BLOOMBERG – January 18, 2017: The great and the good of Davos agree they have a problem with populism (BATTLEFORWORLD: the people rejecting Globalization/World Totalitarianism). Finding a solution is the hard part.
The panel on middle-class anger saw former U.S. Treasury Secretary Lawrence Summers attacking Donald Trump while Dalio, founder of Bridgewater Associates, struck a more pessimistic tone than Lagarde.
“I want to be loud and clear: populism scares me,” Dalio said. “The No. 1 issue economically as a market participant is how populism manifests itself over the next year or two.”
Now at Harvard University, Summers said populism is “invariably counter-productive” for those it claims to help. Summers’s recipe for dealing with populism twisted Trump’s campaign slogan. “Our broad objective should be to make America greater than ever before,” Summers said. “That’s very different from making it great again.”
The euro region could break up if political leaders don’t get to grips with the discontent that’s spurring support for populist leaders across the continent, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said. [He also] said he isn’t as worried about the future of the U.S. under Trump, whose own rise drew on a populist movement. Link: Read Complete Article