Written by Luca Salvemini
No. 172 - July 21, 2026
In the first installment I reconstructed how the alliance between Europe and America began to crack, and the flattery diplomacy that held it together up to the breaking point.
I closed on a question the Wall Street Journal‘s reporting poses without resolving: is Trump’s hostility a parenthesis tied to the man, or the new American normal.
This second installment answers it, and the answer comes from an unexpected figure.
Not a sovereigntist, not a career anti-American, but a former governor of two central banks, the very embodiment of the global elite Trump had campaigned against: Mark Carney.
His thesis was not born in 2026, in the panic of a European Council chamber. It was born in 2019, in a technical speech on the fragility of the dollar system. And if he is right, then the entire European debate is watching the wrong figure.
The personal reading blames the man. The structural reading asks what remains once the man is gone.
This edition lays out the facts of the Greenland crisis and the Euro-Canadian decoupling campaign, and then shows why the second reading is the one that counts.
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