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Davos Special: Trump Is Against Capitalism, Roubini Says

bloomberg-surveillance-podcast economics-business-work Apr 11, 2026 source →
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economics-business-work
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Davos Special: Trump Is Against Capitalism, Roubini Says

Claims from this story

Every atomic assertion extracted from the underlying record, ranked by evidence strength.

Joseph Stiglitz states that Democrats and progressives must stand together and assert that Donald Trump's behavior is not normal.

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Kenneth Rogoff questions whether Donald Trump will listen to his cabinet or if his behavior will be erratic.

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Nouriel Roubini believes markets are underpricing the risk that fiscal stimulus has already led to a rise in long rates and a doubling of the 10-year yield.

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Nouriel Roubini expects a huge market correction over time.

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Joseph Stiglitz attributes populism to the bottom 90 percent of Americans experiencing stagnant incomes for a quarter century.

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Joseph Stiglitz emphasizes the importance of the rule of law, including international rule of law.

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Joseph Stiglitz argues that going after individual companies smacks of authoritarianism and fascism.

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Joseph Stiglitz asserts that Donald Trump lacks legitimacy because he won with a minority of votes and due to Russian interference.

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Joseph Stiglitz warns that if Donald Trump implements his protectionist statements, the world will experience significant changes.

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Kenneth Rogoff suggests giving Donald Trump a chance, echoing President Obama's sentiment.

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Kenneth Rogoff identifies threats to institutions, starting with the independence of the Federal Reserve.

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Kenneth Rogoff predicts strong economic growth in the first couple of years of the Trump presidency due to inertia, deregulation, and stimulus.

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Kenneth Rogoff forecasts high inflation and a classic fiscal mess after the initial period of strong growth under Trump.

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Joseph Stiglitz finds it mysterious that Donald Trump, from the construction industry, would advocate for higher interest rates.

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Joseph Stiglitz states that high interest rates would negatively impact the dollar's exchange rate, which Donald Trump is concerned about.

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Joseph Stiglitz hopes international institutions like the IMF will strongly advocate for the international rule of law.

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Joseph Stiglitz highlights the WTO's particular importance in addressing unilateral protectionism.

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Kenneth Rogoff notes that Christine Lagarde has been sensitive to inequality issues, which are not typically within the IMF's remit.

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Kenneth Rogoff suggests that international organizations could face rapid challenges from problems in emerging markets if U.S. interest rates rise.

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Joseph Stiglitz believes that if incomes had been growing, people would be more accepting of immigration.

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Joseph Stiglitz states that globalization has fundamentally changed rules of the game, disadvantaging large groups of the population.

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Joseph Stiglitz suggests rewriting globalization rules to strengthen unions and give workers more control.

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Angus Deaton's work suggests that while inequality within borders is an issue, the last 30 years have been globally the best in history.

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Kenneth Rogoff finds it difficult to understand the tax cut if the objective is to address inequality.

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Nouriel Roubini states that markets are optimistic post-election due to expected fiscal stimulus and short-term growth.

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Nouriel Roubini notes that Donald Trump's tax cuts will primarily benefit the wealthy through capital gains, income, corporate, and estate taxes.

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Nouriel Roubini expects Donald Trump to slash regulations across environmental, trade, financial, pharmaceutical, and labor sectors.

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Nouriel Roubini states that the appreciation of the dollar, based on the Fed model, will result in 400,000 manufacturing jobs lost over the next 1.5 years.

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Nouriel Roubini predicts that a stronger dollar and higher interest rates will crowd out recovery and damage economic growth.

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Nouriel Roubini suggests that supply-side trickle-down policies will compel Donald Trump to adopt protectionist measures, which will not benefit the white working class.

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Nouriel Roubini notes that nobody predicted Brexit, Donald Trump's victory, or Renzi losing in Italy 12 months prior.

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Nouriel Roubini describes a massive populist backlash against globalization.

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Nouriel Roubini believes there is a meaningful chance Marine Le Pen might win in France.

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Nouriel Roubini suggests that polls in France are inaccurate due to a stigma against voting for Marine Le Pen.

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Nouriel Roubini states that if Marine Le Pen is elected, it would signify the end of Europe and pose a risk to the Eurozone.

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Nouriel Roubini notes that Italy's Cinque Stelle party is committed to holding a referendum on the Euro if they gain power.

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Nouriel Roubini mentions Ned Phelps' view that Donald Trump's criticism of businesses resembles corporatism in Nazi Germany and fascist Italy.

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Nouriel Roubini highlights the paradox of President Xi Jinping, leader of a communist country, advocating for free trade while Donald Trump, leader of a capitalist country, opposes capitalism.

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Nouriel Roubini states that globalization has created winners and losers, and policies have failed to address those who are losing.

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Nouriel Roubini believes Donald Trump's economic policies on taxation, regulation, and labor will not benefit the white working class who voted for him.

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Nouriel Roubini predicts Donald Trump will resort to policies like bashing migration, building a wall, and protectionism to appease his base.

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Nouriel Roubini warns that Donald Trump's inward-looking policies could lead to trade tensions or wars with China.

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Nouriel Roubini suggests that statements by Donald Trump and his surrogates about Taiwan, the South China Sea, and Korea could lead to military tensions.

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Nouriel Roubini advises that Donald Trump cannot bully China, as it is the second-largest economy and a major geopolitical power.

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Tom Keen observes a shift from the certitude of populism to the reality of uncertainty at Davos.

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Robert Shiller defines risk as measurable probabilities, such as a 50-50 chance in a coin flip.

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Robert Shiller defines Knightian uncertainty as not knowing what is being tossed, or the pervasive unpredictability of the new Trump administration and Brexit.

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Robert Shiller attributes Donald Trump's ability to garner attention to his showmanship and mastery of storytelling, honed on 'The Apprentice'.

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Robert Shiller identifies Donald Trump's tweets about nuclear power and weapons as an example of real Knightian uncertainty.

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Robert Shiller suggests Donald Trump's talk about the nuclear arsenal could initiate a new nuclear arms race.

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Robert Shiller finds it refreshing that Donald Trump questions basic assumptions, such as demonizing Russia.

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Robert Shiller states that business people in the 1930s refrained from expanding due to uncertainty.

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Robert Shiller's American Economic Association presidential address was titled 'Narrative Economics'.

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Robert Shiller states that the trade wars of the 1930s were a cause of the Great Depression.

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Robert Shiller argues that prosperity is generated by trade and market forces, as articulated by Adam Smith.

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Robert Shiller notes that Donald Trump intends to interfere with market forces.

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Robert Shiller acknowledges that some individuals feel entitled to government protection against career risks.

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Robert Shiller states that interfering with market forces incurs a cost in economic efficiency.

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Robert Shiller notes progress in inclusivity within economics, but acknowledges further work is needed, particularly for women and minorities.

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Robert Shiller mentions Claudia Golden's study indicating that women react more strongly to poor grades in introductory economics courses.

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