Tag Archives: World Economic Forum

Post-Davos Depression

By Joseph E. Stiglitz – I’ve been attending the World Economic Forum’s annual conference in Davos, Switzerland – where the so-called global elite convenes to discuss the world’s problems – since 1995. Never have I come away more dispirited than I have this year.

The world is plagued by almost intractable problems. Inequality is surging, especially in the advanced economies. The digital revolution, despite its potential, also carries serious risks for privacy, security, jobs, and democracy – challenges that are compounded by the rising monopoly power of a few American and Chinese data giants, including Facebook and Google. Climate change amounts to an existential threat to the entire global economy as we know it.

Perhaps more disheartening than such problems, however, are the responses.

But, by the end of their speeches this year, any remaining illusion about the values motivating Davos CEOs was shattered. The risk that these CEOs seemed most concerned about is the populist backlash against the kind of globalization that they have shaped – and from which they have benefited immensely.

They may lack the candor of Michael Douglas’s character in the 1987 movie Wall Street, but the message hasn’t changed: “Greed is good.” What depresses me is that, though the message is obviously false, so many in power believe it to be true. more>

Reforming ‘the Mercenary Society’ via an Energetic Agenda


How Good We Can Be: Ending the Mercenary Society and Building a Great Country, Author: Will Hutton.

By Christopher Colford – The Davos 2015 parade of plutocrats may have been worth all the time and trouble, after all – despite its customary spectacles of self-indulgence – if the pageantry helped pique the conscience of some of the One Percenters and their courtiers, at least momentarily.

Most of the conversations between chief executives here are about Piketty-type issues.

They talk about things [at Davos that] they wouldn’t be talking about back in the boardroom,” one eminent corporate leader told Elliott of The Guardian. more> http://tinyurl.com/k2rabnp

Why the Elites Are Losing Sleep

By Rana Foroohar – Now everyone is fretting about how the Fed, the European Central Bank (until recently), the Bank of Japan and even Chinese authorities have distorted the prices of assets from stocks to bonds to real estate, quite possibly laying the foundation for a market crash or, in the longer term, hyperinflation.

Central bankers can buy time, but they can’t fix the world’s underlying economic problems,” said UBS chairman and former Bundesbank head Axel Weber, who worries that easy money and low interest rates are covering up the fact that most rich countries still need to pay down debt and create a lot more jobs. “We’re buying short-term fixes at the expense of future generations.” more> http://tinyurl.com/caknfwr

Davos: How Jamie Dimon & JPMorganChase Endanger The Public Safety

By Steve Denning – Let’s suppose that in response to the growing public concern about the practice of gambling in cockpits, the head of the most active gambling airline went to Davos and announced that it was none of anyone’s business how much gambling in cockpits was going on.

The obvious reaction would be: why are the airlines gambling in the first place? Why don’t they get back to flying airplanes?

Similarly the reaction to Jamie Dimon when he makes similarly preposterous claims for the big banks in Davos should be: “Why don’t you stop gambling with other people’s money in zero-sum games that benefit no-one but yourself, and get back to focusing on financing the world’s real economy?” more> http://tinyurl.com/al33tds


CONGRESS WATCH Financial Security Index, Bankrate.com Happy Deficit Day, America! James R. Harrigan & Antony Davies, RealClearMarkets The Global Competitiveness Report 2012-2013, World Economic Forum Jobs Bills Stuck In The Senate, Majority Leader/US Congress Related articles Updates from Congressman Phil … Continue reading

The Funniest Graph About Why the Euro Is Totally Doomed

By Derek Thompson – Here is what this chart shows. Compared across more than 100 factors measured by the World Economic Forum Global Competitiveness Report, from corruption to deficits, JP Morgan analyst Michael Cembalest calculates that the major countries on the euro are more different from each other than basically every random grab bag of nations there is, including: the make-believe reconstituted Ottoman Empire; all the English speaking Eastern and Southern African countries; and all countries on Earth at the 5th parallel north.

Germany doesn’t want to establish any sort of “Peripheraid” — a permanent transfer program from the core to the periphery. more> http://tinyurl.com/bwvf86v

Priceless Davos Moments

English: Davos, Graubünden

Image @Wikipedia

By Michael Liebreich – Friday was filled with the sort of incidents that can only happen in Davos.

Everything is going swimmingly, we are cracking through the agenda, great discussions, and then, bam, the moderator invites Viktor Yanukovych, the President of Ukraine, to say a few words. Instead of the three minute comment he was supposed to have prepared, he unloaded a 25-minute Soviet-style speech. In Russian. After 15 minutes I felt the caffeine in my bloodstream being overwhelmed, so I slipped out for a coffee. more> http://is.gd/D7kGip

Davos man weighs future of capitalism

By Emma Thomasson and Ben Hirschler – The Occupy movement, which went global after protests against Wall Street last year, is camping in igloos to bring its argument with the super-rich “1 percent” to Davos.

“The economic and financial concentration of power in a small, privileged minority leads to a dictatorship over the rest of us. The motto ‘one person, one vote‘ is no longer valid, but ‘one dollar, one vote’. We want to change that,” says David Roth, “Camp Igloo” organizer and head of the Swiss centre-left‘s youth wing. more> http://tinyurl.com/87gmjnl