That 1980s/1990s guy still lives inside the global bully we see today. I think twentieth-century Trump's insecurities explain this:
President Trump reiterated his determination to take control of Greenland from Denmark during a 72-minute tirade at the World Economic Forum — but seemingly ruled out using force to do so....Trump apparently couldn't remember which cold island he wants to seize against the residents' will (and the global community's will), but he was clearly shaken up by yesterday's selloff.
Trump began the Greenland portion of his speech by calling for "immediate negotiations" to acquire the Arctic territory, mocking Denmark for losing it "in six hours" during World War II.
But he also signaled it was time for de-escalation with NATO, dismissing fears that the U.S. military would attack its own allies.
... Trump said that if the U.S. decided to take Greenland by force it would be "unstoppable," but "I don't want to use force. I won't use force. All the United States is asking for is a place called Greenland."
Trump is now confusing Greenland and Iceland: "They're not there for us on Iceland, that I can tell you. Our stock market took the first dip yesterday because of Iceland. So Iceland has already cost us a lot of money."
— Aaron Rupar (@atrupar.com) January 21, 2026 at 9:20 AM
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The selloff was nothing -- the Dow Jones Industrial Average dropped 1.8% yesterday, far less than the worst plunges in history, like the 22.61% drop on October 19, 1987, just about the time that Trump's own businesses began sinking into a sea of red ink. As The New York Times reported a few years ago, referring to a period when Trump suffered nearly a billion dollars in business losses:
... Mr. Trump’s 1990 collapse might have struck several years earlier if not for his brief side career posing as a corporate raider. From 1986 through 1988, while his core businesses languished under increasingly unsupportable debt, Mr. Trump made millions of dollars in the stock market by suggesting that he was about to take over companies. But the figures show that he lost most, if not all, of those gains after investors stopped taking his takeover talk seriously.Trump intimidates powerful people in America and the rest of the world, but the markets intimidate him. He knows that even if it's seen as a last resort, Europe could use its Anti-Coercion Instrument -- the so-called "bazooka"-- to restrict trade and prevent U.S. companies, especially tech companies, from bidding on European public contracts.
The markets seem to be the only force Trump fears -- see also his "TACO" (Trump always chickens out) approach to truly punitive tariffs. It's regrettable that the markets won't do more than give Trump an occasional wrist-slap -- as I said yesterday, they don't really fear that Trump's mad-king reign will lead to catastrophe for them -- but it's fortunate that he remains responsive even to mild financial punishment. (I'm sure Trump has heard an earful recently from old billionaires in corner offices. He talks a lot with aging moguls, many of whom he's known for half a century.) Other institutions won't save us, but the markets might be a small check on Trump's ambitions.
And yes, I fully realize that Trump might change his mind about using force to take Greenland weeks, days, or hours from now. But if he doesn't, then capitalism saved us from a full-scale Greenland War and the end of NATO.



