But while the stock market, which is firmly in the grip of A.I. fever, rapidly shrugged off the Greenland crisis, the value of the dollar continued to decline: by last Thursday, it had fallen about three per cent. To the uninitiated, this might not sound like a big move, but the market for dollars is highly liquid—millions of transactions are taking place at any given time—and sudden price jumps are rare. During the run-up to Davos, there wasn’t any big news about G.D.P. growth, interest rates, or other economic factors that influence currency traders. “The only thing that is new is that the U.S. President issued a military threat against a NATO ally and threatened new tariffs on other U.S. allies that are also big creditor countries to the U.S.,” Brad Setser, a senior fellow of international economics at the Council on Foreign Relations, told me. “A capricious U.S. President played the key role in triggering this—he set it off.”