Is Chaos a Distraction?

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 Greenland06:04    Study Confirms Cost of Tariffs Borne by US Consumer10:37    Jawboning The Supreme Court Over Tariffs13:30    Carney's Sobering Speech in Davos15:19    Trump Rhetoric over Greenland Eerily Similar to Putin and Ukraine18:17    Iranian Military Quells Uprising20:20    Two Weeks Later – What Lies Ahead for Venezuela23:48    Trump's Alternative to the UN – A So-Called "Board of Peace"27:14    Listener Mailbag – MAGA Supporter Asks Frank about Munroe Doctrine35:38    Trump's Populist Marketplace Interventions37:54    ICE and Minnesota40:10    Powell and Fed Independence41:40    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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.