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Oxfam reports that the wealth of the 2,200 billionaires across the globe increased by $900 billion last year - or $2.5 billion a day. (Cartoon credit: Khalil Bendib/OtherWords)
The Fall of Davos Man
Message to Davos Man (and Women): Either commit to pushing for broader prosperity and democracy, or watch as trade wars, capital controls, and isolationism erode global prosperity (including yours) and global peace
Jan 22, 2019
The annual confab of the captains of global industry, finance, and wealth is underway in Davos, Switzerland at the World Economic Forum.
Meanwhile, Oxfam reports that the wealth of the 2,200 billionaires across the globe increased by $900 billion last year - or $2.5 billion a day. Their 12 percent increase in wealth contrasts with a drop of 11 percent in the wealth of the bottom half of the people of the world. In fact, the world's 26 richest billionaires now own as much as the 3.8 billion who comprise the bottom half of the planet's population.
If Davos's attendees ignore all this, and blame the rise of right-wing populism around the globe on racism fueled by immigrants from the Middle East and from Central America, they're deluding themselves.If Davos's attendees ignore all this, and blame the rise of right-wing populism around the globe on racism fueled by immigrants from the Middle East and from Central America, they're deluding themselves.
The real source of the rise of repressive authoritarianism, nativism, and xenophobia in the United States as well as Italy, Spain, Austria, Poland, Hungary, Denmark, Bulgaria, Greece, France, and Britain is a pervasive sense that elites are rigging the world economy for themselves. And, guess what? They are.
Message to Davos Man (and Women): Either commit to pushing for broader prosperity and democracy, or watch as trade wars, capital controls, and isolationism erode global prosperity (including yours) and global peace.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.
Robert Reich
Robert Reich is professor emeritus of public policy at Berkeley and former US secretary of labor. His latest book is the No. 1 New York Times best-seller, "Coming Up Short."
The annual confab of the captains of global industry, finance, and wealth is underway in Davos, Switzerland at the World Economic Forum.
Meanwhile, Oxfam reports that the wealth of the 2,200 billionaires across the globe increased by $900 billion last year - or $2.5 billion a day. Their 12 percent increase in wealth contrasts with a drop of 11 percent in the wealth of the bottom half of the people of the world. In fact, the world's 26 richest billionaires now own as much as the 3.8 billion who comprise the bottom half of the planet's population.
If Davos's attendees ignore all this, and blame the rise of right-wing populism around the globe on racism fueled by immigrants from the Middle East and from Central America, they're deluding themselves.If Davos's attendees ignore all this, and blame the rise of right-wing populism around the globe on racism fueled by immigrants from the Middle East and from Central America, they're deluding themselves.
The real source of the rise of repressive authoritarianism, nativism, and xenophobia in the United States as well as Italy, Spain, Austria, Poland, Hungary, Denmark, Bulgaria, Greece, France, and Britain is a pervasive sense that elites are rigging the world economy for themselves. And, guess what? They are.
Message to Davos Man (and Women): Either commit to pushing for broader prosperity and democracy, or watch as trade wars, capital controls, and isolationism erode global prosperity (including yours) and global peace.
Robert Reich
Robert Reich is professor emeritus of public policy at Berkeley and former US secretary of labor. His latest book is the No. 1 New York Times best-seller, "Coming Up Short."
The annual confab of the captains of global industry, finance, and wealth is underway in Davos, Switzerland at the World Economic Forum.
Meanwhile, Oxfam reports that the wealth of the 2,200 billionaires across the globe increased by $900 billion last year - or $2.5 billion a day. Their 12 percent increase in wealth contrasts with a drop of 11 percent in the wealth of the bottom half of the people of the world. In fact, the world's 26 richest billionaires now own as much as the 3.8 billion who comprise the bottom half of the planet's population.
If Davos's attendees ignore all this, and blame the rise of right-wing populism around the globe on racism fueled by immigrants from the Middle East and from Central America, they're deluding themselves.If Davos's attendees ignore all this, and blame the rise of right-wing populism around the globe on racism fueled by immigrants from the Middle East and from Central America, they're deluding themselves.
The real source of the rise of repressive authoritarianism, nativism, and xenophobia in the United States as well as Italy, Spain, Austria, Poland, Hungary, Denmark, Bulgaria, Greece, France, and Britain is a pervasive sense that elites are rigging the world economy for themselves. And, guess what? They are.
Message to Davos Man (and Women): Either commit to pushing for broader prosperity and democracy, or watch as trade wars, capital controls, and isolationism erode global prosperity (including yours) and global peace.
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