Blain’s Morning Porridge 20th January 2026: One Year of Trump - The World Has Changed For The Worse“We didn’t force them. They gave us a mandate, and now their little throats are being cut!”It’s one year since Trump took office for a second time. It’s been dramatic. It’s been eventful – and it’s been destructive and destabilising. The winners are Putin and Xi. The losers are the West. But have we now reached peak-Trump? Europe is the key – the continent has to wake up to the coming opportunities. For a few short days all eyes will be on Davos. The great and the good will be assembled, looking splendidly casual in their multi-dollar winter gear – which will likely never be worn again. The town is full of AI firms offering unlimited riches from harnessing the power of their products and expertise. However, we all know that’s just noise. What we’re really waiting for is to hear what Trump says when he talks tomorrow. He is the Basileus and Autokrator of the World – at least in his own mind.Today is the one-year anniversary of Trump’s second term. He dominates the flow in a way no one has in my 40 plus career in markets. US Treasury Secretary Scott Bessant asserts Europe will fall into line, and give the President what he wants. European support for America has evaporated. A new poll published in Germany y’day shows less than 17% of Europeans now trust America. Ask why?American voters adore Trump. He shocks and revolts the rest of the world. Much as all the great and want-to-be dictators have done when they lever self-interest disguised as patriotism against the rest of the world. Last year I tried not to be overly dramatic when I warned Trump would be…. different. When he pushed away the proffered Lincoln Bible and took his oath of office with an empty hand (!), well, that was symbolic.We thought Trump’s agenda would be about retribution, and the acquisition of wealth and respect. We thought he’d become a blank page for the Libertarian-Right behind Project 25, which would enable the US to move down a completely different path – which he has. But Trump has also become increasingly erratic and attracted towards the power of autocracy. He has betrayed Ukraine, treated America’s enemies as equals, and dismissed his nation’s friends as beggars at his door.I’ll leave the final word to Randy Newman from way back in 1972 - Political ScienceYou can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠, and have it delivered fresh to your inbox every morning!

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