As usual, we find that the adage “follow the money” explains everything. Yesterday in Davos, Donald Trump went off script and waffled about “Iceland costing us money,” meaning Greenland. Except Karoline Leavitt ran to her boss’s aide and said, no, he meant Iceland because Greenland has a lot of ice. (?!) In any event, you saw Trump TACO out of his aggression towards Greenland because of some great deal. There is no new deal. But first listen to how the head of NATO glazes Trump because that’s what the adults in the world do these days, is placate the angry Trump child so he doesn’t act out even worse.
NATO Secretary-General Mark Rutte to Trump:
One thing I heard you say yesterday and today is that you were not absolutely sure the Europeans would come to the rescue of the U.S. if it were attacked. Let me tell you, they will.
They did in Afghanistan. For every two Americans… pic.twitter.com/w4cb2B8PZD
— Republicans against Trump (@RpsAgainstTrump) January 21, 2026
Here is the plain and simple reality of what really went on yesterday at Davos. Europe holds a lot of American debt. If they started selling off that debt, bonds in particular, that could and would wreck the American economy. So once Trump was presented with that simple fact, he backed down.
There is no new “deal” with Greenland. The same deal that has been in effect since 1951 is in effect right now, today. But of course Trump had to save face and look good, as if that’s even remotely possible.
But all’s well that ends well. The adults know the truth, Trump has been backed down but with the powers that be telling him how great he is; so for the moment all is calm.
He came away with a concept of a framework of a deal. Sounds like his health plan, yes? This episode has been a rude awaking for Europe and NATO members alike: how easily the world order can be overturned by one nut job who gets his hands on the levers of power.
I think you nailed it with the “follow the money,” Ursula. In a recent video, Max at UNFTR showed a chart of US Treasury debt holders (see below). If you add up the European countries including the UK, they come out on top. That may have left a deep impression on the wannabe emperor of the western hemisphere. Max also highlights the Cayman funny money connection, where it seems hedge funds of unknown provenance now hold a very large chunk of Treasury debt. Some of these funds may be laundering dirty money.
US_Debt_Holders