Marketplace Morning Report — “Economic power as a cudgel”

Date: January 23, 2026
Host: Sabri Benishour (in for David Brancaccio)
Guests/Featured Experts: Nova Safo, Cal Raustiala, Liliana Rojas Suarez, Shige Oishi, Wendy De la Rosa, New Yorkers on the street, Rima Reis

Episode Overview

This episode spotlights how global economic power is increasingly wielded as a weapon in international relations, especially in the context of U.S. policy shifts and evolving alliances. It recaps the major outcomes of the World Economic Forum in Davos, touching on mounting tensions between the U.S. and its allies, and provides updates on TikTok’s ongoing drama and the state of inflation and financial security for everyday Americans.

Key Discussion Points & Insights

1. Davos, U.S.-Europe Tensions, and the “Greenland” Incident

[01:31 – 02:48]

• Opening: The Davos summit closes amid heightened transatlantic tensions, ignited by President Trump’s confrontational stance on Greenland.
  • Sabri Benishour: “…Davos settled something else: that they [European allies] can no longer see the US as a reliable partner and that they need to look elsewhere.” [01:31]
• Prime Minister Mark Carney’s speech:
  • Urged middle powers (like Canada) to band together amidst the global rupture of old alliances.
  • Called out the use of economic integration as a weapon:

    “Great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited.” — Mark Carney [02:23]

  • Received a rare standing ovation at Davos — highlighting the seriousness of the moment.
• Analysis from Experts:
  • Cal Raustiala: Carney’s remarks tap into wide frustration with “erratic policies from the Trump administration.”
  • Greenland dispute is “more than just tariffs”; it’s about using economic power to demand territory from an ally — a new level of economic-cum-political pressure. [02:59 – 03:06]
  • Liliana Rojas Suarez (Center for Global Development): U.S. economic power showing signs of waning.

    “Holdings of gold by central banks around the world is now larger than holdings of US Dollar. That is something that has not happened in many, many years…” — Liliana Rojas Suarez [03:23]

  • Canada and other U.S. allies are pivoting, as seen in Canada’s new trade deal with China, cutting certain tariffs without U.S. participation.

2. TikTok’s Fate in the U.S.

[03:53 – 04:41]

• TikTok’s U.S. operations:
  • Chinese owner ByteDance creates a U.S.-run joint venture, majority-owned by Americans, securing U.S. data and taking control of content moderation.
  • Legislative background: Congress threatened a U.S. ban unless TikTok became U.S.-owned; deadline extensions allowed a deal.
  • Over 200 million Americans use TikTok.
  • Implication: Even in tech, the U.S. is pushing for economic control as national security — further example of economic leverage as policy.

3. U.S. Inflation Snapshot and Shifting Financial Security

[05:42 – 09:17]

• Inflation Update:
  • Prices up 2.8% year-on-year (November data).
  • Consumer savings down through 2025, spending propping up the economy — but mostly among higher-income households. Middle and lower-income Americans are cutting back. [05:42]
• “This is Uncomfortable” Segment: How much is enough to feel secure?
  • Rima Reis interviews New Yorkers: answers range from “over 100 grand” to “$400,000 a year” to simply “enough to reduce my anxiety.” [06:27 – 07:06]
  • Notable Street Quotes:
    • “I could make somewhere over 100 grand. That’d be good.” — Nico [06:35]
    • “Half a million dollars enough would be 400,000 a year. Shoot, enough is like my wife not to be working as much. I base it off of my anxiety.” — New Yorker, various [06:38]
  • Expert insights:
    • “If you ask ordinary people, right, they always say, well, if I had maybe 10% more, 15% more, 20% more, I would be really, really happy. But… when they actually start making that 10% more or 15% more, then their happiness… hasn’t changed.” — Shige Oishi, psychology professor [07:06]
      • The “hedonic treadmill”: more income doesn’t necessarily mean more happiness, because desires expand just as fast. [07:29]
    • “How you feel is more indicative and predictive of your financial behaviors than where you are.” — Wendy De la Rosa, Wharton [07:56]
    • When people feel financially insecure, they spend and save less; subjective experience can be as important as objective reality.
    • Financial self-worth is tied up with personal value in American culture:
      • “We have made so much of our self-worth be our financial worth… which we know is not true, but we internalize that.” — Wendy De la Rosa [08:48]
  • Key takeaway: Perceptions of financial sufficiency are both personal and cultural — fueling broader economic trends.

Notable Quotes & Memorable Moments

• Mark Carney at Davos:

  “Great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited.” [02:23]

• Liliana Rojas Suarez on Gold and Dollar:

  “Holdings of gold by central banks around the world is now larger than holdings of US Dollar. That is… a sign of the degradation of US credibility.” [03:23]

• On Financial Security and Happiness:

  “…when they actually start making that 10% more or 15% more, then their happiness… hasn’t changed.” — Shige Oishi [07:06]

  “How you feel is more indicative and predictive of your financial behaviors than where you are.” — Wendy De la Rosa [07:56]

Timestamps for Key Segments

• Davos & Economic Power as a Weapon: 01:31 – 03:53
• TikTok’s Joint Venture Solution: 03:53 – 04:41
• Inflation Update and Consumer Behavior: 05:42 – 06:27
• Americans on “How Much Is Enough”: 06:27 – 07:29
• Expert Insight (“Hedonic Treadmill,” Financial Perception): 07:29 – 09:07

Summary

In this brisk but insightful episode, Marketplace explores the evolving landscape of economic power, from high-level diplomacy at Davos to personal financial anxieties on American streets. The episode illustrates how both world leaders and ordinary citizens are re-evaluating traditional alliances, economic strategies, and the meaning of security — whether national, international, or personal. The tone is urgent yet human, reflecting both the geopolitical stakes and economic realities underpinning the stories of the day.