© Global Research
The 44th annual World Economic Forum (WEF) began Wednesday, bringing over 2,000 corporate executives, major investors, government leaders, central bankers and celebrities to the Swiss Alpine resort of Davos.
The annual celebration of wealth and avarice follows a bumper year for the world's super-rich. Stock prices and corporate profits surged to new record highs, swelling the bank accounts and portfolios of the financial elite, even as austerity measures, wage cutting and layoffs slashed living standards and threw tens of millions more people into poverty.
On the eve of the forum, the British charity Oxfam released a study documenting the staggering growth of social inequality.
Oxfam reported that the richest 85 individuals possess more wealth than the poorest 50 percent of the world's population - 3.5 billion people!The Davos conference embodies the emergence of a new global financial aristocracy. In attendance at this year's meeting are 80 billionaires and hundreds of millionaires.
The general tone on the opening day was one of "fragile optimism," according to a survey of attendees. There is a general expectation of more good fortune in 2014. But looming over the festivities there is also fear of the social and political consequences of the naked plundering of society by the elites represented in Davos.
The conference, which goes from January 22 through 25, has officially adopted the title "The Reshaping of the World: Consequences for Society, Politics and Business." It will draw 1,500 business executives, 48 prime ministers and presidents, and the heads of twenty central banks. US attendees include Secretary of State John Kerry, Commerce Secretary Penny Pritzker, Treasury Secretary Jacob Lew and Environmental Protection Agency head Gina McCarthy.
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