Coolly assessing that transactionalism is what landed Carney in Trump’s sights. Two things stood out to me about the speech that Carney gave at Davos last week. First, Carney’s speech used the word “hegemon” four times. He said the word “America” only once, and then only to specify “American hegemony.” This is who we are now to our northern neighbors: Not the America they once knew, or thought they knew, but “the hegemon.”