We were interviewed by former Tobis Fellow writer Scott Douglas Jacobsen, our 2nd interview in this Canadian Capital Forum series!

In a recent interview with A Further Inquiry and former Tobis Fellow writer Scott Jacobsen—”Canadian Capital Forum 2: Canada’s ERA, NATO 2%, F-35, and Ukraine“—I had the chance to discuss how Canada is exporting financial engineering as foreign policy and what that means for Ukraine, NATO, and global investors.

“Michael Ashley Schulman CFA, Chief Investment Officer of Running Point Capital Advisors, offers expert insight into current global financial dynamics….macroeconomic trends, US fiscal policy, and the global tech landscape.”

This is our 2nd interview in this new series!

Here’s a quick breakdown of what I said👇
🧊 ON USING FROZEN RUSSIAN ASSETS TO FUND UKRAINE
“Canada’s not just backing it, they practically dropped the demo track.”
“It’s like letting Moscow fund the tour bus for Zelensky’s comeback tour.”🎶
—>> Canada’s ERA initiative is now a model for the EU’s reparations loan, turning immobilized Russian assets into cash flow for Ukraine without raising domestic taxes. Smart, strategic, and scalable.

💰 ON WHAT THE ERA REALLY IS
“The ERA is the G7’s financing hack where interest earned on immobilized Russian sovereign assets is used to pay back long-term loans to Ukraine.”
“It’s like weaponizing compound interest, but politely.”
“…it lets Canada support Ukraine without running deficits, unless….”

🛡 ON NATO SPENDING TARGETS
“Flat targets invite wasteful midnight shopping sprees; governments should buy readiness, not end-year cart-stuffing.”
“You want efficiency rather than just performative spend, call it defence Ozempic.”
“The real problem isn’t the number, it’s the number’s simplicity. GDP is a moody thing.”
—>> Yes, Canada says it’s hitting the 2% target, but that number hides more than it reveals.

✈️ ON F-35 COST OVERRUNS
“Yeah, Canada’s Auditor General put a large spotlight on cost growth, ughhh! It is roughly 50% above the original sticker,….”
“Switching jets mid-race buys chaos; staying the course is the cheaper delay.”
“Expect outlays… to keep climbing like a Drake track on release day.”
—>> Interoperability with NORAD and NATO means Canada isn’t jumping off the F-35 train—no matter the price tag.

🎖 ON CHRYSTIA FREELAND’S NEW ROLE AS UKRAINE ENVOY
“This consolidates trade, defence, reconstruction, and sanctions policy under one operator.”
“The move centralizes Canada’s Ukraine policy, creating a single deal desk for reporting to the PM, rather than a four‑department conga line.”
“Freeland is essentially Canada’s CFO and field general for Ukraine strategy.”

🧠 ON THE BIGGER PICTURE
“Canada’s playing bigger than it looks on paper.”
“…, it’s exporting financial engineering as foreign policy.”
“…fight smarter, not harder, with money as its main munition.”

READ THE ENTIRE INTERVIEW FOR FULL THOUGHTS & COMMENTS

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