The relentless efforts of reformers to control society often overlook the resilient spirit of individuals. In secluded corners of the new Republic, for instance, the sounds of Saturday night celebrations continue to echo beneath the expansive oak trees.
Defying convention, spirited gatherings flourish under the soft glow of moonlight where revelers dance to lively zydeco beats, enjoying sips of sweetened corn syrup and fermented beverages. These vibrant celebrations affirm that, even in an age dominated by government, there are still areas in the lower forty-eight states where personal freedom thrives.
Likewise, though rare, pockets of untainted expression exist in the old world. Despite more formal traditions and drier beverages, there are still places where communities come together joyfully to dance the polka around the maypole, fellowship unhindered.
Across the globe, there remain unique havens where individuals are free to indulge in life’s simpler pleasures, even if it means toiletries that exceed 1.28 gallons per flush. These areas are characterized by refreshing air, clean water, and an atmosphere where pride prevails.
Davos, Switzerland, nestled along the Landwasser River in the Swiss Alps, should be one of those idyllic places. However, it succumbs to a different reality for one week each year as corporate, political, and academic leaders converge for the annual World Economic Forum.
Improving the State of the World
This week marked the latest gathering. While we were once again left off the guest list, that won’t hinder our reflections on the event.
The World Economic Forum serves as a platform to address significant global challenges. For over forty years, its mission has been to “improve the state of the world.” However, it often appears that those lofty aspirations are unattainable.
It’s evident that the elite attendees have significant hurdles to overcome. The world is far from well, and substantial changes are necessary to restore its health.
Take the stock market, for example—a barometer of optimism—currently foreseeing only stormy weather ahead. Recently, $14 trillion in perceived wealth has evaporated from global markets over just seven months—a clear warning signal of an impending recession.
Data supports these alarming trends with declining industrial production and retail sales in the United States. Projections for fourth-quarter GDP hover just above zero. Surprisingly, Treasury yields, rather than rising in response to the Federal Reserve’s recent interest hikes, have instead decreased.
This slowdown isn’t confined to the United States; this week, it was revealed that China’s economy is expanding at its sluggish rate in 25 years. Meanwhile, the European economy struggles under the weight of ongoing migrant crises, and with oil prices plummeting below $30 a barrel, the Middle East faces mounting difficulties prompting sovereign wealth funds to withdraw their investments and steer clear of Davos.
Chasing the Wild Goose in Davos
Adding to these concerns, former Bank for International Settlements chief economist William White has warned of a looming banking crisis.
“Debts have accumulated at such alarming rates globally that they have become a recipe for disaster,” White stated in an interview with The Telegraph prior to the forum. “It will soon become evident in the next recession that many of these debts are unserviceable, leading to discomfort for those who believe their assets hold value.”
Faced with such overwhelming challenges, reformers at Davos lean towards examining the World Economic Forum’s agenda. Here are some selected topics from this year’s discussions:
Will ‘trust inequality’ explain the rise of populism? Is globalization dead—what’s next? How can society navigate crises more effectively? What role do algorithms play in health? Can we trust scientists? Three insights into millennial perspectives. What impact does climate change have on health? Is there a business case for gender equality? Are we prepared for a future without fossil fuels? And much more.
In essence, Davos provides a platform for activists of all kinds. Even Leonardo DiCaprio traveled from across the globe to condemn big oil companies for their role in climate change, declaring, “Enough is enough.”
Yet, the efforts of the elite at Davos to manipulate the global economy often yield little success. History shows that attempts to remediate economic issues through coercion seldom unfold as intended, often leading to unforeseen complications.
In reality, the planners create new issues while trying to resolve the very ones their policies precipitated. Often, their solutions exacerbate the problems. Yet, they remain relentless in pursuing their elusive ideals.
“I’m here to assert with certainty: It’s our duty, like those before us, to steer these [technological] shifts towards societal benefit,” Vice President Biden remarked. “To ensure that the digital revolution produces far more winners than losers.”
Unfortunately, we know full well what Biden implies: More government intervention, increased control, a greater disparity between winners and losers.
In conclusion, the chase for solutions at Davos reflects a larger struggle with complexity. True progress requires humility and often a step back from authoritative solutions.
Sincerely,
MN Gordon
for Economic Prism
Return from Chasing the Wild Goose in Davos to Economic Prism
