Geopolitics with Frank McKenna

 In Episode 79, Frank welcomes back his friend and colleague Chris Krueger, Head of Global Macro Research for TD Securities and an expert on Washington politics, to discuss the upcoming US Midterm elections in November. Before digging in on US politics, Frank and Chris work through some recent developments around the globe including the Iran Peace Deal, the Trump-Meloni dispute and Keir Starmer's...

Frank and Peter found heaven in the May episode of Geopolitics with the marriage of a live audience for Episode 78 before a Jays game at the Rogers Center and a special guest appearance in the second half of this podcast by former Toronto Blue Jays President Paul Beeston to talk baseball.  Frank covers a wide range of topics in the first 30 minutes including his view on the wars in Iran and Ukrain...

Episode 77 covers a wide range of topics on the geopolitical landscape including the recent assassination attempt on President Trump, the implications on global energy markets of UAE's decision to exit OPEC and which person is leading Iran in negotiations with the United States. Frank discusses the stalemate and war of attrition that is the Russia-Ukraine conflict, which is a win for Ukraine and t...

In Episode 76, Frank ponders the potential outcomes of the War in Iran and its impact on other global geopolitical events. He believes that despite a wide bid-ask spread in peace negotiations between Iran and the US that the Trump Administration will find a peaceful end to hostilities in the near future. Complicating matters in this war are different goals for the two protagonists, The US and Isra...

What if Cuba became a territory of Canada? What if Justice Alito suddenly retired this summer? These are just two of Frank's more provocative thoughts in this month's episode of Geopolitics. Frank also addresses the "monumental" Supreme Court ruling on tariffs, Trump's pivot to Section 122 flat tariffs and Jameson Greer's suggestion that Canada needs to accept some tariff level as part of CUSMA ne...

Two weeks have passed since Frank last spoke to listeners. Since then, it has been chaos in global geopolitical circles, with Frank wondering whether some of this noise is meant to distract from issues the US Administration would prefer to take a back seat in the current news cycle. Trump's consistent musings about owning Greenland have become a major escalation of geopolitical risk, and Frank wor...

Episode 73 of Geopolitics is a special episode in which Frank discusses the implications for global geopolitics of the arrest of Venezuelan President Nicolas Maduro. Frank discusses backlash in Washington of the decision to arrest Maduro without Congressional authority, what it means for possible next moves for the United States as it flexes its military muscle in the Western Hemisphere for both V...

Episode 72 of Geopolitics is a mix of current events and predictions for 2026. Frank discusses the U.S.'s recently released National Security Strategy that some pundits believe is akin to the original Monroe Doctrine published following the American Revolution that aimed to establish U.S. dominance over the Western Hemisphere.  After praising outgoing Canadian Ambassador to the U.S. Kirsten Hillma...

Frank comes out on fire in Episode 71 when questioned on his recent travels to the Middle East, describing the region as hot, and clearly justifying the Prime Minister's recent outreach for partnerships with countries in the region. He summarizes thoughts on the recent COP 30 and the G20 Summits, as well as trade negotiations with the US and he highlights a sleeper issue in Canada, which is the gr...

Episode 70 of Geopolitics is a bonus episode taken from a panel at our recent Portfolio Management and Market Structure Conference. Frank McKenna is joined by his TD colleague The Honorable Rona Ambrose, Deputy Chairwoman, TD Securities, and former leader of the Conservative Party in Canada, for a discussion that includes the on again off again trade negotiations between Canada and the US and a re...

In Episode 69, Frank invites Chris Krueger, Strategist with TD Cowen's Washington Research Group, to join the pod to help navigate the fast-moving developments in Washington including the government work stoppage, Canada-US trade negotiations, and the postmortem of President Trump's recent Whitehouse meeting with Ukraine President Zelensky. Frank describes trade negotiations as slogging along give...

Frank comes to the September podcast taping in a somber mood, strange for someone who prides himself as the eternal optimist.  What has Frank in a mood? Well, he lists several issues with the current US Administration that has him questioning the United States's position as leader of the free world. Meanwhile he is very concerned about the prospect Trump triggers the shotgun clause on CUSMA wiping...

Frank is back after a month off with a lot to cover in the current Episode 67.  He starts with a review of Canada's handling of forest fires, an area where Canada is arguably a world leader, and what can be done in the new normal to mitigate risk of future forest fire growth.  Frank discusses the pros and cons of back to work legislation by the Federal Government used in the Air Canada flight atte...

Frank's focus during the June episode of Geopolitics was on analyzing the fluid situation in the Middle East following Israel's 12-day war with Iran and the US's decision to bomb Iran's nuclear facilities. Stepping back to the catalyst event for this war, Israel's Prime Minister Netanyahu's order to take out Iranian military leaders, Frank believes this decision is more about Netanyahu's political...

For the first time in four months of our podcast series, the focus of Frank's attention is not centered around tariffs. This month Frank starts with a detailed analysis of Prime Minister Carney's cabinet, a carefully constructed team of ministers balancing geographic, gender and ethnic interests from across the country. Frank addresses comments from Alberta's Premier Danielle Smith on separation,...

In Episode 64, Frank covers the Canadian election from top to bottom, including addressing unflattering comments about Canada as a country from the leader of the Bloc Quebecois and the Premier of Alberta. Frank addresses each of the major platform concerns of Western leaders as it relates to natural resource and pipeline development including Bill C69, the energy cap and industrial carbon tax.  He...

In Episode 63, the focus of discussions in on two main topics: new Prime Minister Mark Carney's early days at the helm of Canada, and tariffs. Frank discusses Carney's decision to travel to Europe before the US, a move that was criticized by Saskatchewan Premier Scott Moe, and the significant downsizing of the new Liberal cabinet, a move that was sure to hurt some feelings inside the caucus. Frank...

In Episode 62, Frank is joined by Chris Krueger of TD Cowen's Washington Research Group to discuss the first 30 days of the Trump Administration, and the on-going trade war with Canada. Chris outlines his biggest surprises to date, including the sheer torque of rulemaking from the executive branch - he figures his team in Washington undershot the runway when it suggested Trump 2.0 would be "all ga...

Episode 61 is a deep dive into Canadian politics. Frank starts by handicapping the Liberal leadership race to elect Canada's next Prime Minister, a leader whose first order of business will be filling the leadership vacuum in Ottawa as Canada fights back against tariff threats from President Trump. He reminds Canada's provincial leaders of the importance of putting aside regional differences in fa...

Episode 60 is dominated by recent events in Ottawa, a period Frank describes as the most chaotic in his lifetime. Frank first dissects the decision by Chrystia Freeland to resign from her post as Minister of Finance prior to delivering the Liberal Government's Fall Economic Statement. He then provides an update on next steps for the Liberal Party including his expectation that Prime Minister Trude...

Frank is back from a vacation in the Far East, and he is fired up to talk about the US Election and its implications for global geopolitics. We cover Trump's controversial cabinet picks. Frank is supportive of Marco Rubio as Secretary of State, and Rubio will have his hands full with very active global hot spots in Russia, China, and the Middle East. The conversation ends with the new US Administr...

In this special edition of Geopolitics, we check in on a post-election panel discussion at the 25th Annual TD Securities Portfolio Management and Market Structure Conference.  With Frank Mckenna out of the country, Geopolitics host Peter Haynes is  joined by The Honorable Rona Ambrose, Deputy Chairwoman of TD Securities and Chris Krueger, Geopolitics Expert at TD Cowen's The Washington Research Gr...

In Episode 57, Frank invites Chris Krueger, TD Cowen's Washington politics expert, to the podcast to discuss the upcoming November 5th US Election and key factors that will determine who wins the Presidential race.  Frank explains the importance of the election outcome to Canada, noting that if Trump is true to his word (and there is no reason to doubt him), then a Republican victory would lead to...

Episode 56 is a mostly Made in Canada geopolitical discussion. Frank covers the NDP decision to end its supply and confidence agreement with Prime Minister Trudeau and his Liberal Party, leading to speculation of a snap election soon in Canada.  Frank handicaps the three provincial elections in Canada in October in BC, Saskatchewan and his home province of New Brunswick where it is a close race di...

In Episode 55, Frank discusses Ukrainian tactics in its war with Russia, suggesting that the incursion into Russian territory and recent drone attacks are more than just bargaining chips.  Crossing back to North America, we discuss the on-going love in with the Harris-Walz ticket, and the importance of Trump vs Harris on September 10.  Frank downplays the significance of an RFK Jr defection to Tru...