The Trump Greenland Deal is a lot more than a rejig of the 1951 Agreement to grant the US more military and economic rights in Greenland. It goes far beyond that. It is a pretty significant building block in Trump’s Donroe Hemispheric Architecture and a major retreat by the EU and NATO. I had to assess it for a state relationship overnight. Here is that analysis. It is not going to move market needles today. But it is how coercion, even within Alliances, will be standard practice going forward. That means more global fragmentation and investment risk.