DAVOS elites to seek reforms of “outdated” capitalism
Economic and political elites meeting this week at the Swiss resort of Davos will be asked to urgently find ways to reform a capitalist system that has been described as “outdated and crumbling.”
“We have a general morality gap, we are over-leveraged, we have neglected to invest in the future, we have undermined social coherence, and we are in danger of completely losing the confidence of future generations,” said Klaus Schwab, host and founder of the annual World Economic Forum.
“Solving problems in the context of outdated and crumbling models will only dig us deeper into the hole.
“We are in an era of profound change that urgently requires new ways of thinking instead of more business-as-usual,” the 73-year-old said, adding that “capitalism in its current form, has no place in the world around us.”
Some 1,600 economic and political leaders, including 40 heads of states and governments, will be asked to come up with new ideas as they converge at eastern Switzerland’s chic ski station for the 42nd edition of the five-day World Economic Forum which opens Wednesday.
The eurozone’s failure to get a grip on its debt crisis and the spectre this is casting over the global economy will dominate discussions.
“The main issue would be the preoccupation with the global economy. There will be relatively less conversation about social responsibility and environment issues — those tend to come to the fore when the economy is doing well,” John Quelch, dean of the China European International Business School, told AFP.
“The main conversation will be about a deficit of leadership in Europe as a prime problem,” he added.
The annual talk-shop comes barely a week after the eurozone’s reputation took a further battering, as ratings agency Standard and Poor’s downgraded the credit-worthiness of nine eurozone countries, including stripping France of its triple-A grade.
While saved from the downgrade embarrassment, the region’s economic powerhouse Germany has nevertheless been forced to lower its growth forecast, dragged down by its neighbours’ debt woes and weaker demand from emerging markets.
The forum will centre on the issue from the beginning, as German Chancellor Angela Merkel opens with a keynote speech.
European Central Bank chief Mario Draghi, US Treasury Secretary Timothy Geithner and International Monetary Fund chief Christine Lagarde will also give a broader insight into the international economic impact of the eurozone crisis.
DAVOS..the elites annual getaway in switzerland..akin to a bilderberger meeting but more open..so before lunch they will build a new financial system and after lunch they might work on world peace for a few hours and fix that to..