"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,”

https://www.thetimes.com/us/business/article/trumps-cronyism-is-quietly-unravelling-american-capitalism-jxlwwf7dw

Ryan Bourne, Industrial Policy was the Gateway Drug to Cronyism

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Crushing Capitalism

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