STOCK MARKET WATCH - Wednesday, 1 February 2012

[Demeter]

53. How Male Global Elites Work Hard to Fix the Economy - In Their Favor

http://www.alternet.org/story/153941/how_male_global_elites_work_hard_to_fix_the_economy_%E2%80%93_in_their_favor?page=entire

On Sunday, 1 percenters left the World Economic Forum at Davos with bold plans to stay fat and happy while the world falls apart...Billed as “The Great Transformation,” the WEF promised sessions on rethinking capitalism, reducing inequality and solving Europe's financial crisis. Founder Klaus Schwab opened the forum with a wise observation that capitalism needs to be fixed "to serve society." Was it possible that these leaders wanted change? Had they opened their ears to the 99 percent?...Guess it depends on which society and what you mean by fixed. Because in reality, the brochure should have read: "The Great Retrenchment: with sessions on denying capitalism's failures, staying rich despite inequality, and dumping Europe's financial crisis onto the backs of ordinary people."

In the midst of a crippling European debt crisis, some 2,500 business leaders, intellectuals and politicians strolled among the five-star hotels and plush conference rooms of the WEF. There was much talk about how economic turmoil in Europe could spread to the rest of the world. There was much networking. Much giddy tweeting (Inspiration! Youth! Social entrepreneurs!) and much partying among ice sculptures. Outside, Swiss police sprayed tear gas at demonstrators protesting youth unemployment, Occupiers camped in igloos protested the event’s elitism, and a group of Ukranian women decried the sexism by going topless and wielding signs that read “Poor because of you!” Yes, there were some reports of elites feeling a bit “besieged” and security was accordingly beefed up. Strategies to maintain the status quo varied by industry and sometimes country. But when you start reading that bankers felt “cautious optimism” about how leaders were responding to their plight, you know that the 99 percent was never really part of the agenda. That Vikram Pandit, CEO of the global bank Citigroup, who blew up the company and sent the bills to taxpayers, was co-chair of this year’s forum spoke volumes...

You would not be surprised to learn that the foundation that puts on the WEF is funded by its 1,000 member companies, the typical firm being a global enterprise with over $5 billion in turnover. Representatives of small businesses and cooperatives, which constitute much of the global economy, are naturally unwelcome in Davos Man's habitat. You will be even less shocked to know that all of the 30 video messages from Davos co-chairs and partners posted ahead of the meeting featured men, most of them western and white. Columbia University’s Anya Schiffrin commented on the notable lack of female participants, saying, “I understand there are not a lot of women running hedge funds, but in that case change your category, maybe don't only have CEOs.” A bold idea. But a bit too innovative for Davos Man.

...At a time when, according to the Economic Cooperation and Development (OECD), the earnings gap between the rich and poor had reached its highest level in 30 years, non-elites got little airtime here, and when they did, they generally expressed dismay. Greenpeace executive director Kumi Naidoo was on hand to call bullshit on the summit's "transformational" rhetoric, observing that "it's more about system recovery than system redesign.” And the system, as we know by now, is one designed so very carefully for the benefit of the 1 percent. So things like, for example, prosecuting financial fraud, redesigning incentives for corporate predation, and, well, reining in a capitalist system that is sucking the world's real economy dry, are just not on the table....

IT'S A DELICIOUS DISHING ON THE FOLLIES OF THE BLINDED-BY-MONEY