Everybody's Business — "Why the US May (Eventually) Get Greenland"

Podcast: Everybody's Business
Hosts: Max Chafkin & Stacey Vanek Smith (Bloomberg & iHeartPodcasts)
Date: January 23, 2026

Episode Overview

In this lively episode, hosts Max Chafkin and Stacey Vanek Smith dive into the unexpected center-stage role Greenland played at the World Economic Forum in Davos, Switzerland. Following President Trump's headline-grabbing remarks about acquiring Greenland, the hosts unpack the speech's world-altering undertones with renowned Harvard economist Ken Rogoff. They discuss the geopolitics of Greenland, the history of U.S. interest in the island, reactions from world leaders, and the feasibility of “getting Greenland.” Later, fashion columnist Derek Guy joins to explore how America might restore its garment industry and offers tongue-in-cheek Davos fashion critiques. The episode wraps up with a look at Lululemon’s latest “see-through pants” controversy, tying global affairs, business, and culture together in Bloomberg's signature style.

Key Discussion Points and Insights

1. Davos Dispatch & Trump’s Greenland Speech

(01:11 - 07:36)

• Stacey reports live from Davos:

  • Atmosphere is charged, with global business and political elites anxiously awaiting President Trump’s highly anticipated speech.
  • The big headline: Trump's repeated threats regarding Greenland had global leaders on edge.

• Trump’s speech dissected:

  • Trump spends the first 20 minutes discussing U.S. energy and economic achievements.
  • The mood in the room shifts when Greenland comes up, with tension and silence as Trump declares the U.S. will not attack Greenland.
    • “He said it a bunch of times, and there was like... People sighed and gasped.” — Stacey (04:30)
  • However, Trump issues an ultimatum: “You can say yes, and we will be very appreciative, or you can say no, and we will remember.” (05:34)

• Immediate reactions:

  • While some relief follows Trump’s assurance against military action, his words have an "or else" threatening undertone.
  • Trump later claims on social media that a new agreement for Greenland has been reached, though details remain unclear—raising questions about whether the episode was showmanship or genuine policy.
  • The event exposes deep anxiety about the stability of the world order among Davos attendees.

2. Greenland in Global Context — Interview with Ken Rogoff

(07:46 - 19:19)

Davos Mood & European Outrage

• Ken Rogoff shares perspective:
  • Trump’s performance polarized the audience.
    • “The general reception was very frosty. I can't even describe it ... when he left, the audience sat muted, clapping ... I've never seen a world leader not get a standing ovation when they walk out of the room.” — Ken Rogoff (09:29)
  • European leaders are particularly angered—feeling betrayed by a U.S. ally.

History & Geopolitics of Greenland

• Why Greenland?

  • The U.S. has a longstanding interest—Truman once offered to buy it post-WWII.
  • Greenland’s strategic value will only increase as climate change opens new Arctic routes.

• Is U.S. control inevitable?

  • Rogoff asserts many scholars foresee Greenland eventually coming under U.S. sway.
    • “Within your lifetime, Greenland will be part of the United States. That's what I would say.” — Ken Rogoff (17:27)
  • Trump's real estate instincts aside, the argument is rooted in both geography and security.

• European anger explained:

  • Denmark’s sense of betrayal after years as a steadfast U.S. partner, particularly after involvement in Afghanistan and standing by the U.S. in global crises.

Trade Leverage and Attention-Grabbing Politics

• The so-called “trade bazooka:”

  • Trump threatened tariffs on European nations seen as “hostile.”
  • Rogoff notes Europe's retaliatory options are limited and the U.S. holds “escalation dominance.”
    • “I think the US has what we would call escalation dominance. I mean, there's more stuff we can do to them than they can do to us.” — Ken Rogoff (16:04)
  • The Greenland uproar diverted attention from other issues (Ukraine, Epstein case), demonstrating Trump’s mastery at controlling the conversation.

• Public reception:

  • The American public seems largely uninterested or skeptical; even many Trump supporters wish he’d focus on domestic concerns.

A (Not So) Wild Futuristic Prediction

• Rogoff’s take:
  • Acquisition may happen not by force, but through negotiation or as part of a larger world order shift.
  • The argument: the world is not static; borders and sovereignty can shift for strategic reasons.

3. The Reality of American Manufacturing – with Derek Guy

(22:18 - 36:46)

Can the U.S. Restore Its Fashion Industry?

• Trump's manufacturing ambitions:

  • Current approach relies on tariffs and immigration enforcement; lacks focus on cultivating high-value craftsmanship.

• Lessons from Italy, France, Japan:

  • These post-industrial economies retain robust garment sectors by emphasizing quality, government support, and export of luxury goods.

• Practical hurdles for the U.S.:

  • U.S. historically hasn’t supported its garment industry with subsidies or industrial policy.
  • Example: Closure of Cone Mills (North Carolina), the last major selvage denim producer, signified a lost opportunity.

• Protectionism vs. Luxury Manufacturing:

  • Raising tariffs is counterproductive; American fashion needs access to global high-end inputs and export markets.
    • “Other countries have agency... When we raise tariffs... those countries can also raise tariffs which make it prohibitive for US companies to access those markets.” — Derek Guy (30:23)

Brand Perception and Global Appeal

• American style as an export:

  • U.S.-born styles are often profit centers overseas, but foreign consumers' enthusiasm wanes with U.S. political bullying.

• Politics & demand for American goods:

  • "As The US has turned into a kind of more anxious, protectionist and almost kind of a bully like nation that turns foreign consumers off...customers come into their store and say, we don't want to buy American made goods anymore. And that's because of Trump's behavior.” — Derek Guy (31:51)

Davos Fashion: The Hot (and Not) of Global Elite Style

(33:00 - 36:46)

• The hosts and Derek Guy riff on the sartorial choices of global leaders at Davos:
  • Javier Milei’s sport jacket over fleeces: modern, pragmatic, “not the worst thing in the world.”
  • Nicolas Forecier’s parka: “chic” but not as classic as tailored overcoats.
  • Elon Musk’s graphic T-shirt and suit: would be improved by better basics and less casual choices.

4. Underrated Story of the Week: Lululemon, Again

(39:43 - 43:45)

• Lululemon’s sheer leggings saga returns:
  • The company pauses online sales of “squat proof” leggings due to transparency issues. This is a repeat of a 12-year-old scandal.
  • Lululemon’s stock has dropped dramatically, squeezed by both low-end and luxury competitors and now facing renewed quality questions.
  • Max and Stacey lampoon the saga, noting: “I just don’t understand how. How this happens. Like, don’t... it just seems like that is an important thing that you and your R and D lab would want to check that. Do the pants work?” — Max (41:50)

Notable Quotes & Memorable Moments

“Within your lifetime, Greenland will be part of the United States. That's what I would say.”
— Ken Rogoff (17:27)

“The general reception was very frosty. I can't even describe it...when he left, the audience sat muted, clapping...I've never seen a world leader not get a standing ovation.”
— Ken Rogoff (09:29)

“It does have that feel of a kind of...mafia boss or something making a veiled threat.”
— Max Chafkin on Trump’s “or else” Greenland ultimatum (05:39)

“Other countries have agency... those countries can also raise tariffs which make it prohibitive for US companies to access those markets.”
— Derek Guy (30:23)

“As The US has turned into a kind of more anxious, protectionist and almost kind of a bully like nation that turns foreign consumers off...customers come into their store and say, we don't want to buy American made goods anymore. And that's because of Trump's behavior.”
— Derek Guy (31:51)

“Instead of crash test dummies, you need, like, squat...squat pant dummies.”
— Stacey Vanek Smith, on the Lululemon leggings saga (42:07)

Timestamps for Important Segments

• Trump’s Davos Speech Recap — 01:11-07:36
• Ken Rogoff Interview: U.S. and Greenland — 07:46-19:19
• Derek Guy on Fashion Manufacturing and Perception — 22:18-36:46
• Davos Fashion Rundown — 33:00-36:46
• Lululemon See-Through Leggings Return — 39:43-43:45

Tone and Style

Conversational, witty, and occasionally irreverent, Max and Stacey keep insider business and political analysis approachable and engaging. Guests Ken Rogoff and Derek Guy match the blend of intellectual rigor and humor, providing clarity without losing nuance.

Summary Takeaway

This episode entertains and informs with its breakdown of the latest in global economic theater—from Trump’s Greenland gambit and its serious historical echoes, to the future of American manufacturing and even the latest in business fashion. At the heart is a clear-eyed message: world affairs aren’t static, public perception matters, and sometimes the sheerest business stories make the biggest headlines.