I only have time for a short post, so I offer this point. While one hopes Mark Carney's words lead to lasting changes in international relations, one thing is certain. Many people are talking about it and even offering ways in which the Americans can be brought to heel. Two letter-writers demonstrate this:
Well, well, Prime Minister Mark Carney broke the internet. It’s not exactly on the scale of Taylor Swift but it’s so satisfying to see many political commentators, journalists and ordinary Canadians shower him with praise. Carney’s speech is well-structured and direct. It’s smart that he takes complex ideas and renders them in language that the ordinary person can understand and be convinced of. I think it is particularly smart of him to admit that Canada is a “middle power.” We are for sure not a superpower like the U.S., but if this middle power forms a strong alliance with the other middle powers of the world, our impact may exceed that of a superpower. I am extremely doubtful that Pierre Poilievre will be able to write or deliver a speech similarly powerful and substantial. Thank you prime minister, we are so proud of you.
Gloria Fung, Unionville, ON
How middle powers could impact the U.S. economy
As of November 2025, the top five holders of U.S. Treasury Securities were, in billions of U.S. dollars: Japan, $1,203; U.K. $889; China, $683; Belgium, $481; and Canada, $472. All others held $4,920.
NATO countries, including France; $378, Norway; $219, and Germany; $110, hold a total of at least $2,549 which is more than one quarter of all foreign held U.S. Treasury Securities.
There is already a trend for foreigners to reduce their already large U.S. Treasury holdings due to low-yield and increasing risk. If NATO countries, along with some non-NATO others, sold off their U.S. Treasury Securities in a co-ordinated response to aggressive action against Greenland, the risk of financing the increasing U.S. budget deficit would decrease incentive for foreigners to finance additional U.S. government borrowing.
The resulting higher U.S. interest rates and reduced government spending would have a major disruptive impact on the U.S. economy.
Mike Priaro, Calgary, AB
One can only hope that the momentum continues.
And since Trump is so fond of A.I., here is a video posted by a social media wag:
