The Monocle Daily – January 19, 2026
Europe considers trade ‘bazooka’ against the US and Israel pushes back on Gaza ‘Board of Peace’
Host: Tom Edwards
Guests: Isabel Hilton, Somnath Bhatpial
Special Contributors: Andrew Muller (Nuuk, Greenland), Tyler Brûlé (Zurich), Carlotta Rebelo (Davos)
Episode Overview
In this episode, the Monocle Daily team delves into a tumultuous set of global stories: Europe’s consideration of a trade “bazooka” in response to US actions, rising tensions over Greenland and Arctic geopolitics, the fallout of the post-WWII order, Israel’s pushback against the new US ‘Gaza Board of Peace,’ and major shifts in global economic stability as the World Economic Forum convenes in Davos. The program spans on-the-ground impressions from Greenland, high-level European perspectives, and insightful analysis on the shifting sands of international law, economics, and diplomacy.
Key Discussion Points & Insights
1. Greenland in the Geopolitical Spotlight
Field report from Andrew Muller in Nuuk
- Atmosphere in Nuuk: The city feels tense, amplified by visible security at both ends of the main flight route and an influx of international media.
- “There are a lot of Greenlandic flags and posters saying ‘Greenland is not for sale’… at a protest at the weekend, about several thousand people turned up – and when only about 20,000 live in Nuuk, that’s half the capital.” (Andrew Muller, 04:04)
- Local Response: The sudden global attention is transforming community life and business in Nuuk, where half the population recently participated in anti-US protests.
- Economic & Social Impact: Andrew plans to visit retailers like BB Chemnitz, who have swiftly and stylishly incorporated protest motifs into local fashion, reflecting the intersection of politics and everyday life.
- “It is like isolating a particular suburb of London or Paris and deciding this will be the crux of a great global crisis.” (Andrew Muller, 07:58)
2. Europe's "Trade Bazooka" & Transatlantic Relations
European Perspective from Tyler Brûlé in Zurich
- European Unity at Stake: European leaders feel the urgency of presenting a united front amid rising US pressure and policy divergence, a view echoed at gatherings even outside political spheres, such as Milan Fashion Week.
- “This is a moment. If we do not stand up, who else… if our own ally can bulldoze us and shove us into a corner, what does that mean for everybody else?” (Tyler Brûlé, 05:46)
- Trump Era Volatility: Past assumptions that Trump would always "chicken out" are being questioned; few believe escalation will reach open conflict, but all sense deep distraction and risk from US unpredictability.
3. Arctic Resource Politics & Legal Complexity
Historical and Legal Context with Somnath Bhatpial & Isabel Hilton
- Ownership & Sovereignty: Reminder of Greenland’s legal status – belonging to Denmark (affirmed by international law in 1933), while the US retains military presence via a 1950s accord.
- "There’s no justifiable reason, except perhaps land and minerals, which Trump would be wanting." (Somnath, 15:58)
- Repeated US Interest: US interest in Greenland is not new, but recent tensions and Trump’s unpredictable moves highlight the fragility of postwar legal orders.
- “There’s a total breakdown of law and order post the Second World War. Whatever the Global North had set up, we see it at a precipice at this point of time.” (Somnath, 15:58)
- Chinese & Russian Arctic Ambitions: Although fears center on China and Russia’s Arctic designs, Isabel highlights that actual Chinese investment and presence in Greenland are negligible after US-Danish interventions.
- "Actually, the Chinese don’t have a foothold in Greenland… The Americans got to hear of it and shut that down." (Isabel Hilton, 17:55)
4. The ‘Board of Peace’ and Israel’s Rejection
- Trump’s Board of Peace: The US proposes a “Gaza Board of Peace” to govern Gaza, inviting global figures (including Putin) and asking countries for billion-dollar contributions, sparking skepticism and ridicule.
- “Putin on a Board of Peace is beyond parody, honestly.” (Isabel Hilton, 25:40)
- “$1 billion and you’re there for life.” (Somnath, 27:02)
- Israel’s Objection: Israel opposes both the process and the candidates. Critique of the initiative focuses on the exclusion of Palestinian voices and the transactional, almost farcical nature of roles and funding.
- “Not one Palestinian to decide. I mean, come on, this is the 21st century, not the 18th.” (Somnath, 27:23)
- “Trump is a transactional figure. Most of his transactions were pretty rubbish.” (Isabel Hilton, 28:04)
5. Global Economy: Dollar Weakness & Flight to Gold
- Collapse of Dollar Dominance: Central banks are increasing gold reserves amid falling confidence in the US dollar, due in part to Trump’s interference with the Federal Reserve.
- “Investors everywhere… want stability. Trump does not provide it.” (Somnath, 29:13)
- “People start looking around thinking, well, gosh, we’re vulnerable. Did the UK ever imagine it would be threatened with tariffs by the United States for defending Denmark against the United States? Unimaginable. But it’s happened.” (Isabel Hilton, 30:42)
- China’s Position: The Chinese government is moving away from US treasuries and setting up alternatives for international trade, increasing use of local currency swaps, and preparing for possible reserve freezes.
- No Obvious Alternatives: While the dollar’s share of reserves has dropped notably, no strong alternative has yet emerged.
6. The World Economic Forum in Davos
Report from Carlotta Rebelo, On-Site
- Record Attendance: Momentum is unusually high, driven by the presence of Trump and the largest US delegation ever, alongside nearly 1,000 CEOs and 64 heads of state.
- Business and Political Blending: WEF’s value remains in convening both business leaders and country representatives; side meetings and informal contacts are seen as especially vital this year.
- “I think that in the world as we are, given that the United States seems to be trying to destroy the United Nations and any other forum it doesn’t control, meetings like Davos will have a function….” (Isabel Hilton, 34:05)
- Controversial Guests: Putin’s envoy’s surprise attendance and the exclusion of Iran’s foreign minister highlight the ongoing diplomatic maneuvering.
- “Everyone is seeing this as Russia essentially crashing the meeting between the US and Ukraine.” (Carlotta Rebelo, 37:26)
Notable Quotes & Memorable Moments
-
On the scale of protest in Nuuk:
“Half the capital turned up.”
(Andrew Muller, 05:12) -
On European resolve:
“If we do not stand up, then who else?”
(Tyler Brûlé, 05:46) -
On the farcical nature of the Gaza Board of Peace:
“Putin on a board of peace is beyond parody, honestly.”
(Isabel Hilton, 25:40) -
On the transactional US approach to Gaza:
“$1 billion and you’re there for life.”
(Somnath, 27:02) -
On the fate of postwar order:
“Whatever the global north had set up, we see it at a precipice at this point of time.”
(Somnath, 15:58) -
On Russian interference and Trump:
“The only place I can hear champagne corks popping at this whole ridiculous episode is Moscow.”
(Isabel Hilton, 24:34) -
On the dollar vs. gold debate:
“Pax Americana has collapsed, there’s global discord and thus you see investors rushing to safer havens.”
(Somnath, 29:13) -
On the efficacy of Davos:
“Davos, I’m a huge cynic. I’m an old school Marxist. So, no, nothing is going to come out of Davos.”
(Somnath, 33:45) -
On maintaining diplomatic engagement:
“We have to keep talking.”
(Isabel Hilton, 34:05)
Timestamps for Key Segments
- 00:00–05:12: Field report from Nuuk and scale of protest
- 05:46–07:30: Europe’s response and trade “bazooka”
- 15:58–21:53: Arctic legalities, US-Denmark-Greenland, China & Russia’s Arctic strategies
- 25:40–28:04: Gaza Board of Peace, international skepticism
- 29:13–33:14: Dollar, gold, global economic tremors
- 34:05–37:26: Davos, diplomacy, and a record-setting year
- 37:26–39:48: Russian envoy surprises, Iran excluded, final reflections
Tone & Style
The conversation blends sharp reporting with dry wit and a world-weary realism about the perilous state of global order, consistently prodding at the logic (or illogic) of international developments. The panelists are candid, occasionally tongue-in-cheek, but return always to the necessity of scrutiny, skepticism, and dialogue.
This episode is a compelling, globe-spanning tour through the day’s critical stories—illuminating the stakes, providing historical context, and never shying away from the absurdity sometimes found at the heart of world affairs.