices with phones; a board displays how much each legislator has raised (CBS News)

“You’re told…don’t even ask for one of these ‘A’ committees unless you’re ready to do the hard work across the street,” said Massie. He refuses to participate, and pays the price via exclusion from powerful committees such as Ways and Means, Appropriations, or Energy and Commerce.

As Florida Democrat and then-congressman David Jolly told CBS Newsdialing for dollars is a major part of life on the Hill:

“The House schedule is actually arranged, in some ways, around fundraising…You never see a committee working through lunch because those are your fundraising times. And then, in between afternoon votes and evening votes, that's when you can see Democrats walking down this street, Republicans walking down that street to spend time on the phone making phone calls.”

Under term limits, the only thing that would change in this bleak picture are the particular faces trudging off to a Red Team or Blue Team call center, or lunching with lobbyists offering fundraising help -- rather than learning about any of the infinite issues subjected to federal governance. (Knowing their time on the Hill is limited, legislators will have even less reason to invest their time in building mastery of complex issues.)

In fact, to the extent that term limits manage to put a modest dent in the power of incumbency and render a few more of their seats vulnerable, parties would be even more concerned with raising money to either defend a majority or take it over, and would thus exert more pressure on members to refill the party’s coffers.

There’s one more way term limits would exacerbate the problem of outside influences: With a shortened span on Capitol Hill, more members would be focused on what they’ll do next. Though “citizen-legislator” daydreamers may have quaint visions of a farmer returning to his tractor, most term-limited legislators will be either planning a run for a different office, or looking for a job. Either ambition makes them susceptible to the policy overtures of people outside the chamber promising funding for future campaigns, help getting the inside track on a lobbying job of their own, or maybe a private-sector post in the industry the lobbyist represents.

Term limits would bring many unintended consequences that run counter to their advocates’ noble intentions. However, the concept’s worst attribute is that, even as a mere proposal, it diverts attention from what’s most wrong in Washington. Term limits focus on the frequency with which Washington’s power is exchanged, when the biggest problem is the power itself. For more on that, see the most-read article at Stark Realities: Americans Are Fighting For Control Of Federal Powers That Shouldn’t Exist

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Stark Realities: Invigoratingly unorthodox perspectives for intellectually honest readers. Join thousands of free subscribers at starkrealities.substack.com

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Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge

Tyler Durden Sat, 01/24/2026 - 21:00

Tehran Rejects UN 'Protest Killings' Resolution, Blasts Western Moralizing

Tehran Rejects UN 'Protest Killings' Resolution, Blasts Western Moralizing

Iran has flatly rejected a United Nations Human Rights Council resolution condemning what it described as the "violent crackdown on peaceful protests" by Iranian security forces, after two weeks of raging economic protests earlier this month, which also included a government enforced total internet shutdown.

Following a closed-door session in Geneva on Friday, 25 council members - including France, Japan, and South Korea - voted in favor of the formal censure.

SOPA Images/LightRocket via Getty Images

But there were significant voices among the seven that voted against, including China, India, and Pakistan. Fourteen others abstained.

The council demanded that Tehran halt arrests linked to the protests and take steps to "prevent extrajudicial killing, other forms of arbitrary deprivation of life, enforced disappearance, sexual and gender-based violence."

UN human rights chief Volker Türk told the council that "the brutality in Iran continued, creating conditions for further human rights violations, instability and bloodshed."

Tehran blasted the resolution as another display of Western hypocrisy, arguing that the sponsors of the emergency session have never genuinely cared about human rights in Iran.

Iran’s envoy Ali Bahreini pushed back at the meeting, saying as follows:

"It was ironic that states whose history was stained with genocide and war crimes now attempted to lecture Iran on social governance and human rights."

This past week in Davos for the World Economic Forum, there was an interesting moment where US Treasury Secretary Scott Bessent actually openly boasted that US sanctions helped drive the protests, after crippling the economy.

So Islamic Republic leaders are right to be skeptical when American, Israel, or European officials claims they 'stand' with the Iranian people, and seek 'democracy'. Already, UN officials are invoking historical "genocide" instances and are dubiously comparing them with what's going on in Iran:

A prosecutor said at least twice more people were killed in Iran in half the time compared with the Srebrenica genocide.

Iran's Bahreini reiterated some of his government's official casualty figures from clashes with police and security services, which were initially issued days ago via state sources. He said 3,117 people were killed during the unrest, but he also claimed that 2,427 of those deaths were caused by "terrorists" - covertly funded by enemies of Iran - namely the United States, Israel, and their allies.

Tyler Durden Sat, 01/24/2026 - 18:05

Last Look At Snowfall Models As 'Snowpocalypse' Begins

Last Look At Snowfall Models As 'Snowpocalypse' Begins

How Will This Weekend's Mega-Storm Compare to the Winter Blasts of 2016 and 1996?

Meteorologist Ben Noll says this weekend's snowstorm could be similar to the Blizzard of 1996. For our more seasoned readers, 1996 was an unforgettable winter. Many younger readers, however, have grown up in snow droughts and years of corporate media narratives centered on Al Gore's global warming alarmism.

Yet here we are on Saturday morning, looking over the latest weather models that show more than half the country under a winter storm warning. Noll wrote on X earlier that "55 percent of all people living in the United States — some 190 million — were under an alert related to the storm."

The latest snowfall predictions stretch from Texas to the Northeast.

"This is legitimately one of the biggest storms I can recall tracking. Snow spans from Arizona to DC this evening," private weather forecaster BAWMX wrote on X.

Winter appears locked in across the Lower 48 for the next several weeks.

Next, let's refine the snowfall outlook for the Mid-Atlantic and Northeast. Courtesy of private weather forecaster NY NJ PA Weather weighs in below.

Thanks to early-week client notes from energy research firm Criterion Research, we were well ahead of the curve in explaining how the Arctic cold blast, combined with a major winter storm, could create power-grid risks. The storm threatens to crimp natural gas supply through production freeze-offs and reduced pipeline flows, increasing pressure on already stressed-out regional power grids. Our focus will be on the PJM grid this weekend.

Here's the reporting:

Crickets from Greta and the climate crisis cult this week. Oh, wait, that's because the climate money ran out and the focus shifted entirely to Palestine. For those grounded in reality, prepare for what could be a historic winter storm this weekend. We've told readers in the PJM region and the Northeast to consider buying a whole-house generator, citing a Goldman note (read here). Become ungovernable with a wood fireplace and/or a coal-burning stove.

As for the travel space, it's a nightmare. For anyone traveling over the next 24 to 48 hours, expect delays and cancellations.

So far, roughly 9,000 flights have reportedly been canceled.

Tyler Durden Sat, 01/24/2026 - 17:55

Duffy's Nuclear Option Remains On The Table: California Could Lose Authority To Issue Any CDLs

Duffy's Nuclear Option Remains On The Table: California Could Lose Authority To Issue Any CDLs

Authored by Rob Carpenter via FreightWaves.com,

Transportation Secretary Sean Duffy just dropped what I’ve been calling the nuclear option.

In an appearance on Katie Pavlich Tonight Thursday, Duffy made clear that withholding $200 million in federal funding isn’t the end of this fight. If California doesn’t come into compliance on the non-domiciled CDL issue, Duffy said, “we will eventually pull their ability to issue commercial driver’s licenses to anybody in California.”

Not just the 17,000 non-domiciled CDLs at the center of this fight. Every single CDL in the state.

I’ve written extensively about this standoff since the FMCSA released its audit findings last September, which showed that roughly 25% of California’s non-domiciled CDLs were improperly issued. I’ve covered the $160 million funding hit. I’ve warned about the decertification authority in 49 U.S.C. 31312 and 49 CFR 384.405, which most people in this industry didn’t even know existed.

How We Got Here

This didn’t start with the Trump administration’s September 2025 emergency rule restricting non-domiciled CDLs to certain visa categories. That rule, which limited eligibility to H-2A, H-2B, and E-2 visa holders, has been stayed by the D.C. Circuit since November. The court found that petitioners were “likely to succeed” on their claims that the FMCSA violated federal law in its rulemaking.

The California problem predates all of that.

FMCSA’s August 2025 Annual Program Review found California had been violating federal regulations that existed long before Duffy took office. The state was issuing CDLs with expiration dates extending years beyond drivers’ lawful presence documentation. In one case that still makes my blood boil, California issued a driver from Brazil a CDL with passenger and school bus endorsements that remained valid months after his legal presence expired.

That’s not a new rule problem. That’s a California screwed-up problem.

California agreed in November to revoke all 17,000 improperly issued licenses by January 5, 2026. Then, on December 30, the California DMV unilaterally announced a 60-day extension to March 6, citing the need to ensure it doesn’t wrongfully terminate licenses for drivers who actually qualify.

Duffy’s response on X was blunt: “Gavin Newsom is lying.”

FMCSA never agreed to the extension. California proceeded anyway. On January 7, DOT made good on its threat and withheld approximately $160 million in National Highway Performance Program and Surface Transportation Block Grant funds. That’s on top of the $40 million already withheld over California’s refusal to enforce English language proficiency requirements.

The Nuclear Math

California has more than 700,000 CDL holders. The state is home to the nation’s largest trucking workforce, with over 138,000 truck drivers moving freight through the ports of Los Angeles and Long Beach, the agricultural heartland of the Central Valley, and every retail distribution center feeding the country’s largest consumer market.

Under full decertification, California would be prohibited from issuing, renewing, transferring, or upgrading any commercial learner’s permits or commercial driver’s licenses until FMCSA determines the state has corrected its deficiencies. Previously issued CDLs would technically remain valid until their stated expiration dates, but here’s where it gets ugly.

Other states could refuse to recognize California credentials during the noncompliance period. FMCSA could issue guidance declaring CDLs issued by a noncompliant state invalid for interstate commerce. The Commercial Driver’s License Information System, which enables interstate verification, could flag every California license.

For the 700,000 CDL holders in the Golden State, decertification wouldn’t just be an administrative headache.

It would effectively ground them from operating in interstate commerce.

I’ve been doing compliance work in this industry for over 25 years. I’ve never seen a federal-state confrontation escalate this fast or this far.

What’s That Look Like? 

The 17,000 non-domiciled CDLs at the center of this fight represent just over 9% of California’s for-hire carrier base. I believe that number represents just under half the total increase in CDLs 

This isn’t really about 17,000 drivers anymore.

J.B. Hunt’s analysis suggests that, between non-domiciled CDL restrictions and English language proficiency enforcement, we could see 214,000 to 437,000 drivers removed from the U.S. supply over the next two to three years. FMCSA estimates that 97% of the current 200,000 non-domiciled CDL holders nationwide won’t be able to satisfy the new requirements under the September rule, assuming it survives legal challenge.

Transport Futures economist Noël Perry puts the at-risk population even higher when accounting for undocumented drivers and new-hire restrictions: potentially 600,000 drivers, or 16% of the active workforce.

Whether those numbers hold up or not, one thing is clear. The days of states running their CDL programs with what Duffy called “reckless disregard” for federal requirements are ending.

What Happens Next

California is stuck between a rock and a hard place it created for itself.

On the one hand, the federal government is withholding $200 million and threatening to revoke the state’s authority to issue any commercial credential. On the other hand, a class-action lawsuit filed by the Asian Law Caucus, the Sikh Coalition, and Weil, Gotshal & Manges LLP argues that the DMV’s own administrative errors caused the mismatches in expiration dates and that drivers should be able to immediately reapply for corrected credentials.

The lawsuit names five individual plaintiffs and the Jakara Movement, a Fresno-based organization serving the Punjabi Sikh community. An estimated 150,000 Sikh truck drivers operate in the United States, and many of the affected drivers argue they’re being punished for what amounts to clerical errors by the state.

They’re not wrong about the clerical errors. The DMV admitted in correspondence with federal regulators that “shortcomings of its technical systems and processes” led to the mismatched dates.

That admission doesn’t help California’s legal position with FMCSA. It strengthens it.

If California knew it had systemic programming errors that extended CDL expiration dates beyond work authorization periods, why didn’t it fix them before the feds came knocking? That’s the question that should concern every carrier operating in interstate commerce. A CDL issued in violation of federal requirements may not be valid for interstate operation, meaning drivers holding those credentials could face enforcement action in any state, and carriers dispatching them could face significant liability exposure.

Governor Newsom told the press that DOT had agreed to the March 6 extension. Duffy says that’s not true. FMCSA Administrator Derek Barrs has been equally clear: “We will not accept a corrective plan that knowingly leaves thousands of drivers holding noncompliant licenses behind the wheel of 80,000-pound trucks in open defiance of federal safety regulations.”

California’s argument that its CDL holders are involved in fatal crashes at a rate far below the national average, and that Texas-issued licenses have a 50% higher rate of fatal crashes, might play well in press releases. It doesn’t address the fundamental regulatory compliance issue.

FMCSA didn’t withhold $160 million because of crash rates. It withheld funding because California admitted to issuing 17,000 licenses in violation of federal requirements and then refused to revoke them on the agreed timeline.

The nuclear option remains on the table, and based on everything I’ve seen from Duffy over the past six months, I wouldn’t bet against him using it.

Tyler Durden Sat, 01/24/2026 - 17:30

Stablecoins: A Quiet Revolution In Finance

Stablecoins: A Quiet Revolution In Finance

Authored by Robert Burrows via BondVigilantes.com,

With geopolitics taking centre stage, the seismic tremors of Stablecoin activity go largely unnoticed. Stablecoins sit at a fascinating intersection of finance and technology. They promise the speed and programmability of cryptocurrencies with the price stability of traditional money.

What began as a niche settlement tool for crypto markets is now being discussed as a parallel monetary system—with profound implications for banks, credit creation, and financial stability.

What are stablecoins?

Stablecoins are digital tokens designed to maintain a stable value, usually pegged to a fiat currency like the US dollar. While there are several types, fiat-backed stablecoins dominate the market, accounting for roughly 90% of usage.

Two of the most widely used examples are USDC (Circle) and USDT (Tether). 

Both are backed by reserves, but the composition of those reserves varies:

 

Stablecoins are becoming major players in the treasury market with Tether now the 17th largest holder of treasuries on the planet.

Source: US department of Treasury as of October 2025

How are stablecoins different from cash?

If you can already pay with a bank card, does it matter if settlement takes two days instead or instantly?

For most consumers, the benefits of stablecoins look incremental compared to existing digital banking services.

But there is one notable difference: interest.

The GENIUS act and interest rules

The GENIUS Act, proclaimed by Donald Trump to have been named after himself, was signed into law in July 2025 and created a federal framework for stablecoins. Its aim is to provide regulatory clarity, consumer protection, and oversight. Crucially, the Act prohibits stablecoin issuers from paying interest directly to holders, ensuring they behave like cash rather than investment products.

However, third-party platforms, such as Coinbase or Binance can still pass through yield to users. That is, the interest earned by Circle or Tether from holding the interest bearing reserves is passed on to the exchanges, which then pass through to holders of the stablecoins through a process called ‘staking’. It is important to note that these yields are not guaranteed to be passed through and remain poorly understood, which has likely limited adoption.

Core use cases driving adoption

Payments and Settlement: Stablecoins enable near-instant, 24/7 settlement without relying on correspondent banking networks. For cross-border payments, this can be far cheaper and faster than SWIFT. Global remittance costs on average about 6.5% per transaction on flows of roughly $900 billion. Stablecoins could cut that close to zero. It’s no surprise Western Union is exploring its own stablecoin as its business model faces disruption.

Cryptocurrency market infrastructure: The cryptocurrency universe has gone from strength to strength (less so lately). Stablecoins act as the base currency of the crypto ecosystem, allowing traders to move in and out of risk assets without touching the banking system.

Financial Inclusion: In countries with weak banking systems or high inflation, dollar-pegged stablecoins offer a stable store of value without requiring a bank account. With the US dollar as the world’s reserve currency, adoption in South America and Africa is easy to imagine. Asian markets may lean towards both US-backed and yuan-backed stablecoins. Financial inclusion can cut both ways, as it may accelerate capital flight from emerging economies and funnel more funding into US debt markets.

The funding threat to banks

Banks rely on deposits to fund loans.

Stablecoins disrupt this in three ways:

  1. Deposit disintermediation: If households and corporates hold stablecoins instead of bank deposits, banks lose a cheap and stable source of funding.

  2. Reduced credit creation: Stablecoin reserves are typically invested in:

    • Treasury bills

    • Reverse repos

    • Cash at central banks

This shifts money away from private lending and towards government financing. For the US, this is convenient given its $38 trillion debt stock, with 40–45% needing rollover in the next 18 months.

  1. Pro-cyclicality risk: In a crisis, depositors may rush into stablecoins perceived as safer, amplifying stress on bank funding and making bank runs increasingly likely.

The stablecoin market is currently $300 billion in size, with bullish growth forecasts of $4 trillion by 2030. If this growth is realised, it will likely come at the expense of bank deposits and not from new external sources. This is a problem for the banks, and it won’t come as a surprise that recent crypto legislation stalled just last week amid banking industry lobbying against stablecoin interest payments. Stablecoins are not necessarily a catalyst for widening but is another concern for a sector which has spreads trading at all time tights.

To summarise, for everyday consumers, stablecoins offer little beyond what bank accounts already provide. For banks and the economy, the stakes are much higher. If stablecoins disintermediate banks, lending costs rise, credit availability shrinks, and growth slows, unless alternative credit channels scale up quickly.

The US Government will welcome the extra demand for short-term debt, but the cost could be a fundamental reshaping of the banking system.

Tyler Durden Sat, 01/24/2026 - 16:20

Newsom Announces California Will Remain In WHO Despite US Withdrawal

Newsom Announces California Will Remain In WHO Despite US Withdrawal

California Democratic Gov. Gavin Newsom announced Friday that the Golden State will remain a part of the World Health Organization's network, even though the Trump administration just completed the United States' withdrawal from the WHO.

“The Trump administration’s withdrawal from WHO is a reckless decision that will hurt all Californians and Americans,” Newsom wrote.

“California will not bear witness to the chaos this decision will bring. We will continue to foster partnerships across the globe and remain at the forefront of public health preparedness, including through our membership as the only state in WHO’s Global Outbreak Alert and Response Network.”

As Jacki Thrapp reports for The Epoch Times, Newsom, who confirmed in October that he’s considering a 2028 presidential bid, revealed the new collaboration after meeting with WHO Director-General Dr. Tedros Adhanom Ghebreyesus at the World Economic Forum in Switzerland.

Newsom’s decision goes against the Trump administration’s approach to the agency, which is managed by the United Nations.

Trump, a critic of the WHO’s pandemic responses, has wanted the United States to exit the WHO ever since his first term. His administration formally made the split on Thursday.

“This action responds to the WHO’s failures during the COVID-19 pandemic and seeks to rectify the harm from those failures inflicted on the American people,” said Secretary of State Marco Rubio and Health and Human Services Secretary Robert Kennedy Jr in a joint statement Jan. 22.

The Trump administration said the agency “abandoned its core mission and acted repeatedly against the interests of the United States,” even though America was a founding member and the largest financial contributor.

All U.S. funding of WHO has ended, amounting to about $111 million in annual “mandatory dues” and $570 million in “voluntary contributions,” according to the Department of Health and Human Services.

“We right these injustices and bring an end to the bureaucratic inertia, entrenched paradigms, conflicts of interest, and international politics that have rendered the organization beyond repair,” the press release by Rubio and Kennedy added.

“We will get our flag back for the Americans who died alone in nursing homes, the small businesses devastated by WHO-driven restrictions, and the American lives shattered by this organization’s inactivity. Our withdrawal is for them.”

Rubio and Kennedy said the WHO refused to give the United States its flag back after the departure announcement.

Tyler Durden Sat, 01/24/2026 - 15:45

Niall Ferguson: How Trump Won Davos

Niall Ferguson: How Trump Won Davos

Authored by Niall Ferguson via X,

There is a rapidly forming narrative in the European and liberal media that the Europeans “won Davos”: primarily by getting Trump to “de-escalate” his demand that the United States acquire Greenland from Denmark.

This is a very wrong take.

The reality is that Trump won Davos, hands down.

And not only did he win it; he owned it.

I have never before seen a single individual so completely dominate this vast bazaar of the powerful, the wealthy, the famous, and the self-important.

Trump never seriously meant to annex Greenland or to impose new tariffs on the Europeans.

Why would he when the U.S. already enjoys all the military access to the frigid island it could every possibly need?

Fact: Trump means what he says on Truth Social only about half the time.

Ten years ago, Europeans made the mistake of taking Trump neither seriously nor literally.

Now they make the opposite mistake of treating him both seriously and literally.

The reason Trump forced Greenland to be the No. 1 topic at Davos was to keep European leaders from meddling in America’s Middle Eastern and Eastern European policy.

Why might Trump prefer the Europeans to be talking about Greenland instead of Iran or Ukraine?

Because Europe would be bound to make its usual pleas for “de-escalation” with respect to Tehran. And because the Americans think it was the EU and UK who last year impeded progress

Of course, this goes wholly counter to the Davos consensus, which is that wicked Trump has torn up the sacred liberal international order.

But, as I never grow tired of reminding you, the Davos consensus is always wrong. Always.

Read Niall's full essay here...

Tyler Durden Sat, 01/24/2026 - 15:10

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