Merryn Talks Money: “In Greenland with Pippa Malmgren – Why the Arctic Is the New Geopolitical Battleground”

Date: January 26, 2026
Host: Merryn Somerset Webb (Bloomberg columnist)
Guest: Dr. Pippa Malmgren (Author & CEO, Geopolitica Institute)
Location: Dr. Malmgren joins live from Greenland

Overview

In this episode, Merryn Somerset Webb delves into the rapidly shifting geopolitics of the Arctic with Dr. Pippa Malmgren, a high-profile geopolitical strategist. Broadcasting from Greenland, Dr. Malmgren explains why the Arctic—particularly Greenland—has emerged as a key geopolitical battleground, interlacing themes of independence, resource control, space warfighting, and the repositioning of superpowers. The discussion covers connections to Ukraine, ruptures within NATO, the real motives underlying U.S. and European strategies, market and investment implications, and the rapidly changing global landscape.

Key Discussion Points & Insights

The Arctic’s New Role in Global Geopolitics

• The Ice Heats Up:
  • Dr. Malmgren highlights that, for years, she has predicted the Arctic would become central to geopolitics. This is now evident as international media descends on Greenland, though few actually engage with the Inuit population (03:03).
  • Quote: “You can't afford to look at things from a distance. You have to go and try to understand what is actually happening.” – Dr. Malmgren [02:00, 32:06]
• Greenland’s Perspective:
  • Inuit leaders want independence, not as a simple “for sale” proposition, but as sophisticated players: “We're not for sale, but we're open for a deal. We're not for sale, but we're open for business.” – Dr. Malmgren [04:38]

Geopolitics, Independence & Superpower Chess

• Greenland’s Viability:
  • Merryn questions the feasibility of full independence for Greenland, exposing financial and economic challenges.
    • Dr. Malmgren explains the Inuit see Denmark and the U.S. as relative newcomers and are negotiating from a place of resilience and pragmatism (05:28).
• Beyond Rare Earths:
  • Contrary to common belief, Greenland’s true geopolitical worth isn’t its rare earths, as refining is a polluting process locals are unlikely to accept. The real contest, she says, centers on control of the space race and data links (06:10–07:50).
• The Space Domain:
  • Control of Arctic ground stations is vital for satellite communication and national security. The U.S. wants sovereign control, especially if Norway tightens its hold on the critical Svalbard ground station (08:05).
    • “Space is the most important war fighting domain. This is the highest priority of the United States.” – Dr. Malmgren [12:08]
  • Rumors circulate that Greenland may be “split,” with the north de facto controlled by the U.S. for these reasons.

Ukraine, NATO, and Fracturing Alliances

• Ukraine as Chess Piece:
  • Dr. Malmgren connects Greenland’s fate with the Ukraine conflict, postulating that Trump is negotiating an end to the war with Russia and China, but European resistance (motivated by loan repayments and seized Russian assets) blocks peace (15:21).
    • “If there's a peace deal in Ukraine, they are very unlikely to get paid back what Ukraine owes them...If there's a peace deal, they will have to pay it back.” – Dr. Malmgren [15:21]
• Fracture Within NATO:
  • The U.S. is losing faith in European allies, whom it deems unreliable and subversive to American interests, as summarized by a Mark Carney quote about “the lie of mutual benefit through integration” (13:58).
  • Rising U.S. skepticism toward the international rules-based order is influencing defense postures and alliances.
  • Possible new geopolitical alignments: Britain and Canada opening overtures to China, while the U.S. considers reorienting toward Russia—a concept markets haven’t priced in yet (18:48).
    • “We're dealing with a rupture within NATO. This is not a transition, it's a rupture. And so this will become a big issue for the financial markets.” – Dr. Malmgren [18:48]

Markets & Investment Implications

• Investing in the New Geopolitics:
  • Merryn points to gold, defense stocks, and commodities as likely havens in the face of rising national sovereignty and defense spending (18:21).
  • Dr. Malmgren urges a nuanced perspective:
    • Consider diversification (gold, silver, bitcoin, stablecoins), depending on individual trust in algorithms vs. committees.
    • The rise of stablecoins and a more entrepreneurial U.S. ecosystem could break Wall Street’s monopoly on venture investing (34:12).
    • Silver is particularly interesting, given real-world industrial/tech demand—though future breakthroughs might soon allow its lab creation (34:12, 36:52).
  • “The era of armchair investing has been over for a while...you have to go and try to understand what is actually happening.” – Dr. Malmgren [32:06]

Demographics, War, and Technological Transformation

• China's Demographic Crisis:
  • Collapsing birth rates in China portend deep macro shifts (23:11). Dr. Malmgren argues that China, confronting demographic and economic strains, is more receptive to collaboration with the U.S. than confrontation (23:37).
    • “Are they really prepared to lose their one child in a conflict?” – Dr. Malmgren [23:37]
• Impact on Warfare:
  • Robotics and AI may replace humans on future battlefields, reducing the odds of mass ground wars as demographics shift, and making war an economic and tech race (26:19).
    • “If you have robots fighting robots, whoever runs out of 3D printing material first loses. Or batteries.” – Dr. Malmgren [26:19]
• Energy Revolution:
  • Advances in beaming solar energy from space and nuclear fusion—especially the quest for moon-mined helium-3—may end the era of resource-driven conflict, further transforming global dynamics (30:39–31:57).
    • “If you want to do nuclear fusion, you need helium 3, and if you want to do quantum computing, you need helium three. So the race to get to the moon and get it is on.” – Dr. Malmgren [31:57]

Final Wisdom & The Future of Investing

• Turning Chaos into Opportunity:
  • Dr. Malmgren encourages investors to move beyond “old mentalities,” see through chaos, and do deeper research. The skills of network-building and adaptability are now essential (32:06, 33:43).
    • “That is the magic trick that good investors engage in—to get past chaos.” – Dr. Malmgren [32:06]
• New Materials Revolution:
  • Advances like Google’s Willow chip enable the discovery of hundreds of thousands of new materials, making the creation of new matter and, potentially, wealth limitless (37:03).
    • “This is a revolution in the course of human history. It's literally an evolutionary leap.” – Dr. Malmgren [37:03]
• The Age of Extrapolation Is Over:
  • Merryn and Pippa agree: relying on the past as a guide for the future is obsolete in this era of rupture and technological leap (33:43).

Notable Quotes & Memorable Moments

• On the Arctic’s Importance:
  • “I don't think you can understand Greenland as an issue by itself. It's in the context of a much, much bigger kind of geopolitical monopoly board.” – Dr. Malmgren [03:30]
• On U.S. Strategy:
  • “The era of armchair investing has been over for a while and it's partly why I'm in Greenland.” – Dr. Malmgren [01:26, 32:06]
• Space as a Battlefield:
  • “Space is the most important war fighting domain...the highest priority of the United States.” – Dr. Malmgren [12:08]
• On Markets Mispricing the Geopolitical Shift:
  • “This is a transformation of the geopolitical landscape that markets have not priced in, they have not thought about.” – Dr. Malmgren [18:48]
• On Demography and Modern War:
  • “We don't want humans on a battlefield...We're talking robotics, automation.” – Dr. Malmgren [26:19]
• On Star Wars vs. Star Trek Futures:
  • “There are two choices—Star wars or Star Trek. Star wars is where we go to war with people. Star Trek...is let's go to war with problems.” – Dr. Malmgren [28:12]
• On the Materials Revolution:
  • “Our capacity to create reality atom by atom by atom...this is a revolution in the course of human history.” – Dr. Malmgren [37:03]

Timestamps for Key Segments

• [03:03] Introduction to Arctic geopolitics and Greenland’s role
• [05:28] The Inuit perspective on independence and business
• [06:10–07:50] Space race, ground stations, and Svalbard
• [08:05–11:46] Greenland’s strategic value and U.S.-European maneuvering
• [13:58] NATO, Mark Carney quote, U.S. attitude toward allies
• [15:21] Ukraine peace, European interests, and realpolitik
• [18:48] Market and investment implications of the NATO rupture
• [23:11] China’s demographic crisis and macro shifts
• [26:19] How robotics, AI dominate future warfare and energy security
• [30:39–31:57] Solar power from space; the race to helium-3
• [32:06] Turning chaos into opportunity as an investor
• [36:52] The coming materials revolution and lab-created materials

Conclusion

Dr. Pippa Malmgren argues that the Arctic is at the heart of a seismic geopolitical realignment, impacting markets, investors, and the global strategic order. Instead of extrapolating from past trends, investors should now embrace research, adaptability, and an understanding of the rapid technological and political changes at play—from Greenland’s ground stations to China’s population collapse, from robotic warfare to the new material sciences revolution.

For further reading and updates, follow Dr. Malmgren’s Twitter and expect more real-time insights from her unique vantage point on the ground in Greenland.