Browsing the blog archivesfor the day Thursday, January 19th, 2017.


Elites: Let Them Eat Mindfulness

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economy

This article about the World Economic Forum kind of blew me away. Not in a good way.

They are eager to talk about how to set things right, soothing the populist fury by making globalization a more lucrative proposition for the masses. Myriad panel discussions are focused on finding the best way to “reform capitalism,” make globalization work and revive the middle class.

What is striking is what generally is not discussed: bolstering the power of workers to bargain for better wages and redistributing wealth from the top to the bottom.   ….

…. More entrepreneurialism, mindfulness training, education focused on the modern ways of technology: These are the sorts of items that tend to get discussed here as the response to the plight of those left behind by globalization. That perhaps private equity overseers should not be paid 1,000 times as much as teachers while availing themselves of tax breaks is thinking that gets little airing here.

Mindfulness training? “You’ll still be poor, dude, but you’ll be less stressed about it!”

“There’s never been a better time to be alive, and yet we feel so glum,” Mr. Goldin said. “So many people feel anxious. So many people feel that this is one of the most dangerous times.”

 Do tell.

And yet, Mr. Goldin said, if the benefits of globalization are not spread more equitably, the world could be in for a replay of the Renaissance, an extraordinary period of scientific progress, commercial growth and artistic creativity in Europe that ultimately yielded popular resentment.

The gold leaf landing on cathedrals was not bettering the lot of the peasantry. The spices coming in from Asia were too expensive for most. The Medici family that ruled Florence was sent packing by the mob. Intellectuals were persecuted and books burned.

“We need to learn these historical lessons and realize that this is the most precious moment in human history,” Mr. Goldin said. “We need to make the choices to ensure that globalization is sustainable, that connectivity is sustainable, that we deal with the intractable problems that are worrying people.”

Yes; glad to know someone gets it.

But Mr. Goldin’s comments were merely the prelude to a conversation that was supposed to be about how to pull that off. The answers from the corporate executives who comprised a panel could be crudely boiled down to this: The people who have not benefited from globalization need to try harder to emulate those who have succeeded.

Never mind.

Abidali Neemuchwala, the chief executive officer of Wipro, the global information technology and consulting company that hosted the event along with The Financial Times — and who last year earned some $1.8 million plus stock grants worth an additional $2 million or so — said working people would have to pursue training for the jobs of the future.

“People have to take more ownership of upgrading themselves on a continuous basis,” he said.

No one can reasonably argue against the merits of training (or entrepreneurialism for that matter). The jobs of the future have not yet been invented. New skills will be required to seize them. But nowhere in the discussion was there a mention of tax policy, or addressing the soaring costs of gaining higher education, or access to health care.

You’ll like this part.

Ray Dalio, founder of the American investment firm BridgeRay Dalio, founder of the American investment firm Bridgewater Associates — who took home $1.4 billion in compensation in 2015 — suggested the key to reinvigorating the middle class was to “create a favorable environment for making money.” He touted in particular the “animal spirits” unleashed by stripping away regulations.

What does that even mean?

I’m reading this and thinking about the “austerity economics” that have visited privations on the Middle Class to atone for the mistakes of the financial elite, who apparently are Too Big To Atone. And then there’s the creepy Steve Mnuchin, nominated to be Secretary of the Treasurer.

A bank established by President-elect Donald Trump’s choice for Treasury secretary, Steve Mnuchin, once tried to foreclose on a 90-year-old Florida woman over a $0.27 payment mistake, reported Politico Thursday.

Such a prince, this guy. But this is the latest:

Steven T. Mnuchin, President-elect Donald J. Trump’s pick to be Treasury secretary, failed to disclose nearly $100 million of his assets on Senate Finance Committee disclosure documents and forgot to mention his role as a director of an investment fund located in a tax haven, an omission that Democrats said made him unfit to serve in one of the government’s most important positions.

He’s got money stashed in so many places he forget to include it all on his disclosure forms. I recommend mindfulness training.

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