Down 1%.
That's a huge move for the Dollar and it's only 7am. The 2022 World Economic Forum kicked off this morning in Davos, Switzerland for the first time in 2 years as the World's rich and powerful took a pass on getting together at the height of Covid. With nothing else to do, the World's Top 10 richest people got 100% richer and, Globally, Billionaires gained $5,000,000,000,000 during the pandemic – in case you are wondering what happened to all that stimulus money the Government borrowed on your behalf.
Now the rich and powerful are back at Davos with a sense of urgency – as people are starting to talk about taxing them as tens of millions of people have fallen into EXTREME Poverty in order for the Wolrd's 2,668 Billionaries to get $1.874Bn richer – EACH!
"The last two years have dramatized and clarified what has been true for some time now, which is an elite plutocratic class is not just leaving the rest of the world behind, but is thriving precisely by stepping on the necks of everybody else," said Anand Giridharadas, author of the book "Winners Take All: The Elite Charade of Changing the World."
There's a notable absence of Russian Oiligarchs at this year's convention. At last year's virtual event, Putin was a featured speaker… Putin and everyone with an oil well is certainly getting their $1.8Bn with oil over $110 this morning and Gasoline (/RB) at $3.70 wholesalre (just under $5 at the pump, USA average). I'm starting to hear more and more people say "that's an expensive drive" when talking about vacation plans.
Kristalina Georgieva, IMF managing director, said Russia’s invasion was “devastating lives, dragging down growth and pushing up inflation”, and urged countries not to “surrender to the forces of geoeconomic fragmentation that will make our world poorer and more dangerous”.
European nations are still debating whether or not to go ahead and boycott Russian Oil, which could send prices as high as $8-10 at the pump this Summer…
