I don’t think I’ve seen as much pessimism at the start of the year than I have in 2026. We’ve got to the point where we openly speak about how tumultuous things are right now.
The political watershed moment of the week came from Mark Carney, Canadian Prime Minister. Speaking at Davos, he openly talked about the ‘illusion’ of the rules-based international order. He went as far as to say ‘the system’s power comes not from its truth, but from everyone’s willingness to perform as if it were true’.
The problem is that the illusion is slipping. It has been for a while now.