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Mark Carney Just Announced that the West Lost the Second Cold War

Entrepreneur and commentator Arnaud Bertrand lays out why Carney's Davos speech may prove to be one of the most important speeches made by any global leader in the last three decades.

Arnaud Bertrand's avatar
Arnaud Bertrand
Jan 22, 2026
∙ Paid

This essay was first published by Arnaud Bertrand on his Substack. Zeteo is republishing it with his permission.

Carney delivers a speech during the World Economic Forum (WEF) annual meeting in Davos on Jan. 20, 2026. Photo by Fabrice COFFRINI / AFP via Getty Images

Make no mistake, Canadian Prime Minister Mark Carney’s speech at Davos yesterday may prove to be one of THE most important speeches made by any global leader over the past 30 years.

This is the type of speech that will likely be remembered in history books centuries from now. I’m not exaggerating: it’s potentially this consequential.

I don’t say this out of any kind of fondness for the guy. In fact, I expected Carney, given his impeccable liberal establishment credentials, to be cut from the same cloth as most of his European counterparts. I thought we were going to get Trudeau 2.0, but I’m forced to admit that we’re instead getting something closer to De Gaulle with an Anglo-Québécois accent.

Carney’s speech revolves around Vaclav Havel’s famous shopkeeper analogy. Already this, in and of itself, says it all.

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