Wall St. Shook By ‘Sell America’ & BlackRock’s CEO Says Capitalism is Not Working
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today is the Sell America trade back on.
Then BlackRock CEO Larry Fink roasted capitalism during a speech at Davos. It's Wednesday, January 21st.
What does 'Sell America' mean in today's economic climate?
Let's ride.
Toby, what's the date today?
How did BlackRock's CEO critique capitalism at Davos?
I literally just said it. It is January 21st.
Oh, my B. I don't have my Morning Brew daily desk calendar with me here in Switzerland. It's basically the only way I know what day it is.
Desk calendar? Say more.
Yeah, so Morning Brew has this games-focused desk calendar for 2026. Each day of the year, you'll get a new game, trivia, crosswords, puzzles, and they're all really great because guess what? I helped put it together.
Self promo, Neil. No, this calendar really is great. Put it on your desk, put it on your nightstand. If you have a kitchen island, I'm jealous, but you can also put it there. If you want to give yourself or someone else the gift of a productive way to procrastinate, head to shop.morningbrew.com to see Neil's handiwork. Check it out. It's really fun. And now a word from our sponsor, Indeed. Neil, has AI changed the way you work?
Well, now instead of asking you questions directly, I ask my AI-powered Toby bot questions like, why are you like this? Why do you ask?
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Yesterday really put the red in the red, white, and blue. American assets had their worst day since last April as President Trump's insistence on acquiring Greenland unnerves investors over the safety of USA Inc. The S&P 500 had its worst day in four months, dropping more than 2% and erasing its entire gain for 2026. Tech dragged the index lower with each member of the Magnificent Seven falling at least 1%. The dollar fell against a basket of other currencies. Gold, sorry for being a broken record, surged to a new record. And treasury bonds tumbled, sending yields higher. The sell-off broke a long spell of calm in the stock market, which had largely brushed off major geopolitical upheaval in recent weeks.
It shrugged when the U.S. captured Venezuela's President Nicolas Maduro in a surprise raid and also ignored when Fed Chair Jerome Powell said he was under criminal investigation. But the events of the past few days seem to have caught the attention of investors. President Trump threatened eight European allies with tariffs come February 1st, unless Denmark sells Greenland to the U.S., and the EU has vowed to respond with an economic barrage of its own. Toby, it's important to emphasize just how big of a shift is occurring right now. Historically, when things get hairy, investors flock to the safety of American assets, a lighthouse in the tempest. In these uncertain days, they're yanking their American investments.
Some say it marks a profound shift in the world economic order.
Yeah, maybe the best emblematic emblem of that shift is the fact that a large Danish pension fund is literally selling U.S. Treasuries right now. They sold $100 million because of finance concerns. The investing chief says the decision was driven by what it sees as poor U.S. government finances in America's debt crisis. And this is something that could spread beyond just this one Danish pension fund because $100 million in the grand scheme of things isn't a lot of money, which feels weird to say, but it's true in terms of U.S.
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