The changing monetary order and the changing geopolitical order clearly came together at Davos and especially at the moment of President Trump's speech. President Trump's threats to impose trade war punishments and to use military war were red lines for European leaders that would have led them to respond with capital war actions on purchases of US assets, especially debt assets, and trade war tariff retaliation. President Trump's speech was a stepping back from crossing that red line. #wef26 #davos