A Major Problem Emerges For The Davos Elite

Monday, January 16, 2017
By Paul Martin

by Tyler Durden
Jan 16, 2017

Last night we reported that while snacking on $40 hotdogs, the global financial, political and entertainment elite will be “struggling for answers” and cowering in “silent fear” as the world’s most powerful people face a force they have never encountered before – the rising tide of populism, first demonstrated by the “unexpected” Brexit vote and subsequently by the “shocking” election of Trump. As Moises Naim of the Carnegie Endowment for International Peace put it, “there is a consensus that something huge is going on, global and in many respects unprecedented. But we don’t know what the causes are, nor how to deal with it.”

Adding to the farcical nature of this year’s Davos shindig is that, while one of the main topics of discussion is “populism” and social and wealth inequality, overnight a new Oxfam study revealed that not only 8 people own the same amount of wealth as (the poorer) half of the world, but that since 2015, the richest 1 per cent has owned more wealth than the rest of the planet. It is expected that many of the “eight people” noted by Oxfam will be present at Davos.

And while in years past Davos was eager to whistle past the graveyard, and discuss in broad terms the state of the world, ignoring its own role in the unprecedented wealth divide, this year’s Davos conference which is officially starting in just a few hours, is facing more immediate problems which it can no longer afford to ignore.

One of these is that trust in governments, companies, and thus the executives present at the Forum, has plunged over the past year as ballots from the United States to Britain to the Philippines have rocked political establishments and scandals hit business. Trust in the media itself, meant to be an objective and impartial observer of the Davos boondoggle, yet sadly captured, has likewise crashed to record lows across all age groups.

The Rest…HERE

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