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Cato Weekly Podcast • August 28, 2025 

# High-Stakes Intel 

“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?

#### Show Notes 

[![chip](/sites/cato.org/files/styles/content_teaser/public/2023-03/chips%202.jpg?itok=22kmjc8p)](https://www.cato.org/commentary/governments-intel-stake-antithetical-american-greatness) 

Commentary 

### [The Government’s Intel Stake Is Antithetical to American Greatness](/commentary/governments-intel-stake-antithetical-american-greatness) 

By [Scott Lincicome](https://www.cato.org/people/scott-lincicome) 

The Trump-engineered 10% stake in long-struggling Intel is a dangerous intrusion of government into private enterprise.

[![Ukraine protest in Germany](/sites/cato.org/files/styles/content_teaser/public/2025-11/202511_ukraine.jpg?itok=ijUP1uQs)](https://www.cato.org/commentary/ukraine-wants-security-guarantees-it-should-get-them-europe) 

Commentary 

### [If Ukraine Wants Security Guarantees, It Should Get Them from Europe](/commentary/ukraine-wants-security-guarantees-it-should-get-them-europe) 

By Dan Caldwell and [Justin Logan](https://www.cato.org/people/justin-logan) 

Trump should make clear that if Europe doesn’t take the lead in supporting Ukraine, they cannot expect the U.S. to once again bail them out.

[![industrial-policy.jpg](/sites/cato.org/files/styles/content_teaser/public/2021-05/industrial-policy.jpg?itok=La8GgE9b)](https://www.cato.org/commentary/industrial-policy-was-gateway-drug-cronyism) 

Commentary 

### [Industrial Policy Was the Gateway Drug to Cronyism](/commentary/industrial-policy-was-gateway-drug-cronyism) 

By [Ryan Bourne](https://www.cato.org/people/ryan-bourne) 

There’s a word for the government owning the means of production, of course: socialism.

[![Intel headquarters](/sites/cato.org/files/styles/content_teaser/public/2025-08/GettyImages-458976373.jpg?itok=ci67TEYF)](https://www.cato.org/commentary/trumps-cronyism-quietly-unravelling-american-capitalism) 

Commentary 

### [Trump’s Cronyism Is Quietly Unravelling American Capitalism](/commentary/trumps-cronyism-quietly-unravelling-american-capitalism) 

By [Ryan Bourne](https://www.cato.org/people/ryan-bourne) 

The US economy is strong enough to avoid a recession, but what will happen instead is much worse

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Ryan Bourne](/sites/cato.org/files/styles/author_picture/public/2021-01/Ryan%20Bourne.jpg?itok=nv8-2r7d)](/people/ryan-bourne) 

##### [Ryan Bourne](/people/ryan-bourne)

R. Evan Scharf Chair for the Public Understanding of Economics, Cato Institute

[ 

](https://x.com/MrRBourne) [ 

](mailto:rbourne@cato.org) 

[![Gene Healy](/sites/cato.org/files/styles/author_picture/public/2021-01/Gene%20Healy.jpg?itok=EhkBZWC4)](/people/gene-healy) 

##### [Gene Healy](/people/gene-healy)

Former Senior Vice President for Policy, Cato Institute

[![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) 

##### [Norbert J. Michel](/people/norbert-michel)

Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute

[ 

](https://x.com/norbertjmichel) 

[![Justin Logan cropped portrait new](/sites/cato.org/files/styles/author_picture/public/2023-08/Justin-Logan-cropped.jpg?itok=1xXiDWfG)](/people/justin-logan) 

##### [Justin Logan](/people/justin-logan)

Director of Defense and Foreign Policy Studies, Cato Institute

[ 

](https://x.com/JustinTLogan) [ 

](mailto:jlogan@cato.org)