Davos: Despite its Failure, More of the Same Old Insanity
The annual World Economic Forum (WEF) meeting started on Jan. 16 in Davos and, as expected, “billionaires came to tell millionaires how the middle class feels”, as banker Jamie Dimon put it. Those billionaires, unsurprisingly, have become richer, while the rest of the world has become poorer. The proof that money does not bring wisdom is that, according to the WEF, it is not the danger of a world war, but climate change, that is the main threat to the planet.
In her address at the WEF Jan. 17, EU Commission head Ursula von der Leyen accused Russia of weaponizing oil and gas — as if the sanctions had been decided by Moscow, and China of conducting “aggressive attempts” to attract European industrial capacities — as if those capacities were not fleeing the EU due to the exorbitant costs of energy resulting from the Commission’s green transition.
UvdL went on to describe a fictional reality, by insisting that EU sanctions “leave the Russian economy facing a decade of regression”, while she shed a few crocodile tears over the population’s suffering caused by inflation, but with no indication of how to stop it. Instead, she announced an additional dose of that “creative destruction that economist Joseph Schumpeter spoke of”.
This will be implemented under a Net-Zero Industry Act, which will consist of allowing those governments that have budget reserves to grant subsidies for green technologies, in addition to supplying funds from the EU budget itself, as part of the mid-term budget review.
So the Commission and the WEF will keep pushing the Great Reset scheme, even though it has already provoked an energy crisis, as well as a contrary effect, i.e., the return to burning coal in Europe. Securing incentives for “energy transition” means greater earnings for the billionaires, whose wealth is invested by Mark Carney’s Green finance mafia in so-called green assets.
According to a new report by Oxfam, of the $46 trillion in new “wealth,” or assets created in the past two years (measured in dollars), $30 trillion, or two-thirds, were grabbed by the wealthiest 1% of the population, compared to $16 trillion for the remaining 99%. The gain is due, in part, to energy and commodities speculation. In the previous two years, according to Oxfam, the new “wealth created” was split 50-50 between the top 1% and the other 99%.
However, the event in Davos is supporting one special branch of the local economy: Swiss media report that all escort services have been booked out by participants, with diplomats and economists providing prostitutes for their staff as well. To the tune of 2500 euros per escort, those millions of euros of income give new meaning to the term “stimulus” programs.