Vol. IV, No. 81
Covering 12 January - 25 January 2026
Monday, January 26, 2026
Late edition · A Relentless publication
All the fortnight that mattered, in technology and in the world, read next to what we were building at the time.
DAVOS

The imperial presidency goes to the mountain, and lays out the program in full

At the World Economic Forum, before the assembled billionaires, the president sketched a doctrine without embarrassment: the oil of a seized Venezuela, a paid board to rule Gaza, a covetous eye on Greenland, and a war fleet steaming toward Iran. Empire as a business plan, pitched to its shareholders.

President Trump travelled to the World Economic Forum in Davos in the week of January 20 and used the gathering of the world's wealthiest and most powerful to lay out, without hedging, a governing doctrine that the events of the young year had already made visible: an America that takes what it wants and treats the taking as commerce. He spoke of the oil of the Venezuela whose president his forces had seized weeks earlier, promising to revive its industry with American companies. He detailed a plan for Gaza that had curdled from oversight into ownership: a board to govern the territory, which he would chair indefinitely, with veto power, and to which some thirty-five countries had agreed to sign on, at a price he set at a billion dollars for a permanent seat. He kept alive his designs on Greenland. And behind all of it steamed a convoy of military assets toward Iran, which he described as moving "just in case."

The doctrine, assembled from these pieces, is coherent and it is new, and Davos was the fitting place to unveil it, because it is empire reconceived as enterprise, conquest run as a business, the world's territories and resources treated as assets to be seized, monetised, and sold access to. A billion dollars for a seat on the board that governs a devastated Gaza; American oil companies in a conquered Venezuela; the machinery of the most powerful state on earth turned to the acquisition of resources and the sale of influence, pitched, appropriately, to a room full of the people who think in exactly those terms. The old empires at least draped their conquests in mission; this one presents them as deals, and presented them, this fortnight, to the shareholders, in a Swiss mountain town, as a going concern.

IN BRIEF

The files, the fleet, the storm

The Justice Department continued the court-ordered release of the Epstein files, millions of pages whose contents, suggesting the president's ties to the late financier ran deeper than he had admitted, sat awkwardly against his own campaign promise to release them. The Iran confrontation escalated by the day as the American convoy neared and Tehran, convulsed by economic protest and its own violent crackdown, braced for a blow. And a brutal winter storm across the United States killed at least thirty-four people, while a landslide in Niscemi, Italy, forced the evacuation of more than a thousand.

IN BRIEF

Markets weigh the spoils

Financial markets spent the fortnight trying to price a world remade by force: the implications of a reopened Venezuelan oil industry, the risk premium of a looming war with Iran, and the ever-growing bet on artificial intelligence that a rising chorus of sceptics warned had become a bubble. Oil traders in particular confronted the strange new calculus of an American foreign policy that treats petroleum reserves as objectives, and of a Middle East where the world's most important shipping lane might, within weeks, become a war zone.

The Column

The things that should not be for sale

The president unveiled a plan at Davos to rule Gaza through a board he would chair, with a seat costing a billion dollars. The horror is obvious. The precise thing that has gone wrong is worth naming, because it is a confusion our age makes everywhere: the belief that anything can be a market.

Among the doctrines the president laid out at Davos this fortnight, one detail deserves more than the passing horror it drew: the plan to govern the devastated territory of Gaza through a board he would chair, with a permanent seat available to any nation willing to pay a billion dollars. The horror is obvious and immediate. But the precise nature of what has gone wrong is worth naming carefully, because it is not merely one grotesque proposal; it is the sharpest possible instance of a confusion that our age commits everywhere, the belief that anything at all can be turned into a market, and that whatever can be priced may therefore be sold.

The philosopher Michael Sandel has spent years arguing against exactly this confusion, and his central distinction is the one the Gaza board obliterates. There are, Sandel insists, things that money can buy and things that money should not buy, and the reason is not that some goods are merely too expensive but that some goods are corrupted, changed into something lesser or something monstrous, by the very act of being put up for sale. A friendship that is purchased is not a friendship; a wedding toast written by a hired stranger and delivered as one's own is degraded by the payment; an honour that can be bought ceases to be an honour. The market, Sandel argues, is not a neutral instrument that can be applied to any good without altering it; for certain goods, pricing them is not a way of allocating them but a way of destroying what made them valuable, and a society that forgets this, that lets market thinking expand into every sphere until it treats all goods as commodities differing only in price, does not merely make some bad trades but loses its grip on the distinction between the things that may be sold and the things whose sale is a corruption. Governance, the authority to rule over human beings, to decide the fate of a people, is the paradigm case of a good that pricing destroys, because its entire legitimacy rests on its being held in trust for the governed, and a seat at the table where a people's fate is decided, sold for a billion dollars to whoever will pay, is not governance allocated by market but governance annihilated by it, converted from a trust into a commodity and thereby into a racket.

Let me put the counterargument that a certain hard-headed realism would press: that governance has always involved money and power, that the pretence of a pure separation between rule and interest is naive, that great powers have always bought influence and sold access, and that the Gaza board merely makes explicit a transactional reality that has always underlain international affairs, so that the horror is really just discomfort at seeing the machinery named. There is a sliver of truth in the realism, as there always is; power and money have never been cleanly separate. But Sandel's distinction survives the realism intact, because the point was never that the corruption never happened before but that it was understood as corruption, named as a violation of a norm that still held, and the Gaza board does something categorically worse than any covert influence-peddling: it openly reconstitutes governance as an explicit commodity, a published price for a seat, and in doing so it does not merely commit the old sin but abolishes the norm against which the old sin was a sin. The covert bribe pays tribute to the principle it violates by hiding; the published price list denies the principle exists.

And that is why the Gaza board is worth pausing on beyond its immediate horror, because it is the reductio of a confusion our whole age is prone to, the market logic that has crept, sphere by sphere, into domains that were once understood to be beyond price, until a civilisation fluent in putting a number on everything arrives, almost logically, at a price for ruling a captive people. Sandel's warning was that once you accept that everything can be a market, you have no principled place to stop, no ground on which to say that this good, unlike that one, is corrupted by sale, and the Gaza board is what the bottom of that slope looks like: governance itself, the fate of two million people, offered by the seat to the highest bidder, presented not with shame but with the confident vocabulary of the deal. The horror everyone felt at the proposal is the right response, and it is worth trusting, because it is the intuition Sandel spent his career defending, the intuition that some things are not for sale, and that a world which has lost the ability to say so has lost something more important than any single transaction: the very idea that there are goods whose value lies precisely in their being beyond the reach of the market. Gaza's governance was offered by the seat this fortnight. The horror is the last trace of the knowledge that it should never have had a price.

The Ledger
AI
The AI-capex surge toward $690 billion for 2026 continues to dominate the economy's foundations, even as the bubble debate intensifies. An administration monetising governance itself sits comfortably alongside an economy staking everything on a single unproven technological bet.
Data centers & power
The Venezuela oil objective and the AI build-out's power hunger converge: energy is now openly an objective of both foreign policy and industrial strategy, the substrate beneath the empire and the machine alike.
Rates
Markets price war risk, oil disruption, and AI concentration all at once; the Fed holds amid a volatility driven by force and doctrine rather than by any economic datum it can address.
Real estate
US 30-year mortgage steady near 6.1 percent; the domestic market oddly becalmed as the administration remakes the world by force abroad.
India tech
The Gaza board's pay-to-govern model, and the open turn to resource conquest, sharpen India's strategic calculus: a world where power is nakedly for sale and the strong seize the weak is one where non-alignment and self-reliance look less like caution than foresight.
What we called wrong
Nothing to retract. The Davos doctrine confirms this paper's long argument that the fusion of business and state would end in the treatment of public power as private property; the Gaza board is that argument made into a price list.
The Back Page

The mountain and the fleet

There is an old and useful image in the gathering at Davos: the powerful of the world, assembled in comfort on a mountain, discussing the fate of everyone below. This fortnight the image acquired a sharper edge, because while the billionaires and presidents talked in the Swiss cold, a war fleet steamed toward Iran, an oil nation lay conquered in the hemisphere, and a plan was unveiled to sell seats on the governance of a starved and shattered Gaza. The forum styles itself as a place where the powerful gather to solve the world's problems, and perhaps some who attend believe it. But watched from below, from the parts of the world that are the objects rather than the authors of the doctrines announced there, Davos this fortnight looked like something older and less flattering: a council of the strong, on a mountain, apportioning the earth, pricing its territories, and steaming its fleets toward the next acquisition, while the people whose lands and lives were being discussed were not in the room and were not asked. The forum will issue its communiqués about inclusion and sustainability and the future of work. The fleet will reach Iran. Both are true, and only one of them is the point, and the people below, who are not invited to the mountain, understand which.