$600,000 in Spare Change
You may have missed this year’s World Economic Forum in the beautiful ski-resort town of Davos, Switzerland. We don’t blame you since you were probably captivated by the riveting impeachment trial and Representative Adam Schiff’s (D-CA) paranoia and eloquence. Every year, heads of state, corporate executives, celebrities, billionaires, and leaders of philanthropic organizations descend upon the pictureque resort to discuss how to “improve the state of the world.”
Oh, and you are not invited unless you have at least $60,000 lying around.
If you wish to attend this exclusive event, you need to either receive a private invitation or hold membership. It costs between $60,000 and $600,000 to be a member, plus an extra $27,000 for an attendance badge. It is a worthwhile investment, though. Think about it: You can schmooze with other globalists who are attempting to enslave the population because they know better than you do.
Leavin’ on a Jet Plane
Imagine being so woke that you fly on a carbon-emitting private jet so you can attend an event to limit carbon output. Now that is intellectual integrity!
It was estimated that as many as 1,500 private planes flew in and out of Davos this week. The attendees missed the irony since the event was all about climate change alarmism and how to confiscate wealth from the public and suppress development in the developing world. Of course, the elite likely emitted more carbon in a single week than the typical household in Biloxi, MS does in a year.
Somehow and somewhere, there is a progressive bureaucrat justifying the hypocrisy. Perhaps the defense is that the leftists are heroic and noble, making the ultimate sacrifice of flying on luxurious private planes to lecture the world about how they are destroying the planet. Or maybe defenders came across a passage in the Book of Gore under psalm 2000: “Do as I say, not as I do.” Organizers did note that these jets are using “greener” fuel that reduces emissions by – get this – 18%! These people are blind to reality and hypocrisy.
Sexy Steve Strikes
The cult surrounding Greta Thunberg is frightening as murals are painted of her and media personalities excoriate anyone who dares say an unkind word about the Swedish teenager. This might explain why most public officials, other than President Donald Trump, have been mum on how awful it is that the establishment has exploited a child who is still mentally and physically developing. Unfortunately, their perpetual praise is enabling Thunberg and stimulating her ego, which clarifies why her demands have evolved into the absurd. She recently requested that the world divest from fossil fuels, not next year or next decade, but rather right now.
Treasury Secretary Steven Mnuchin was asked about her airing of grievances, and he was blunt that he was not going to be pushed around anymore by a whiny teen. He told the press: “Who is she? Is she the chief economist? After she goes and studies economics in college, she can go back and explain that to us.”
But the true star of the WEF did not stop there.
There was a panel discussion on the role of central banks in protecting the environment to close out the annual opulent festivities. European Central Bank (ECB) President Christine Lagarde, who has made climate change a focal point of monetary policy since taking over the institution, asserted that economic modeling needs to change and adapt to environmental concerns. Instead of quarterly and medium-term forecasts, Lagarde believes companies need to begin thinking 30 years ahead.
Mnuchin was not having any of it. He told Lagarde:
“Christine, I think you can have a lot of people and model it, but I just don’t want to kid ourselves. I think there is no way we can possibly model what these risks are over the next 30 years with a level of certainty, given what I think is the changes in technology along the way.
So, I think we are overestimating the cost. So, if you want to put a tax on people, go ahead and put a carbon tax. That is a tax on hard-working people. I personally think the costs are going to be much lower ten years from now — because of technology — than we think they are today.”
Mnuchin went full beast mode. You always go full beast mode against the globalists.
Al Gore’s Paranoia
There are epic comments, and then there are just head-scratching, eye-rolling, and face-palming remarks. Mnuchin’s belonged in the former, while former Vice President Al Gore’s was in the latter. One of the biggest charlatans of this era pontificated that climate change is getting worse “way faster” than most of us can even conceive. To make sure us simple folk comprehend the severity of climate change, Gore likened it to several key moments in history:
“This is Thermopylae. This is Agincourt. This is Dunkirk. This is the Battle of the Bulge. This is 9/11. We have to rise to this occasion. The burden to act on the shoulders of the generation of the people alive today is a challenge to our moral imagination.”
When people no longer buy your repeatedly failed doomsday prognostications (hello Arctic icecaps that were supposed to be wiped out in 2013), your only method of survival and maintaining the charade is employing histrionics. This was as bad as the left declaring that President Trump is Literally Hitler ™.
The De-Dollarization Push
The de-dollarization push continues as many nations, particularly in the Middle East, consider steering away from the greenback and settling oil contracts in something other than the U.S. dollar.
Shafik Gabr, an Egyptian businessman and chairman of the ARTOC Group for Investment & Development, revealed that high-level Middle Eastern officials are exploring different mechanisms to complete their energy transactions. It can only be speculation at this point at what alternatives they are mulling over. Either way, the longer Washington slaps sanctions on adversaries and intervenes in the internal affairs of foreign countries, the greater the odds of the dollar being shunned by a huge part of the world.
Gold, bitcoin, yuan, rubles, or copies of Ludwig von Mises’ Human Action – who knows what will replace the buck as the international reserve currency of the future?
If the WEF handed out trophies to corporations for being the most woke, Goldman Sachs would be the 2020 champion.
The Wall Street titan announced that it would only help companies file an initial public offering (IPO) if they have at least one diverse board member. The financial juggernaut refrained from defining “diverse,” but CEO David Solomon noted that the focus would be on women. The new policy will go into effect June 30 and only impact American and European businesses – Asian firms are ostensibly exempt. Next year, its policy will be bumped up to two diverse board members. It also confirmed that it would not refuse to work with companies that possess insufficient diverse boards – new or current. Instead, it will introduce qualified potential candidates to these companies.
What firm can top that? How about Acme International – call the one diverse board member and raise you a minimum of one Native American, one transgender person, and one transspecies? Beat that!
Paul Tudor Jones, a billionaire investor, compared today’s stock market to the final stages of the dot-com bubble. He called it the “craziest monetary and fiscal mix in history” that is set to “explode” and “defies imagination.” So, is it time to sell? Not yet, he conceded, because “the train has got a long, long way to go if you think about it.”
But is today’s bullish rally a bubble comparable to 1999-2001? According to J.P. Morgan Chase CEO Jamie Dimon, the only financial bubble he sees is in sovereign debt. He told CNBC’s Andrew Ross Sorkin:
“Right now people think central banks around the world can do whatever they want. They can’t. They’re intelligent, looking at all the facts trying to figure out what to do. But [inflation] would be the big negative surprise.”
Ray Dalio, the billionaire founder of Bridgewater Associates, made a not so subtle statement: “Cash is trash.” And he is not talking about the fiat argument either. Dalio argues that “everybody is missing out” on the strength of the current market, adding that it would be a smart move to possess an international and diversified portfolio. He says that the one asset that people cannot “jump into” is cash.
3,000 People Emit Hot Air
The objective of the World Economic Forum is not to come up with reasonable and realistic solutions to some of the world’s biggest problems, though they may believe they share the omnipotence of Prometheus. Every year, the real motive for the Davos attendees is to show off their wealth, power, status, wokeness, and ability to virtue-signal. If you are searching for intellectual diversity, the WEF is not the place to explore. There may be some outliers, but they all generally possess the same principles. They are all-knowing and all-powerful supreme beings who are not required to live by the philosophies they possess, only the cretins beneath them are subject to the systems of the everyday man.
Read more from Andrew Moran.