Print the page
Increase font size
From Athens with Contempt

Posted September 28, 2026

Sean Ring

By Sean Ring

From Athens with Contempt

Do you have any idea what a foul mood it puts me in to agree with that neocon chickenhawk Bill Kristol first thing on a Monday morning?

Bill Kristol Tweet

Still, a broken clock is right twice a day.

So what was old Bill moaning about?

Dinner in Athens

Last Friday, The Wall Street Journal reported a story from a private dinner in Athens back in March.

Greek and American officials sat at the table. America’s ambassador to Greece, Kimberly Guilfoyle, was there, as was Stavros Papastavrou, Greece's energy minister.

Talk turned to Romania, where Prime Minister Ilie Bolojan’s government was wobbling. According to one guest and others briefed on the exchange, Guilfoyle said, “We can do that to any country we want. We can do that here.”

“Here,” of course, meant Greece.

Red hot at the implied threat, Papastavrou shot back that America can’t replace a government the Greek people elected.

In May, Bolojan's government fell. The no-confidence vote drew 281 lawmakers.

Now, let’s first be fair. Guilfoyle’s lawyer disputed the account. The quote had rested on one guest and some secondhand retellings. Of course, Romania’s government had plenty of homegrown enemies. Bolojan pushed hard austerity, and the Social Democrats had allegedly walked out of his coalition over it.

Nobody has shown that DC pulled the trigger, though no one ever can.

But a boast like that does its damage whether it’s true or not. What matters is who heard it.

Except, it seems that it’s true. Because this morning on X, someone posted a video showing Guilfoyle meeting with Romania’s Social Democratic Party in a Bucharest hotel on March 31, 2026. (Why a US ambassador to Greece meeting with Romanian politicians in Bucharest is another question… or is it?)

Daractenus Tweet Credit: @Daractenus

So the meeting was about forcing a European country to buy overpriced American energy, economic coercion at its finest.

But since Europe can’t admit it was plain wrong about Russia (yet), and it can’t say no to a dying superpower chucking haymakers, some of those countries, like Italy, have seen France’s relative energy independence and smartly decided to restart their nuclear programs. 

But that’s a column for another day.

This one is about why it’s not at all surprising the Global South is actively cheering for China to take over the world’s hegemony reins.

Ancient History, Modern Application

The Greeks have heard this speech before.

Last time, the speaker was an Athenian, in 416 BC. Athens had the strongest navy on earth, and it wanted the small island of Melos to join its empire. The Melians wanted to stay neutral.

The Athenian envoys didn’t bother with diplomatic niceties. Thucydides records their answer, and it’s the most accurate assessment of power ever written.

The strong do what they can, and the weak suffer what they must.

Melos refused. Then Athens took the island, killed all the men, and sold all the women and children into slavery.

The next year, Athens sailed for Sicily. Two years later, nearly that entire expeditionary force lay dead or was captured. The war turned, and the empire never recovered.

The Greeks have a word for the swagger that comes before that kind of fall: hubris.

The Melian Mistake

When a great power says out loud what everyone already suspects, the mask of beneficence slips. Lack of subtlety isn’t merely a diplomatic faux pas. Hubris invites enmity, jealousy, and an eagerness to find alternatives. That’s why we cheer for underdogs in sports matches.

The Athenians didn’t lose because of their behavior towards Melos. God knows empires are cruel all the time. Athens lost because they sent every neutral city in the Greek world a message about the worth of Athenian friendship. When the Sicily expedition came, too few of those cities wanted Athens to win.

Guilfoyle, who only has an ambassadorship because she’s Don Junior’s ex-squeeze, didn't just talk to one Greek minister at dinner. She spoke to every government official worldwide.

Those folks have much longer memories and historical understanding than the average American doomscroller.

They remember Iran in 1953, when the CIA toppled an elected prime minister. They remember Guatemala in 1954. The Greeks remember 1967, when the colonels seized power, and DC looked the other way. President Clinton admitted as much in Athens in 1999, when he said America had put its Cold War interests ahead of its duty to support Greek freedom.

Clinton’s admission had earned goodwill because it told the Greeks that Americans had learned something.

A threat delivered at a dinner table from an unqualified diplomat to a proud Greek pisses that goodwill up a wall. 

Why the World Roots for China

The 2026 Democracy Perception Index surveyed over 94,000 people in 98 countries. America’s net rating fell to -16. Two years ago, it was +22. China sits at +7. Russia sits at -11. For the first time in the survey’s history, the world views America more darkly than Russia.

Don’t blame that on marketing or bots.

But why China?

Beijing isn’t kind. Just ask Hong Kong, the Tibetans, or the Sri Lankans who handed over a port when their loans went bad. I suspect we’ll be adding Taiwan to the list soon.

It’s because Beijing sells one product the Global South craves: the CCP says it won’t touch their governments. Non-interference has been China’s pitch since 1954. It’s a sales slogan more than a moral principle, but it works.

Remember how a ruler of a poor country stays in power. He keeps a small circle of generals, bankers, and party bosses happy. That circle is his whole world.

Now picture two suitors at his door. One brings loans and asks no questions. The other brings loans and hints he could replace you.

I ask you: Who is that ruler incentivized to deal with?

Soft Power Seed Corn

Trust is soft capital.

Like hard capital, it takes decades to build and moments to ruin.

America built its trust the hard way. The Truman Doctrine of 1947 kept Greece free when communists came for it. The Marshall Plan rebuilt a continent that had tried to kill itself. Nations followed America because they wanted what it had. Or, more importantly, they wanted to be like America.

That’s real power.

Pope Gregory the Great called pride “the queen of all vices.” Every other sin grows from it. Nations aren’t exempt. Unfortunately, pride feels more like brute strength than one of the seven deadly sins.

So how much does the rest of the world trust the USG right now?

The world’s central banks have bought more than 1,000 tons of gold in each of 2022, 2023, and 2024, a record run. The World Gold Council (WGC) forecasts total central bank purchases for 2026 to fall between 650 tons to 850 tons.

pub

Considering the annual average purchase from 2010 to 2021 was only 473 tons, I’d say trust has dropped considerably.

Fearing the long arm of The Swamp, governments want the one asset no US politician could freeze.

Wrap Up

Ambassadors come and go. Most of them are forgotten, like Guilfoyle will surely be. Athens outlived Melos, and Greece outlived the colonels.

America will outlive one careless remark at a private dinner. It still has the deepest markets and the best companies. America can rebuild trust faster than anyone, but only once it stops spending it on mic drops.

The Greeks at that table weren’t impressed, because they’ve read Thucydides. They knew how the story ends.

Real strength never has to announce itself. It’s humble.

Have a great week.

The Lost Round Trip

The Lost Round Trip

Posted September 25, 2026

By Sean Ring

In 1884, a dollar bought roughly what it had bought before the Civil War. Try imagining that today: twenty years after a 75% inflationary surge, the price level had retraced the entire move. America once had inflation that went away.
The Hunt for Red November

The Hunt for Red November

Posted September 24, 2026

By Sean Ring

The most dangerous voter in American politics this November may be the Republican who does absolutely nothing. He doesn’t have to switch parties. He doesn’t have to put a Mamdani sign on his lawn, discover a sudden enthusiasm for socialism, or start watching MSNBC. He merely has to stay home. And the first bits of election data suggest quite a few of them may be thinking about doing exactly that.
The Straits Strangle

The Straits Strangle

Posted September 23, 2026

By Sean Ring

Two superpowers guard the gate. The Houthis hold the key.
The Price Behind the Price

The Price Behind the Price

Posted September 22, 2026

By Jim Rickards

Oil at $105 is bad enough. The trouble is that $105 is the price everyone can see. If you actually need physical crude delivered to a refinery, the market is telling a nastier story. Cargo premiums are rising, diesel has traded at the equivalent of roughly $180 a barrel, and crack spreads have blown out to extraordinary levels. The Iran war’s economic damage was delayed by reserves, rerouting and extra production. It wasn’t avoided. Now the price behind the price is starting to hit home.
Baptists, Bootleggers, and Bots

Baptists, Bootleggers, and Bots

Posted September 21, 2026

By Sean Ring

Bruce Yandle’s Baptists wanted to save your soul. His bootleggers wanted to save their margins. Forty years later, Silicon Valley has rebuilt the arrangement for artificial intelligence: the safety crowd supplies the sermon, Big Tech collects the profits, and DC builds the moat.
A Squeeze, Refined

A Squeeze, Refined

Posted September 18, 2026

By Matt Badiali

America can pump record amounts of oil and still get crushed by gasoline prices. That sounds contradictory until you remember one inconvenient fact: you can’t pour crude oil into a Ford’s gas tank. The real shortage is increasingly happening one step downstream.