Episode 4: Is Greenland Next?

Mar 23, 2026

A lively discussion on why Greenland has returned to the geopolitical stage. They explore Greenland's geography, population, economy, and historic ties to the U.S. The conversation covers critical minerals, military bases, and how actions there could reshape relations among the U.S., Europe, China, and Russia.

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INSIGHT

Borders Are Back As Strategic Issues

Greenland discussion signals a return of contested borders and great-power jockeying in the 21st century.
Simon Johnson ties Greenland talk to broader shifts like Ukraine, Taiwan, and renewed strategic importance of territory.

INSIGHT

Huge Land Little Economy

Greenland is vast but sparsely populated and economically small, making sovereignty choices driven by strategic not population factors.
Gary Gensler notes Greenland is larger than Alaska, mostly ice, with ~56,000 people and a ~$2.5 billion economy supported by a ~$1 billion Danish subsidy.

INSIGHT

Rare Earths Are Rhetoric Not Reality

Rare earths get cited in messaging but are not the main practical driver for U.S. interest.
Gary Gensler cites President Trump saying rare earths are not the reason and processing capacity, not ore, is the real bottleneck.

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Simon and Gary unpack an issue that may have fallen off the radar of many: Greenland. They discuss what factors are shaping the U.S.'s approach to Greenland, how actions related to Greenland could affect relationships between the U.S., Europe, and China, and whether Greenland might once again become a hot-button topic in the near future.

Subscribe to the Power and Consequences Substack for bonus thoughts on each week's topic: https://simonhrjohnson.substack.com/s/power-and-consequences

Economic Consequences of the Second Trump Administration, which Simon and Gary co-edited, can be found here.

Host bios:

Gary Gensler is Professor of the Practice of Global Economics and Management as well as of Finance at the MIT Sloan School of Management. Former chair of the U.S. Securities and Exchange Commission, former chairman of the U.S. Commodity Futures Trading Commission, and former Under Secretary for Domestic Finance, U.S. Treasury Department. With broad experience in the private sector, advising political leadership, and running policymaking agencies, Gary has been teaching at MIT’s Sloan School of Management since 2017. Gary also coauthored a book presenting common-sense investing advice for everyday Americans, The Great Mutual Fund Trap, (Broadway Books, 2002).

Simon Johnson was chief economist at the International Monetary Fund in the run-up to the Global Financial Crisis (2007-08) and is the long-time head of the Global Economics and Management Group at MIT’s Sloan School of Management. Best selling author of 13 Bankers, Jump-Starting America, and Power and Progress. In 2024, for his work on “institutions and economic growth,” Simon was awarded the Nobel Prize in Economics. Simon also previously co-founded and ran a successful blog, BaselineScenario, which discussed developments in the global economic and financial system. In 2025, the British government appointed him as an “AI Ambassador”. At MIT, Simon co-directs the Stone Center for Inequality and Shaping the Future of Work.