Mark Carney

In a time of democratic decline, we can show how rights can be protected and equal freedoms endure.

In a time of rising walls and thickening borders, we can demonstrate how a country can be both open and secure, welcoming and strong, principled and powerful.

In a time of democratic decline, we can show how rights can be protected and equal freedoms endure.

And in a time of rising walls and thickening borders, we can demonstrate how a country can be both open and secure, welcoming and strong, principled and powerful.

Direct.

We are in the midst of a rupture, not a transition.

Over the past two decades, a series of crises in finance, health, energy and geopolitics have laid bare the risks of extreme global integration.

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.

There.

Further clarification.

Let me be direct.

We are in the midst of a rupture, not a transition.

Great powers have begun using economic integration as weapons.

Tariffs as leverage.

Financial infrastructure as coercion.

Supply chains as vulnerabilities to be exploited.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions or whether instead monetary policy will be directed by political pressure or intimidation.

We understand that this rupture calls for more than adaptation.