In this episode of the Fed Watch podcast, we get interactive with the livestream team, talking about the history of Davos and the World Economic Forum, as well as getting into some Q&A about my Federal Reserve predictions.
This week was a slightly slower news cycle in macro and bitcoin, so I took the opportunity to begin a new series of discussing the history of important international institutions, like central banks, the IMF, and this week the World Economic Forum. The history portion take up about 50% of the show this week, and the rest is the probing Q&A mentioned above.
Fed Watch is the macro podcast for bitcoiners. Each episode we discuss current events in macro from across the globe, with an emphasis on central banks and currency matters.
Beginnings of Davos and the World Economic Forum Davos is the name and place for the yearly meeting of the World Economic Forum. Originally called the European Management Forum, it was founded in 1971 by a business professor in Geneva, the infamous Klaus Schwab. That should be a familiar year to bitcoiners, because it is the same year President Nixon took the US off the remnant of the gold standard.
At first, Davos was a small conference of European businessmen discussing Klaus Schwab’s ideas of “stakeholder capitalism''. Compared to unbridled capitalism, this new stakeholder idea expanded the ethical duty of the corporation from serving customers and shareholders to also serving employees and suppliers in a socially responsible way. Schwab took this idea further down the slippery slope outlining an ethical duty to the community and “society”, as well.
Shareholder capitalism is simply a subtle way to make capitalism more socialist.
In 1987, the European Management Forum changed its name to the World Economic Forum and its yearly meeting to Davos.
Achievements of Davos One would expect an institution as famous and well-regarded as the World Economic Forum would have many achievements to its name. However, it is a very short list, even after 50 years! It claims a hand in stopping a Turkish/Greek war in 1987, a role in German reunification, and helping to end apartied in South Africa by hosting a handshake between Nelson Mandella and Frederik de Klerk in 1992. And that’s about it. Recently, they have claimed some victories on the environmentalism front, too.
Then what has the WEF been up to all these years? This is where it gets interesting.
In 2004, Klaus Schwab created the Forum of Young Global Leaders. It is a program that graduates roughly 100 rising young leaders from around the world who are destined to high offices, either in government, business or culture. The program boasts 1400 alumni that include Presidents and Prime Ministers, along with some of the wealthiest, most influential people in the world, like Elon Musk and Mark Zuckerberg.
These young leaders are indoctrinated into the WEF’s brand of Marxism, which you will commonly hear called “globalism”, the modern incarnation of stakeholder capitalism. You know something is pushing a global Marxist agenda when you hear terms like, “socially responsible”, “global governance”, “climate action”, and “management” of all sorts.
Covid and The Great Reset Covid-19 gave the World Economic Forum and Klaus Schwab the break they were waiting for. He rapidly released his new book called the Great Reset, making headlines around the world. If you didn’t know about the WEF prior to Covid, you do now.
The Great Reset is a call for a complete remaking of our world along the lines of stakeholder capitalism and the WEF’s brand of Marxism. Its famous marketing tagline is, “You will own nothing and be happy.” Yet again, a conspiracy theory becomes a conspiracy fact.
“As we enter a unique window of opportunity to shape the recovery, this initiative will offer insights to help inform all those determining the future state of global relations, the direction of national economies, the priori