“But more recently, great powers have begun using economic integration as weapons. Tariffs as leverage. Financial infrastructure as coercion. Supply chains as vulnerabilities to be exploited.
“You cannot ‘live within the lie’ of mutual benefit through integration when integration becomes the source of your subordination.
“The multilateral institutions on which middle powers have relied — the WTO, the UN, the COP — the very architecture of collective problem solving, are under threat.
“And as a result, many countries are drawing the same conclusions — that they must develop greater strategic autonomy: in energy, food, critical minerals, in finance and supply chains.”
Throughout his speech, Carny admitted that the international rules are not perfect and are filled with issues but the current shifts indicate the world could be moving towards a more dire situation.
He noted that while it might look appealing, nationalism across the globe can create a ‘world of fortresses’ that are ultimately ‘poorer, more fragile and less sustainable.’
On social media, videos of Carney’s speech have already begun circulating with many offering up praise and commenting on the fact it received a standing ovation.
Journalist Carole Cadwalladr called the speech ‘one for the history books’.
Writer and British consultant and strategist Alastair Campbell said: “Standing ovation for @ MarkCarney at Davos. (Those do not happen often). Brutally honest assessment of the situation Trump is creating for the world.”
Wall Street Journal’s Mike Bird also encouraged people to read Carney’s speech in full.
The US President was full of praise when meeting with Canada’s new Prime Minister on the steps of the White House, however, that didn’t stop him from seemingly donning the hat of director.
