Episode Details

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 Venezuelan neighbors but also Greenland and Canada. In addition, he ponders the potential that the Maduro move spawns global spheres of influence as the US implements its National Security Strategy (coined by President Trump as "the Donroe Document." For Canadians, Frank discusses implications of this geopolitical theatre for Canada's energy sector and whether a new pipeline to tidewater is more or less feasible today than last week and whether the prospect of growth in Venezuelan heavy oil production truly provides US leverage in upcoming CUSMA negotiations.

This podcast was recorded on January 7, 2026

Chapter Headings:

01:10 - The Capture of Maduro – US Motivation and Next Day Plans

06:38 - Trump Chooses Incumbent over Nobel Prize Winning Opponent

12:54 - Rebuilding Venezuela's Oil Infrastructure

17:32 - Spheres of Influence – Where Does Canada Stand?

29:54 - Sleeping With One Eye Open – Will Trump Follow Through on Saber Rattling?

37:38 - Mark Wiseman's Chops as Ambassador

39:18 - Implications for Canada's Energy Sector

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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