Overheard At Davos: "So Many People Feel That This Is One Of The Most Dangerous Times"

Tyler Durden's picture

One of the better summaries of the tense mood at this year's Davos proceedings, where globalists from around the world are confronted with the new protectionist, populist reality that was unleashed in 2016, comes from the NYT which recounts a dinner conversation on Monday evening as the forum got underway, in which Ian Goldin, a professor of globalization and development at Oxford University, celebrated the connectedness of the global economy and the technological advancements that have liberated humans from disease, poverty and the drudgery of manual labor.

Here are some of the highlights of what he said:

“There’s never been a better time to be alive, and yet we feel so glum,” Mr. Goldin said. “So many people feel anxious. So many people feel that this is one of the most dangerous times.”

 

He denounced the frightened retreat from globalization manifest in Mr. Trump’s threats of a trade war with China, and in Britain’s abandonment of Europe, commonly known as Brexit.

 

“You can’t stop managing an entangled environment by disconnecting,” he said. “This is the fundamental mistake of Brexit, of Trump, and of so many others. We are not simply connected. We are entangled. Our lives, our destinies are intertwined. What happens in China, what happens in Indonesia, what happens in India, what happens across Europe, and what happens in North America, across Africa and Latin America will affect all of us in dramatic new ways. The idea that somehow we can forge our future in an insular way, even for the biggest countries like the U.S., is a fantasy.”

And yet, Mr. Goldin said, if the benefits of globalization are not spread more equitably, the world could be in for a replay of the Renaissance, an extraordinary period of scientific progress, commercial growth and artistic creativity in Europe that ultimately yielded popular resentment.

The gold leaf landing on cathedrals was not bettering the lot of the peasantry. The spices coming in from Asia were too expensive for most. The Medici family that ruled Florence was sent packing by the mob. Intellectuals were persecuted and books burned.

 

“We need to learn these historical lessons and realize that this is the most precious moment in human history,” Mr. Goldin said. “We need to make the choices to ensure that globalization is sustainable, that connectivity is sustainable, that we deal with the intractable problems that are worrying people.”

Perhaps a more apt analogy is the gilded age, which ended with mixed results for America's captains of industry.

Goldin's speech led into the previously highlighted panel on Wednesday morning, in which Christine Lagarde, managing director of the International Monetary Fund, "injected a rarely heard word into a conversation about the crisis for middle-class households: redistribution." It is also the most hated word of any person present at Davos: “There are things that can be done,” she said. “It probably means more redistribution than we have at the moment.”

But then the conversation moved on to other subjects. Ray Dalio, founder of the American investment firm Bridgewater Associates — who took home $1.4 billion in compensation in 2015 — suggested the key to reinvigorating the middle class was to “create a favorable environment for making money.” He touted in particular the “animal spirits” unleashed by stripping away regulations.

The biggest irony is that for years economic inequality has ranked as one of the most discussed issues at Davos, both in the formal conference agenda and in the conversations that fill hallways and the private parties and dinners held throughout town. And yet, for years, little to nothing has changed. Which prompted the following statement from Joseph Stiglitz, a vocal critic of economic inequality. 

"That agenda is anathema to a lot of Davos men and women. More rights to bargain for workers, that’s the part where Davos man is going to get stuck. The stark reality is that globalization has reduced the bargaining power of workers, and corporations have taken advantage of it.”

 

"People talk about inequality, how it’s a major problem, the greatest threat to globalization and the global economy. You have to recognize that the way we have managed globalization has contributed significantly to inequality. But I have not yet heard a good conversation about what changes in globalization would address inequality.”

That is not an accident, he surmised. Any sincere list would have to include items that involve transferring wealth and power from the sorts of people who come to Davos to ordinary workers via more progressive taxation, increased bargaining rights for labor unions, and greater protections for labor in general.

Which brings us to the NYT's conclusion:

Same as every other year, Davos is again plastered with the slogan of the World Economic Forum: “Committed to Improving the State of the World.” But whatever improvements are supposed to be made, one can safely assume they will not conflict with those in attendance continuing to enjoy the state of the world as it is now, with canapés and aged Bordeaux and private jets at the ready. Which means that the global populism insurrection is unlikely to lose momentum anytime soon.

Here's to looking at Davos 2017 where we expect the echo chamber will be in full force for one more year, even as the world's rapidly shrinking middle class gets angrier with each passing day.

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Mercury's picture
Stormtrooper #1: "Do you know what's going on?"
Stormtrooper #2: "Maybe it's another drill."
Stormtroopers, ((bumbling through another shift))
Stormtrooper #1: "Did you hear what happened at Kejim Post?"
Stormtrooper #2: "No, but I hear it was bad. What did you hear?"
Stormtrooper #1: "I guess some Jedi came in and caused a lot of trouble."
Stormtrooper #2: "The last thing I feel like dealing with today is a Jedi."
 /
/
Hey WB - Do you do video?
Who wants to make a Davos montage dubbed with Star Wars dialog?
// //
Raymond K Hessel's picture

When did the Medici ever get kicked out? This clown has no idea what the fuck is going on.

 

How do you have a knowledge of history for the past 100-150 years and not realize the evil of socialism?

As an educated person, how do you look to our recent past and insist on making the same mistakes?

HillaryOdor's picture

This is why I always say nothing will ever get better.  Everyone sees the symptoms, but people don't agree on the cause.  And it really has nothing, or at least very little to do with intelligence.  Very smart people sometimes buy into the collectivist nonsense. The cause of the problems is government, but these people think government is the cure.  There will always be poverty, as there should be.  A person who chooses to be poor does not deserve the same standard of living as someone with ambition.  But now it's the worst of both, where ambitious people have no opportunities because of government intervention.  Redistribution does not work.  Fractional reserve fiat banking is fraud, and I don't want to be a part of that kind of society.  I would leave in a heartbeat if there were a free society somewhere, anywhere.  I'd even take a hit to my standard of living because I know I would always be free to improve that.  This is something the leftists never realize.  Their entire model is based on forcing their ideas onto people that don't want them, through some kind of social contract nonsense.  I never signed anything.  That is a violation of my rights.  You are not entitled to my money, even if the government really did spend it on you, which they don't.

ParkAveFlasher's picture

"Fear" is what happens when you try to replace God with ctrl-P.

hedgeless_horseman's picture

 

Same as every other year, Davos is again plastered with the slogan of the World Economic Forum: “Committed to Improving the State of the World.” But whatever improvements are supposed to be made, one can safely assume they will not conflict with those in attendance continuing to enjoy the state of the world as it is now, with canapés and aged Bordeaux and private jets at the ready. Which means that the global populism insurrection is unlikely to lose momentum anytime soon.

Here's to looking at Davos 2017 where we expect the echo chamber will be in full force for one more year, even as the world's rapidly


Friends, the time has come for The First ZeroHedge Symposium and Live Fight Club. 

For those of us that don't want to be a turkey, and that seek a way out of our false comfort...that want to be bold and revolutionary...we must also find a way to overcome our fear.  FEAR.  False Evidence Appearing Real.  The best way I know to overcome fear is with knowledge.  Knowledge allows us to see false evidence as false.  Knowledge also allows us to be bold, and to take action, rather than be timid, staying right where we are.  Knowledge enables us to be revolutionary. 

http://www.zerohedge.com/news/2017-01-10/time-has-come-first-zerohedge-s...

 

We are less that $500 away from being able to pay for the Marfa Activities Center for the entire 3 days. 

Make a donation. 

Make a commitment to yourself and to another to attend.

mtl4's picture

These Davos folks have been reading too much Dickens while they should be brushing up on Les Miserables.

 

Trump and BREXIT were not mistakes, the problem is in thinking they can simply will all this away with a few silly remarks and some fake news.

Uzda Farce's picture
Uzda Farce (not verified) mtl4 Jan 19, 2017 6:06 PM

The "liberal international order" is a corporatist dictatorship. The oligarchs decide, and the technocrats execute. Everything else is showbiz. Most of the US speakers at Davos are members of the Rockefeller/CFR, including:

Stephen Adler (Reuters), Ajay Banga (Mastercard), Marc Benioff (Salesforce), David Cote (Honeywell, FRBNY), Ray Dalio (Bridgewater), Kevin Delany (Atlantic Media), Thomas Donilon (Brookings, Trilateral), Laurence Fink (BlackRock, CFR director), Rana Foroohar (CNN, FT), Thomas Friedman (NYTimes), Orit Gadiesh (BainCo), Kenneth Hersh (Carlyle), Tom Keene (Bloomberg), Frederick Kempe (Atlantic Council), Alan Murray (TimeInc), Ruth Porat (Google), Ken Rogoff (Harvard), David Rothkopf (Foreign Policy), Nouriel Roubini (NYU), David Rubenstein (CarlyleGrp, CFR director), Sheryl Sandberg (Facebook), Andrew Sorkin (NYTimes), Joseph Stiglitz (Columbia), Larry Summers (Harvard), and Fareed Zakharia (CNN). See member lists at cfr dot org.

Other notables: Joe Biden, Sergey Brin (Google), Mary Barra (GM), Eric Cantor, Bill Gates (Microsoft), Al Gore Jr., Arianna Huffington, John Kerry

https://www.weforum.org/events/world-economic-forum-annual-meeting-2017/...

 

espirit's picture

Overheard at Davos...

>crickets<

Fake news to appear concerned about the staff.

The Wizard's picture

What you say is true about collectivism. However, in today's world ambition is not rewarded as much as fiat paper pushing. Often times ambition is supressed by those who have gained a large stake in the world of commerce because new technology is a threat to the existing status quo.

Your comments on a fractional reserve monetary system is spot on which tends to support those on the top end of the power structure.

Bubba Rum Das's picture

Davos: Same Shit, Different Day...Ho Hum.

By the way, I hear Carlos Slim is doing quite well in the CIA/ DEA sanctioned Columbian Drug Importation Business nowadays...

Sphira's picture

 The way I see it --

Just as spice was the lifeblood in Frank Herbert's Dune ... fiat $ is the current lifeblood to this world ... that is to say they are analogous... fiat $ is a trickle down paradigm.. and it is simply distributed; not redistributed --  

I believe that sort of twisting is how the davos ilk mitigates; or soothes the conscience while maintaining delusions of grandeur. Which will never - let be - if there is a world that follows .. after we leave this .. "blink of an eye" .. one.

 

The heart; or love. The "real deal", on the other hand, is just the opposite -- it rises up -- it "is" the "Water of life"#

 

The former class weilds preponderance.. answering in pecking order only to the tap regulators - the creators and destroyers - of fiat $ ... they have us all chasing it -- to thrive; or simply survive.

 

More and more and more and more to acquire it - requires a further darkened heart to the extreme. Educated.. fashioned .. and forged with the tools of an ever moderned - corrupting society ... 

and evil increases.

 

To create a region of the FREE from bondage requires SO much. Once recognized, it would then, at the doublequick, be bastardized - seized- destroyed - or otherwise scuppered -- post haste. 

 

I believe it is probably rather simple to will such a region into existence; but not at all easy. I think a kickoff thereof is relatively simple .. at least conceptually - I have thought some on the matter. It is just that any previous - sincere attempts at it have become a victim of love.- Paradox -

 

http://m.youtube.com/watch?v=1GbMIxrxT0w

Trogdor's picture

Knowledge, intelligence and wisdom are all very different - I don't consider Davos as a collection of terribly intelligent people.  Most of these "people" at Davos (and I use the term very loosely) might be very accomplished in one area, but like engineers, they tend to confuse expertise in one area to expertise in ALL areas - which is precisely why they have so much trouble seeing that THEY are the problem. 

I don't have a problem with someone becoming a billionaire ... what I have an issue with is that asshole trying to tell me that because of his/her good fortune, he/she is somehow better than everyone else and should be able to "manage" how other people live.

 

Nexus789's picture

No one chooses to be poor and the vast majority of wealth is inherited not made. So it is more down to chance and who your parents are that determines wealth.  

ACP's picture
"So Many People Feel That This Is One Of The Most Dangerous Times"

It's too bad this statement wasn't punctuated by a large blast.

ersatz007's picture

how do you have a knowledge of the past 100-150 years and attribute the gigantic fucking-over of the general population to socialism? 

i think you're confusing the word socialism with CRONYISM or a dressed-up form of FEUDALISM.  the fleecing of the general population has occurred by redistributing the wealth created by the working class to the cronies (i.e., the elite, 0.1%, whatever you wish to call them) via large, privately held central banks vis a vis inflation as well as boom & bust economics, along with additional taxes to subsidize said banks, wall street rentiers/finaciers, giganto corporations, and the military industrial complex to 'protect us from evil'.  the social programs i assume you refer to when you use the word 'socialism' are only there to prevent the general population - especially the poorer ones - from brandishing their pitch forks.

 

 

malek's picture

Amazing how you fail to see how the cronies are able to pacify the masses while fleecing them, with the *promise* of socialism -
and the masses swallow it, because they believe socialism is a good idea!

But the concept of socialism plays no role in the current situation, no, no, no, no [voices as in the stoning of Monty Python's "The Life of Brian"]

ersatz007's picture

"Amazing how you fail to see how the cronies are able to pacify the masses while fleecing them, with the *promise* of socialism"

Did you actually read what I wrote?  Especially the part about the pitchforks?

 

malek's picture

The part about the pitchforks is a fig leaf,
but the sentence before that

"the social programs i assume you refer to when you use the word 'socialism'"

is completely twisting the definitions, so I ignored both as you provide no logical derivation.

Socialism is the belief that because something *exists*, for example the wealth of someone who worked hard for it all his life, others -who only need to be alive- have a rightful claim to it.
Therefore it's the opposite of Private Property, and without such you have given up most freedoms.

destiny's picture

we need to learn historical lessons and realize that this is the most precious moment in human history,” Mr. Goldin said. “We need to make the choices to ensure that globalization is sustainable, that connectivity is sustainable, that we deal with the intractable problems that are worrying people.”

 

WE NEED TO LEARN REAL HISTORY...THAT IS DA TRUTH AND NOT'ING BUT DA TRUTH ...!

Madison&#039;s_Ghost's picture

I think hes been watching too much Netflix.

Calculus99's picture

I bet all the Police and private security guys are thinking 'what a load of jackasses we have to protect'. 

BabaLooey's picture

If THEY think that.........

good.

Fuck em.

 

freewolf7's picture

We're tired of being your slaves.

Thought Processor's picture

 

 

Yah, dangerous if you are a 'controller.'  

 

The jig is up.

wisebastard's picture

Lets all pray one of those cops decideds to save the planet and go full Columbine High School on their asses.......we can then crowd fund a statute for the guy so he can be remembered......maybe even put it on top of the georgia guidstones 

holgerdanske's picture

"I bet all the Police and private security guys are thinking 'what a load of jackasses we have to protect'."

I bet you are right. I wonder if there is a freelancer in between them. Somebody "enoughly" pissed off to think "Fuck the consequences, I have had it."

For me it must just be a matter of time.

ConnectingTheDots's picture

But these police and private security are the very people that enable these "jackasses" to continue to extract wealth from those who actually work for a living.

These police and private security need to recognize their role in this system and also realize that without their services, these "jackasses" would be out on the street working for a living like most people.

7thGenMO's picture

Knowing the Swiss, I would add that the security/police (not protecting Davos) are somewhat unique in that they protect Switzerland's main "industry" - banking.  The Swiss are not in the EU because it would open up their vaults to audits of the barbarous relic they collected in barbarous times.  Their system is not as fiat-fraudulent as most in the world, but they certainly profit by having a less fraudulent system.

Your point that a fiat system is fraud designed to enrich globalist elites is correct, and the mind control over most people to perpetuate this system can be simply demonstrated by offering payments/tips in a $5 Fed Note vs. a $5 Silver Maple.  Until most people begin to readily accept the Maple (without looking it up on the net), the fiat-fraudulent system will continue to degrade the living of the serfs as they unknowingly perpetuate the fraud.

However, before the banksters allow any alternative to their fraud, their wholely owned population control branch (a.k.a. government) and its security personnel will become increasingly oppressive toward anyone daring to offer a less fraudulent alternative.  Evidence of this is the racketeering (global banks in collusion acting as a One Bank) to control PM prices.  It is also evident in the push for "cashless societies", the monetary chaos in India, etc.

 

 

 

 

GunnerySgtHartman's picture

Maybe the elites wouldn't be so fearful if they hadn't been f*cking everyone else over for the last 20+ years, hmmmm? ... what goes around comes around.

flaminratzazz's picture

you missed a couple zeros// try 2000 years.

methink74's picture

I'd like to take these fucks to a "robin sage" cadre camp for a night or two, just so they could listen in on the conversation, fearful would be an understatement.

groaner's picture
groaner (not verified) Jan 19, 2017 10:05 AM

I want to puke reading this garbage... 

Bubba Rum Das's picture

"I want to puke reading this garbage... "

What, the comments or the reporting?

MrBoompi's picture

They just took a look at the pitchfork sales at Lowes and Home Depot.  

Jim in MN's picture

OK, now for the liberal States to lead the way to a different, brighter--Oh Shit

http://www.nbcsandiego.com/news/national-international/California-Financ...

California Makes $1.9B 'Straight-up Error in Accounting' Gov. Brown's administration miscalculated the costs for the state MediCal program

Gov. Jerry Brown's administration miscalculated costs for the state Medi-Cal program by $1.9 billion last year, an oversight that contributed to Brown's projection of a deficit in the upcoming budget, officials acknowledged this week.

The administration discovered accounting mistakes last fall, but it did not notify lawmakers until the administration included adjustments to make up for the errors in Brown's budget proposal last week. The Democratic governor called for more than $3 billion in cuts because of a projected deficit he pegged at $1.6 billion.

Source: http://www.nbcbayarea.com/news/local/California-Finance-Department-Makes-19B-Miscalculation-411133495.html#ixzz4WDTnE56j
Follow us: @nbcsandiego on Twitter | NBCSanDiego on Facebook
cowdiddly's picture

"Missed it by that much" Maxwell Smart

whatamaroon's picture

Fire that accountant who discovered the mistake, they can't report 'Fake' news.

flaminratzazz's picture

one can safely assume they will not conflict with those in attendance continuing to enjoy the state of the world as it is now, with canapés and aged Bordeaux and private jets at the ready. Which means that the global populism insurrection is unlikely to lose momentum anytime soon.

NYT actually tellin a truth? This is new.

Bubba Rum Das's picture

"NYT actually tellin a truth? This is new."

They forget that Boss Slim is watching....Next thing they know, some Columbians will show up, take them into a back room at the NYT & give them an 'adjustment'...

Calculus99's picture

Dalio touted in particular the “animal spirits” unleashed by stripping away regulations.

That's all these jackass politicians have to do. Trump knows this which is why he's (hopefully) going to take a flame thrower to many of them. 

Then you have a dumb cunt like Prime Minister May who says some crap like 'The UK is going to be a power house in global trade' yet as soon as she gets back home she'll scrap almost zero regs alongside signing into law another 101 of them. Note how easy it is to say that line, yet how hard it's actually going to be to do it. Trump again had it right - politicians, all talk, no action. 

HenryKissingerChurchill's picture

That's all these jackass politicians have to do. Trump knows this which is why he's (hopefully) going to take a flame thrower to many of them.

"The issue on Trump is what you win on the U.S. swings, you may lose on the international roundabouts"
Martin Sorrell, chief executive of WPP, the world's largest advertising agency, said U.S. growth could come at the cost of nations elsewhere
http://www.reuters.com/article/us-davos-meeting-trump-idUSKBN1530IS

HenryKissingerChurchill's picture

who will build the army of bulletproof Audi A8L s for Davos 2018? the Industry 4.0 robots?

cossack55's picture

No sweat for the swarms of AUTOM8s  (see DAEMON by Daniel Suarez)

HenryKissingerChurchill's picture

No sweat for the swarms of AUTOM8s  (see DAEMON by Daniel Suarez)

and  Razorbacks
: )

awesome writer !

Bill of Rights's picture

The Hypocrisy, they themselves created these dangerous times lol

LyLo's picture

“There’s never been a better time to be alive, and yet we feel so glum,” Mr. Goldin said. “So many people feel anxious. So many people feel that this is one of the most dangerous times.”

Maybe it's just me, but if there's never been a better time to be alive wouldn't people be less anxious and worried of danger?  Less glum?

Not to suggest that these Davos people are anything less than the smartest people to have ever walked the Earth, but perhaps the basic premise is slightly flawed?  Perhaps a "good" time to be alive isn't necessarily predicated by technological innovation or political structure, but based on deeper more primal needs. 

Unless he means "for me" as an addendum.  "There's never been a better time to be alive [for me]..."  But surely those amazing Davos guys couldn't be that shallow...

bankbob's picture

As they say in Davos, "What would Leona Helmsley do?"