The annual Davos billionaire’s ball — aka World Economic Forum — continues until Friday.
Once a year, prominent movers and shakers gather together in Switzerland to plot their next moves for greater self-enrichment at the expense of exploited masses.
They’ve never had things better, but it’s never enough, using money to make more of it, indifferent to the real world of ordinary people, uncaring about their daily struggle to get by.
On Tuesday, Trump addressed the forum, his usual display of bombast, bravado, Big Lies and deception featured, wrapped in the American flag — likely fooling his faithful back home, his public remarks and tweets intended for them.
The “great American comeback” he trumpeted about (pun intended) exists only for the privileged few, no others.
His claim about an “economic boom the likes of which the world has never seen before (sic)” fooled no one in Davos or anyone back home struggling daily to make ends meet, including millions of hungry/food insecure Americans, the unemployed and underemployed.
Inside his White House, Mar-a-Lago, and Davos bubbles, it’s paradise. Outside for most Americans, it’s dystopian hell or bordering it.
Countless millions of US households face unacceptable choices between paying rent or servicing mortgages, seeking high-cost medical care when needed, heating homes in winter, feeding family members, and juggling other expenses — a disturbing reality far removed from Trump’s luxury lifestyle.
A massive disconnect exists between soaring equity prices and dismal economic conditions for most Americans.
Economist David Rosenberg believes there’s an 80% chance for recession this year, largely because high household debt, adding:
The US has “the mother of all credit bubbles…on corporate balance sheets.”
“I thing people will be surprised at how weak the economy is” this year.
Economist John Williams said risks exist for a “major financial crisis.” His recession forecast is unchanged, saying:
His “broad outlook in the weeks and months ahead remains in place for: (1) a continued intensifying US economic downturn in meaningful underlying series such as production and retail sales, reflected in (2) mounting selling pressure on the US dollar, against currencies such as the Swiss Franc,