Good commentary today from a Louis Navellier email.
Davos is Losing Any Economic Relevance
Hello Kirk,
The global elite gathered once again at the World Economic Forum (WEF) in Davos, Switzerland last week, January 16-20. At many past WEFs, ESG investment policies were often advocated. Now that worldwide fossil fuel usage is soaring, and China, India, and Germany are burning more coal, it will be interesting to see how ESG will be redefined, and how the WEF will explain away their ESG advocacy.
One source of tension at this year’s WEF was reported by CNBC – apparently, over 200 millionaires were urging the billionaires among them to “tackle the extreme wealth gap” and “tax the ultra-rich” to help relieve the cost of living for ordinary households. Ironically, the reason that many British households and other households throughout Europe are struggling with high electricity bills is directly attributable to the ESG and green energy initiatives that were pushed at previous World Economic Forums! Clearly, this 52-year-old elite Forum is disintegrating into a “blame game,” where they are looking for scapegoats!
This year’s WEF also pushed global trade, but the U.S. Inflation Protection Act implemented a lot of domestic incentives for electric vehicle (EV) manufacturing that annoyed our allies, especially in Europe. Due to these conflicts, and the lack of top-level U.S. leaders in Davos, this WEF was a bit of a bust. |
