IMF Chief tells Davos elites that the way to fight populism is to give away free stuff
This week heralds the annual Davos World Economic Forum, where elites go to eat $40 hot dogs and discuss global topics that they have no idea about. Â And all one has to do to validate this is to realize that nearly every one of the thousands of participants jetting into the high mountains of Switzerland never saw the potential of Britain leaving the EU, or Donald Trump getting elected as President of the United States.
So with the wave of populism crushing the elites dreams of a new world order at every turn, the head of the International Monetary Fund spoke at one of the sessions on Jan. 18 to give her two cents on how to stop the bleeding, which involves giving out more free stuffs to the peasants in order to mollify their desire to burn down the establishment.
Richest 8 men in the world
As we scoffed oveernight,Â who better than a handful of semi, and not so semi, billionaires – perplexed by the populist backlash of the past year – to sit down and discuss among each other how a “squeezed and Angry” middle-class should be fixed. And so it was this morning as IMF Managing Director Christine Lagarde, Italian Finance Minister Pier Carlo Padoan and Founder, Chairman and Co-CIO of Bridgewater Associates, Ray Dalio, espoused on what’s needed to restore growth in the middle class and confidence in the future.
The conclusions of the discussion are as farcical as the entire Davos debacle, as three people completely disconnected from the real world, sat down and provided these “answers”…
As Bloomberg reports,Â whileÂ International Monetary Fund chief Christine Lagarde urged a list of policies from programs to retrain workers to more social spending...
Lagarde said policy makers âreally have to think it through and see what can be doneâ given the feedback from voters who say “No.â Among measures that could be implemented are fiscal and structural reforms, she added.
âBut it needs to be granular, it needs to be regional, it needs to be focused on what will people get out of it and it probably means more redistribution than we have in place at the moment,â Lagarde told the panel. – Zerohedge
At the beginning of 2017, eight billionaires now hold more wealth than half of the entire world. Â And with the elites having ignored the growing clamor that began with Occupy Wall Street following the 2008 financial crisis, and is only growing in countries like Greece, Italy, France, and Austria, the establishment is scrambling to find some way to control this paradigm shift that in centuries past ended in revolutions and executions.
The fact of the matter is, those attending Davos this week have never cared about the individuals they rule over, and are clueless on how to either placate or stop the tidal wave of populist revolt. Â And as their ideas of more wealth redistribution, which have destroyed the middle classes in several Western countries, is their ultimate answer, then the future of today’s elite is none too bright, and the revolution to ‘drain the swamp’ appears to be just kicking into high gear.
Kenneth Schortgen JrÂ isÂ a writer for The Daily Economist, Secretsofthefed.com,Â Roguemoney.net, and Viral Liberty, and hostsÂ the popular youtube podcast on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.