Here's what they're really talking about at Davos -- it's not what they want you to think
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The agenda for Davos is about the future, and is intended to be optimistic, but discussion between the attendees is worrisome as they focus on serious, near-term financial threats. The world economy is on the brink and there are few tools left to fight recession.
CALIFORNIA NETWORK (https://www.youtube.com/c/californianetwork)
1/20/2016 (4 years ago)
Published in Business & Economics
LOS ANGELES, CA (California Network) - The world's elites have gathered in Davos, Switzerland for the World Economic Forum. The agenda set by founder Klaus Schwab, is an optimistic one. It's about the Fourth Industrial Revolution, the coming of robots and automation, artificial intelligence, and how these advancements will change the world.
But before any of that becomes reality, there's a developing threat of global recession. Talk of this threat is dominant between the scheduled discussions.
Oil prices have collapsed and other indicators reveal that markets are deeply in debt. Banks are now holding trillions in debt that will likely never be repaid and this bad debt will have to be wiped off the books. As it becomes apparent that banks are holding useless debt, their shares and assets will fall, leading to a domino effect across the world economy.
In other words, a recession is looming, if not an outright collapse.
Central banks have cut interest rates to zero, or near to zero. When recession occurs, these banks cut interest rates to encourage borrowing and investment. But with interest rates so low, what's left to cut?
Deficit spending is the next weapon, but with entire governments already mired in debt, some of it bad, it's unlikely they will be able to deficit spend their way back into prosperity. This is how recessions turn into depressions.
The world's elites have reason to be worried. They're the ones holding the bad debt. A portion of their wealth may evaporate, leading them to call for a bailout. A bailout would cause the government to pay money to the banks to cover their losses. This, of course, redistributes the debt back to the taxpayers. It allows the banks to remain solvent, the rich stay rich, and the poor simply owe even more. The debt then makes another cycle through the economy with each cycle becoming worse.
How the elites will land their bailouts is a topic, with one mentioning that it should be called a "bail in" instead of a "bailout," just to fool the masses.
A recession looms, cuts will be made in many industries. Workers will be laid off. These workers may be replaced with robots or sophisticated AI algorithms. Why hire back workers when it's cheaper over time to just buy software?
The future is being forecast and planned in Davos this week. Unfortunately, the average person is not invited to the discussion. In front of the media it's all about how much everyone will like the world of tomorrow, but between sessions, the real deals are made, and sadly, you're not a factor in any of them.
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