Föhrenbergkreis Finanzwirtschaft

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Posts Tagged ‘Davos’

The New Davos Challenge

Posted by hkarner - 19. Januar 2020

Alexander Friedman

Alexander Friedman, a co-founder of Jackson Hole Economics, is a former Chief Executive Officer of GAM Investments, Chief Investment Officer of UBS, Chief Financial Officer of the Bill & Melinda Gates Foundation, and White House Fellow.

Jerry Grinstein is a former CEO of Delta Air Lines and Burlington Northern Railroad, and previously served as Chief Counsel to the United States Senate Commerce Committee.

Larry Hatheway, former Chief Economist at UBS and GAM Investments, is a co-founder of Jackson Hole Economics.

Charles C. Krulak is a former Commandant of the US Marine Corps and President of Birmingham-Southern College.

As political leaders and corporate titans gather in Davos, Switzerland, for the World Economic Forum’s annual meeting, they would do well to consider how the abstract ideal of „stakeholder capitalism“ can be translated into reality. The key to changing the behavior of economic and political elites alike is to change what is measured.

DAVOS – The World Economic Forum’s annual flagship meeting this year will focus on how to build a more cohesive and sustainable world. As always, the topic is timely, but also a little abstract. To help give it more concrete form, we have a few proposals to put the prevailing economic model on a better track and focus the discussion. 

First, it is time to overhaul the US tax code to reduce structural wealth inequality. To that end, America should get rid of the “carried-interest” loophole. A provision that was originally intended to encourage long-term investment has become a massive tax break for financiers working in private equity and at hedge funds. Although the 2017 Tax Cuts and Jobs Act placed some limitations on this finance-friendly rule, it remains in place.By the same token, America should do away with the “stepped-up cost basis” loophole, which has become a key way by which the rich avoid taxation when bequeathing their wealth to their heirs. Den Rest des Beitrags lesen »

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Post-Davos Depression

Posted by hkarner - 2. Februar 2018

Chapeau, Prof. Stiglitz: That he dares to be so outspoken about morally corrupt CEOs, who hide behind the „values“ they are talking of!!! (hfk)

 

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University and Chief Economist at the Roosevelt Institute. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump.

The CEOs of Davos were euphoric this year about the return to growth, strong profits, and soaring executive compensation. Economists reminded them that this growth is not sustainable, and has never been inclusive; but in a world where greed is always good, such arguments have little impact.

DAVOS – 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. To be sure, here at Davos, CEOs from around the world begin most of their speeches by affirming the importance of values. Their activities, they proclaim, are aimed not just at maximizing profits for shareholders, but also at creating a better future for their workers, the communities in which they work, and the world more generally. They may even pay lip service to the risks posed by climate change and inequality. Den Rest des Beitrags lesen »

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Davos Man Kowtows to Trump

Posted by hkarner - 31. Januar 2018

Ana Palacio, a former Spanish foreign minister and former Senior Vice President of the World Bank, is a member of the Spanish Council of State, a visiting lecturer at Georgetown University, and a member of the World Economic Forum’s Global Agenda Council on the United States.

By so easily betraying the values that have long underpinned the rules-based liberal world order – such as multilateralism, democracy, and the rule of law – the toadies in Davos have put the lie to the entire system. This is bad news for everyone, because, while that order certainly is in need of reform, it remains our best hope.

MADRID – It has been a confusing couple of years for “Davos man” – the members of the global hyper-elite who gather each year for the World Economic Forum’s flagship conference to mull over the challenges the world faces. After decades of reveling in broad global acceptance of the rules-based liberal world order, the stewards – and, in many cases, key beneficiaries – of that order have been forced to defend it from high-profile assaults, most prominently by US President Donald Trump. Rather than fight, however, they seem to be giving in.

Last year, participants in Davos were shaken in anticipation of Trump’s inauguration, which occurred on the final day of the meeting. With the United States about to come under the leadership of a president who loudly touted an “America First” outlook, they looked desperately for a new champion of globalization. As their gaze settled on Chinese President Xi Jinping, the first cracks emerged in their commitment to putting ideas and values above expediency. Den Rest des Beitrags lesen »

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How Davos Brings the Global Elite Together

Posted by hkarner - 16. Januar 2017

Date: 15-01-2017
Source: The New York Times

DavosFor two weeks each January, the population of Davos, Switzerland, swells as the global elite meet for a series of discussions.

Heads of state, captains of industry, prominent academics, philanthropists and a retinue of journalists, celebrities and hangers-on will descend Tuesday on Davos, Switzerland, for the World Economic Forum.

For most of the year, Davos is a resort town high in the Swiss Alps with a population of just 11,000. But for two weeks each January, the town’s population swells to 30,000 as the global elite meet for a series of meetings and discussions about “entrepreneurship in the global public interest,” in what could be described as world’s most expensive networking event.

Beyond the events on the conference’s official calendar are an even more exclusive series of parties, dinners and outings. Den Rest des Beitrags lesen »

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President Trump and the Fall of Davos Man

Posted by hkarner - 11. November 2016

By Charles Gave, Mauldin Outside the BoxGave
Nov. 9, 2016

For decades, all around the world but especially in Europe, the notion of the sovereign nation has been under fierce attack. Leading the assault have been the international bureaucrats and a clique of economists in league with those I have dubbed the men of Davos, all of them resolute proponents of crony capitalism.

Until this year, the offensive worked for them like a dream. Unsurprisingly, it did not work so well for the mass of ordinary people, the poor “idiotes. The problem, as Pope John Paul II pointed out nearly 40 years ago, is that “individual freedom” can be exercised only in a democracy operating in a sovereign state. And as a Pole, he certainly knew what he was talking about.

Over the last few years, I have observed with mounting alarm how the exponents of this new international order were not only trying to destroy that “willingness to live together” which as Ernest Renan argued constitutes the essence of a nation, but that they were also tampering with interest rates, exchange rates and international trade – the very cogs which allow capitalism to work.

So these men of Davos were not only intent on destroying our nations, they were also destroying our standard of living. Presumably this was because their attempts to destroy local sovereignty were not succeeding in creating faster growth. Apparently they reasoned that if destroying sovereignty does not work, then destroying the financial expression of that sovereignty – national currencies – would have more success. Inevitably under such stewardship, the world economy has gone from bad to worse. Den Rest des Beitrags lesen »

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Why Don’t We Act in Our Own Best Interest?

Posted by hkarner - 1. Februar 2012

‎Heute, ‎31. ‎Jänner ‎2012, ‏‎vor 3 Stunden | Tony Schwartz, HBR Blog

At the World Economic Forum last week, I attended a small dinner that included eight Nobel Prize winners. What a privilege in itself.

The question the Laureates were asked to address was „What do you see as the world’s biggest challenges?“ They facilitated conversations at each table, and at the end, each of them reported out.

Their suggestions included overpopulation, unemployment, the environment, and inequality. Each of the Nobel winners was eloquent and wise about these issues, but the reality is that the challenges are familiar, and they’re getting worse, not better. The common denominator among all of them is that they are problems created by humans. So why can’t we humans solve them?

The most basic answer is that we don’t make a connection between our current behavior and its future consequences. As Muhammad Yunus, the Bagladeshi economist, put it, „Leaders don’t have time for the future because they’re too busy with the present.“ Den Rest des Beitrags lesen »

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Draghi, Soros, Geithner, Roubini, Calderon, Merkel: In Their Own Words From the WEF on the Europe Crisis Via Bloomberg

Posted by hkarner - 1. Februar 2012

http://www.economonitor.com/nouriel/2012/01/30/draghi-soros-geithner-roubini-calderon-merkel-in-their-own-words-from-the-wef-on-the-europe-crisis-via-bloomberg/

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There’s a rainbow… and it’s getting brighter

Posted by hkarner - 31. Januar 2012

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Couldn’t Make Davos This Year? Here Are the 5 Things Everyone’s Talking About

Posted by hkarner - 28. Januar 2012

Date: 28-01-2012
Source: TIME

The topics and tropes fall faster than snowflakes here in Davos, where several thousand of the world’s leading business people, politicians and policy makers gather once a year for an annual think-fest. And with literally hundreds of panels, debates, interviews, workshops and symposia taking place, it would be impossible to capture all of the ideas competing for attendees’ attention. But, still, as in any complex system, patterns start to emerge. With three of  the event’s four days almost over, here are some early bets on what may go down as the major themes of this year’s convocation.

Capitalism needs a fundamental overhaul. That capitalism is somehow broken has become one of Davos’ most persistent themes. Indeed, “Is 20th Century Capitalism Failing 21st Century Society,” was the topic of TIME’s own panel, which kicked off the proceedings here on Wednesday. Since then, no fewer than three other panels have been devoted to some variation of “fixing capitalism” or “remodeling capitalism.” No one here is arguing that capitalism should be scrapped wholesale, of course. Instead, the most rational arguments have pointed out that not only is capitalism the best system yet devised for enhancing the well being of the greatest number of people, but that it is also immensely supple and flexible. In 200 years, capitalism has already gone through several major iterations. But what, practically speaking, will a global capitalism retooled for the 21st century look like? More regulation? Or less? State Capitalism, like that practiced by China, Russia and many countries in the Middle East? Well, no one has quite figured that one out yet. But a surprising number of attendees (and these are the world’s most direct beneficiaries of the current system) seems to agree that something is wrong. And that in itself is remarkable. Den Rest des Beitrags lesen »

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Cameron really knows how to annoy Germany

Posted by hkarner - 27. Januar 2012

Date: 27-01-2012
Source: The Financial Times
Subject: Cameron rebukes euro leaders over crisis

David Cameron has delivered a firm rebuke to Germany at the World Economic Forum, calling on Berlin to contribute significantly more resources and guarantees to help solve the eurozone crisis.

The British prime minister stressed on Thursday that although progress had been made, particularly with the European Central Bank’s funding of the European banking system, policymakers were still far from finding a solution to the underlying problems of the crisis. He criticised eurozone leaders for being distracted by other issues, such as the introduction of a financial transaction tax – an initiative he described as “quite simply madness”. Den Rest des Beitrags lesen »

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