Venture Capitalist Says ‘Global Elites’ Panic Because Now There’s Something They Can’t Control

Venture Capitalist Chamath Palihapitiya said Thursday on Fox News that the “global elites” are panicking because they no longer control how “governments behave.”

President Donald Trump announced on April 2 a list of countries to hit with reciprocal tariffs. Political pundits, lawmakers, and experts clashed over whether the plan would benefit America. By Wednesday, Trump announced a 90-day pause on the tax charge for all countries except China, with the stock market rising in response.

While on “The Ingraham Angle,” host Laura Ingraham asked Palihapitiya if he believed “the establishment” had “wrecked” America’s economy, forcing Trump to attempt to “fix it.”

“I think the thing is that the global elite have deeply benefited from a 20-year regime of taking jobs and moving them anywhere in the world that allowed you to optimize for profit, number one,” Palihapitiya said. “It benefited from an economic regime of low volatility, where you could keep interest rates effectively at zero for quasi forever.”

“The reality now is that what they see is an inability to create and scaremonger the White House into economic policy,” Palihapitiya added. “I think that this is very troublesome for them, because they’ve been able to control, from Wall Street or from London or from these other places, how governments behave. So what you see right now is them violently trying to push back and trying to create a narrative.”

Since Trump’s tariff announcement, Democrats have publicly criticized the president’s decision, with some saying the party needs “to get to the bottom of the possible stock manipulation.”