Mark Carney has proposed a “Canada Strong Fund” which will launch with a C$25 billion endowment focused on domestic infrastructure, part of a broader effort to reduce Canada’s reliance on the United States after tariffs have strained the economy. Canadians would also be able to invest their own savings in the fund. But with productivity declining for decades, it’s unclear how this initiative meaningfully addresses the country’s deeper growth challenges. At a moment of real urgency, the question remains whether this represents a serious step toward fixing Canada’s underlying economic problems.

Rudyard and Janice open the show with news of the Spring 2026 Munk mainstage debate: Be it resolved, don't go hunting monsters. A timely debate on competing interventionist and restraint-based approaches to foreign policy now contending for dominance in the halls of power. Rudyard and Janice move on to the Iran war and the shaky ceasefire that Trump has extended despite Iran's attacks on vessels in the Strait of Hormuz. With the Strait now closed, this has become an economic war and an endurance test: which country can withstand the pain longer? This is the single largest energy shock the modern world has ever seen that will bring about significant inflation. How will inflation further radicalize populist movements and destabilize governments around the globe? In the back half of the show Rudyard and Janice turn to upcoming trade talks between Canada and the US. PM Carney is warning Canadians that there is a bumpy road ahead and concessions will need to be made that will likely yield a scaled down agreement with a narrower scope. Rudyard suggests that despite Trump's animosity towards our country, Canadians would be wise to accept that our economic interest lies in a better trade relationship with the U.S. over diversification overseas. Carney should consider delaying any concessions until the midterms and restart negotiations in November with a politically weakened president.

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The historic Israel-Lebanon ceasefire announced this week is the result of a direct conversation between the President of Lebanon and the Prime Minister of Israel. And yet, this deal was brokered by the U.S. against the wishes of Bibi Netanyahu as it has impeded Israel's ability to push Hezbollah back from its border. Coupled with the halting of the Iran war - and being excluded from that negotiating table - the events of the past few weeks have resulted in a political and strategic defeat for Israel. What effect will this have on Netanyahu’s standing ahead of the next election in Israel? And are these unfavourable outcomes the result of growing daylight between Washington and Jerusalem? In the second half of the show Rudyard and Janice turn to Canadian domestic politics and the Liberals securing a majority rule via floor crossings and by-elections. Why are we seeing an unprecedented exodus of MPs to the Liberals? Is there something more going on behind the scenes? And how will this growing collapse of party loyalty and the bonds of party affiliation weaken our democracy?

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Thanks to recent floor crossings and last night's by-election, the Liberal Party now has a majority government and a 15 point favourability lead that has unnerved and divided the Conservatives. Should MPs be able to cross the floor at their will? Andrew argues that public officials crossing over from the opposition to the governing body should seek permission from their constituents. What is the fate and future of the NDP and Conservatives in this new political environment? Meanwhile the Liberals now have time to rebuild the party and Mark Carney, with the confidence of the country, has the latitude to decide what direction he wants to go in. Will the PM use this new majority and political capital to finally address Canada's major crises - productivity, overregulation, lack of competition - that past leaders chose to ignore?

Janice and Rudyard believe this war was a strategic defeat for the U.S. with Iran now in control of a chokepoint through which 25% of the world's energy flows. Is this the end of freedom of navigation in international waters? Iran is proposing a toll for passing through the Strait of Hormuz using cryptocurrency which could erode an important U.S. strategic chokepoint: the dollar's role as the world's reserve currency. Meanwhile America's major allies - NATO members, Asian countries and the Gulf States - have lost confidence in America's ability to protect them. How will China take advantage of America's strategic blunder? Can J.D. Vance use this conflict to advance his own political ambitions? And will the U.S. make serious concessions to Iran about tolls, sanctions, and enriched uranium? This week, geopolitics shifted beneath our feet—and it may mark the start of America’s decline.

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Can the fragile ceasefire between the U.S. and Iran hold? In the span of twenty-four hours Trump went from threatening to end their civilization to considering a joint venture to toll the Strait of Hormuz. America's inability to open the strait without a ceasefire is a confession of weakness, one that China will take advantage of. This war is a strategic defeat for the U.S., and Andrew believes we may look back at this affair as the beginning of the end for Pax Americana. In the second half of the show Rudyard and Andrew turn to domestic Canadian politics where longtime conservative MP Marilyn Gladu crossed the floor to the Liberals, bringing Mark Carney one seat closer to a majority government. Gladu is widely considered one of the most right-leaning of conservative MPs. How wide can this Liberal tent stretch before it collapses? And should voters have a say in whether their MPs leave the parties under which they were elected?

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While Trump made public statements this week about bringing the war to an end soon, there is significant troop movement in the Middle East suggesting the opposite. There is no telling what comes next, and there is no path to opening up the Strait of Hormuz without a huge escalation. Iran now has control over the Strait and who passes through, benefiting their allies and America's adversaries. Meanwhile higher energy prices won't go away when the war stops and if we get another dose of inflation - which tends to fuel political radicalization - can the centre hold? In the second half of the show Rudyard and Janice turn to the NDP and the election of Avi Lewis as the new party leader. He is moving the NDP further left, promising free public grocery stores and transportation. What is the appetite in Canada for this kind of hard-left politics? Can Lewis excite the public with the same energy that propelled Zohran Mamdani to victory in New York City? And are we underestimating the combination of Avi Lewis and his wife Naomi Klein as a powerful political force capable of reworking the NDP into a populist party?

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Rudyard and Andrew reflect on Trump's mixed messaging about the war with Iran. Troop deployment to the region would suggest he is escalating this conflict which could throw the world economy into a recession. What happens when Trump leaves office? Does America snap back to normalcy or does another Trump-like leader take his place? In the second half of the show Rudyard and Andrew turn to the NDP and their newly elected leader, Avi Lewis. Lewis's election signals the federal NDP has become a party that values identity politics over the working class and is uninterested in pragmatism or trying to reach power by gradual steps. Could Avi Lewis surprise us all and energize young people like Zohran Mamdani has done in New York City? And if so, what is the galvanizing issue on the left?

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Trump extended his deadline on striking Iran's power plants, but no one really knows if there is progress on peace talks. Mediators report a vibe that despite the rhetoric coming out of Iran there is interest in ending this war. Meanwhile Trump's public attempts to calm the markets won't work, and the economic damage from this conflict will last long after it concludes. Will Trump agree to any of Iran's demands, including sole Iranian control over the Strait of Hormuz? How will the Gulf States react to a rushed diplomatic solution? Janice worries that the outcome of this war will do the opposite of what was intended, with Iran sprinting towards a nuclear bomb to protect itself against future aggression. Both countries need to make a calculation: are the costs of continuing greater than the benefits of stopping the war?

The Trump administration finds itself in a trap. They can't declare victory and go home unless the Iranians agree to conclude this war, and the Iranians at this point have no incentive to strike a deal. Trump and the American public don't have the stomach for a long war, and thus Iran can win by not losing. How should Canada respond to Trump's provocations? Andrew believes there is a madman in the White House who wants to impose his will on us in various ways. The government in Ottawa needs to be planning for the various ways we will be facing highly unconventional tactics from this U.S. government. And if things really break down after the midterms, and America descends further down the path to dictatorship, there will be knockoff effects to neighbouring countries that Canada would be wise to prepare for.

Rudyard and Janice believe we have entered into a critcial moment in this war and it is playing out in the Strait of Hormuz. This conflict is now about energy: who controls the flow of energy and who can better withstand the pain of higher energy prices. We are going to see a turning point this week; if neither side is willing to back down, the only outcome in this story is escalation. Meanwhile U.S. marines are currently on their way to the region suggesting the U.S. might attempt to cut off Iran's capacity to export oil by taking over Kharg Island. How will China, a major consumer of Iranian oil, react to this provocation? Why is this good news for Russia? And will the inflation of oil prices reshape Donald Trump's prospects in the upcoming midterms?