Davos, Day 4: Tackling inequalities & Trump

There he was. And all good intentions of moral resistance were temporarily on hold. When US President Donald Trump appeared in the flesh at the WEF Congress Center for the first time yesterday, even seasoned executives and forum participants huddled around him like a pop star, cell phones held up high as if to record an historic moment. Such deference palpably fuels the President’s narcissism, as he confirmed promptly: When a reporter called out “What brings you to Davos, sir?” from the crowd, Trump attempted a gracious wave and bellowed again and again: “Peace and prosperity.”

After the celebrity fetish faded, the conversation turned back to the issue of the day: Do I stay or do I leave? Some have vowed to turn a cold shoulder to Donald Trump, when the American head of state gives his speech to the WEF audience today. One almost wonders if Trump might be speaking to a half empty hall. Ignoring him might be best. Let’s see how empty it will be.

“Do you really want to talk about the weak US dollar the whole time? Why don’t you ask me something about bitcoin?” (US Secretary of the Treasury Steven Mnuchin to CNBC host Geoff Cutmore)

British Prime Minister Theresa May seemed to have inhaled the filter bubble of selective perception of reality. Her speech yesterday included absolutely no mention of Brexit. Instead, she mused, for half an hour, about regulation of technological progress before she disappeared. Her own outer appearance, however, seemed to exude symbolism: While her warm woolen blazer’s glittering yarn sparkled from the stage, a necklace so heavy it might tame a Dobermann weighed on her neck.

Not even her Chancellor of the Exchequer, Philipp Hammond, dared to use the B-word. He considers the UK to be in an equally strong position to negotiate as the EU. Any risks? No way! Even Deutsche Bank supervisory board chairman Paul Achleitner tried bringing him back to reality by reminding Hammond of the impending mass exodus of bankers from London, calling it “poison” for institutions in the city. To which Hammond just replied: “Well, you will be busy restructuring your own company.”

Sometimes the global economy reeks a little. When we were looking for an adequate room to interview German Defense Minister Ursula von der Leyen we got to know the winding corridors of the Congress Center, whose scent is an acquired taste. But it doesn’t stem from the countless shoes, muddied by the snow, to be found lying around the premises this year. No, explained the Minister, the peculiar smell is because the Congress building actually houses a public swimming pool throughout the year, specifically closed for the WEF. So it’s true after all: The economic and political elite can walk on water.

“We need to talk about” is the name of a series of WEF conversations in a smaller setting. It addresses key topics that unfortunately still don’t seem to make the cut for the big stage in Davos: Inequality, mental health, racism. On a slightly bigger stage, Pakistani activist Malala Yousafzai gave an impassioned plea for feminism. After her initial hesitation to identify with the term, the youngest Nobel Peace Prize Laureate now embraces it. “In the end it's just another word for equality,” Malala says, “which no-one should object to.”

Digit of the day: 1.1 billion people in the world have no formal identification, which means they lack access to health care, education, and loans.

In the future, travelers will be a single dataset. Canada has announced to employ a combination of biometrics and blockchain technology at its borders. A joint cooperation between the World Economic Forum and Accenture, this beta project would give each individual a unique digital identity, the passport of a global citizen. Estonia is already even more advanced than that. Its entire administration of public services is now built on the blockchain. With the help of e-residency, people from all over the world can become citizens of Estonia without ever having set foot in the country. A global citizen turns into a virtual global citizen.

Today at 9:15AM, in a WEF session entitled “The German Gamble”, I will discuss the (digital) future of Germany with the Governor of the Central Bank of France, Fran?ois Villeroy de Galhau, the Chief Executive Officer of Kl?ckner, Gisbert Rühl, Professor of Politics at Princeton University, Jan-Werner Müller, and Member of the Board of Management at Allianz, Jacqueline Hunt. You can follow our discussion via the livestream here.

At 2PM today, Donald Trump will finally speak to delegates. Last night, he tried to win over European business leaders in a small setting. He painted a picture of America as a haven for investment. So much for “prosperity”. We may learn a little more about “peace” today.

May you have a relaxed day! 

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