#AceNewsReport – Jan.21: Editor says after a massive year of change …… the rich and so called influential leaders are planning to meet, greet and eat the finest food and drink the most expensive champagne but times are changing and they only got rich from the people and capitalism and with ever burgeoning debt and people protests daily they can no longer just rely on consumerism and peoples will to vote in leaders that are both corrupt and corruptible and must learn to understand that equality means everyone not just the few #AceNewsDesk reports
Under President Donald Trump, the United States is imposing trade sanctions on friend and foe alike, and the government is paralyzed by a partial shutdown over immigration policy that forced Trump and a high-level U.S. delegation to cancel the trip to Davos: A year after getting a standing ovation from the elites at Davos, French President Emmanuel Macron is sinking in the polls as he contends with “yellow vest” protesters who have taken to the streets to call for higher wages and fairer pensions. Nationalist political movements are gaining strength across Europe.
And the economic backdrop is worrying: experts are downgrading their forecasts for global growth this year amid rising interest rates and tensions over trade.“Judging by the state of the world right now 10 years on from the financial crisis, and the dysfunctional state of global politics I would suggest that these annual events have achieved the sum total of diddly squat,” said Michael Hewson, chief market analyst at CMC Markets UK: The collective worries have sent a shudder through global financial markets: The Dow Jones industrial average is down nearly 9 percent from Oct. 3.David Dollar, a senior fellow at the Brookings Institute, said the buckling market “represents a lot of anxiety that we’re seeing from the corporate elite who meet at Davos.”How times have changed.For most of the past quarter century, the worldview symbolised by the World Economic Forum — of ever-freer world trade and closer ties between countries — had dominated. ………………Then came a backlash from Americans and Europeans whose jobs were threatened by low-wage competition from countries like China and who felt alienated at home by wealth inequality and immigration.In 2016, U.S. voters elected Trump, who advocated restricting immigration and scaling back free trade, and the British chose to leave the EU.“The winners from globalization have had the megaphone,” said Paul Sheard, a senior fellow at the Mossavar-Rahmani Center for Business and Government at Harvard University’s Kennedy School. “…………….The losers have been somewhat silent, but now are starting to express themselves through the ballot box and through the political process.”
The Davos confab has always been vulnerable to snark: hedge fund billionaires flying into Davos in fuel-guzzling private jets to discuss the threat of climate change; millionaire CEOs discussing inequality while downing cocktails; endless conversations between people who describe themselves as “thought leaders.”First among them, perhaps, is WEF founder Klaus Schwab. In an interview Sunday, he stressed the need for more global, “forward-looking” cooperation and a “human-centered” approach to technology as populism feeds on fears of a possible economic downturn in many parts of the globe.Globalization produced millions of “winners” over the years, but also “has left certain people behind,” Schwab said at the Davos conference center, where his teams gave pre-event tours to delegations ahead of the formal start on Tuesday.“In the age of social media, you cannot afford any more to leave anyone behind,” he said.
Access to the elite gathering, for businesspeople anyway, doesn’t come cheap: It requires WEF membership, which starts at 60,000 Swiss francs ($60,259) and rises up to the “Strategic Partner” level at 600,000 ($602,605). Getting into the Davos event requires an invitation and an extra fee, which WEF spokesman Oliver Cann said is 27,000 francs ($27,117) per person.That’s just for corporate chieftains. Civil society, non-governmental groups, U.N. leaders and governmental officials don’t pay they get in free
#AceNewsDesk report ………Published: January.21: 2019: From #Brexit deadlock to Davos no-shows, here are five world markets themes for the week ahead: https://t.co/95Zlf7w7xf Keep up with latest from #wef19: https://t.co/mj2k0M6cMg #ReutersDavos https://t.co/ovLxpXkvbQ January 21, 2019 at 12:58AM
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