Matt Glassman on Greenland:

The Trump administration has never been fond of NATO, and there are problems with it. But many of those problems are creatures of its success. NATO is like a vaccine; it has worked so well at its core purpose that people now have trouble understanding why it is necessary to continue it. It’s insanely cheap at the price we pay; no one in 1935 would even believe it possible…

…I also doubt that Trump has any intention of a serious trade war over this. It almost seems like the perfect time to go long on a TACO trade. What I think Trump never accounts for is the cost of bluffs. This isn’t poker, where you play hard at the table and when you get up everyone is friends. The whole thing is endogenous, and every action colors every future relationship.¹