I know - everyone likes to harumph at the tax eaters in Davos - but this stuff matters.
Those who created this problem are starting to come to grips with it - but they are only talking around the edges. Via Breitbart;
"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.But here is why this will take a long time to fix. Those at Davos love certain theories - and even after their theories have been beaten silly by a gang on unmerciful facts - they still can't say it right.
"Solving problems in the context of outdated and crumbling models will only dig us deeper into the hole.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...
"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.
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the Swiss resort of Davos will be asked to urgently find ways to reform a capitalist system that has been described as "outdated and crumbling."Now let's back this up a bit. The crisis we are in is caused by two things.
"...capitalism in its current form, has no place in the world around us."
1. Government interference in the home lending market in the USA forcing institutions to led money to those who could not pay it back. That created the toxic asset derivites and the bubble and .... you're living the rest.
2. The unsustainable, unsupportable, and unrealistic promises of the Western Welfare State.
Full stop. Capitalism had nothing to do with this. The core and driving force is big and overreaching government. It isn't captialism, unless you mean crony-capitalism, that needs changing - it is political leadership and structures.
Klaus, you helped create this mess we are in - why don't you retire and let the generation who is going to have to fix it - those Gen-X and younger - take it from here.