4.6 • 949 Ratings
🗓️ 28 August 2025
⏱️ 42 minutes
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"Golden shares” at home, grand bargains abroad. In this episode, Cato scholars weigh Trump’s push for equity stakes in U.S. firms under the CHIPS Act and his effort to strike a quick deal with Putin on Ukraine. What does state capitalism at home mean for American liberty—and can deal-making diplomacy abroad actually end the U.S. entanglement in Ukraine?
Featuring Ryan Bourne, Gene Healy, Norbert Michel, and Justin Logan
Scott Lincicome, “The government’s Intel stake is antithetical to American greatness”
https://www.washingtonpost.com/opinions/2025/08/24/trump-intel-government-marketplace/
Justin (and Dan Caldwell) on security guarantees: https://thefederalist.com/2025/08/26/if-ukraine-wants-security-guarantees-it-should-get-them-from-europe/
Ryan Bourne, “Trump’s cronyism is quietly unravelling American capitalism,”
Ryan Bourne, Industrial Policy was the Gateway Drug to Cronyism
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| 0:00.0 | Could that, could we use that? |
| 0:01.2 | That was Lenin, right? |
| 0:03.5 | The worst, the better. |
| 0:05.2 | Yeah. |
| 0:05.8 | Acceleration is here on the podcast. |
| 0:07.5 | We can start doing these in the afternoons, guys. |
| 0:10.7 | It's just tough for this gallous humor. |
| 0:13.8 | Welcome to the Cato podcast. |
| 0:15.4 | I'm Ryan Bourne, Cato's R. Evan Scharf chair for the public understanding of economics. |
| 0:19.6 | With me today is our senior VP for Policy and all-round expert on the uses and abuses of executive power. Gene Healy. Good to be here. And we're joined by two colleagues. Norbert Michelle is Cato's Money and Finance Guy. And the author of the recent book, Crushing Capitalism, How Populous Policies Are Threat threatening the American dream. Good morning. |
| 0:38.6 | And we're rejoined by our defense and foreign affairs supremo Justin Logan, who as ever is here |
| 0:43.4 | to puncture our wishful thinking with a healthy dose of foreign policy realism. Thanks for that |
| 0:48.8 | intro. The U.S. will never be a socialist country. Not my words, but those of President Trump back in |
| 0:54.9 | 2019. Well, what is taking ownership stakes in American companies, if not the government |
| 0:59.8 | owning the means of production? We'll discuss the president's long, hot summer of arm-twisting |
| 1:05.1 | and deal-making with the country's business community, and ask, if not socialism, are we |
| 1:09.8 | heading for state capitalism? |
| 1:11.9 | And speaking of deals, any agreement between Ukraine and Russia to end the ongoing war there |
| 1:16.0 | still looks a long way off, despite the recent Alaska summit between Donald Trump and |
| 1:20.5 | Vladimir Putin. We'll explore whether that meeting and the subsequent gathering of European |
| 1:25.5 | and NATO leaders in Washington really changed |
| 1:28.3 | anything and made further U.S. involvement in the conflict more or less likely. But why don't we |
... |
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