Slate Money – The Davos Again Edition (January 23, 2016)

Overview

In this special “Davos Again” edition of Slate Money, host Felix Salmon and guests Jenny Anderson (Quartz), Cathy O’Neill (mathbabe.org), and Jordan Weissman (Slate) gather to dissect the spectacle, contradictions, and real impact of the World Economic Forum in Davos, Switzerland. Broadcasting directly from the event, they swap field notes from the ground, debate elitism and gender disparities, touch on U.S. and global politics, and offer a sardonic peek behind the velvet ropes of the world’s richest annual schmooze-fest.

1. The Davos Experience: Contradictions and Realities

Timestamps: 00:57–11:09

Davos: Privilege, Snark, and Networking

• The panel start by poking fun at the extravagance of the event (Felix broadcasting from “Eurovision studios”).
• Jenny Anderson defends Davos as a unique intellectual playground:

  “Davos is effectively a place where you can sit in one of the most beautiful places in the world, meet a ton of interesting people by walking two feet … it’s kind of an amazing privilege to be able to be here.” (03:04, Jenny)

• Felix admits that connections and serendipity are real boons:

  “There are fascinating people you get to bump into … If you hang around for long enough, you do eventually start getting invited to the lunches and the dinners.” (03:44, Felix)

• However, both hosts agree that Davos falls short of its stated mission to “improve the state of the world,” instead mainly providing value to elites.

Criticisms of Davos

• Cathy O’Neill likens Davos to the dystopian “cloud city” of the film Elysium:

  “Davos is offensive because … it is a city floating above the poor people. That is literally what Davos is.” (05:35, Cathy)

• The team agrees Davos is good for those in attendance but essentially “a convention for rich people” (06:17, Jenny/Jordan) and cannot realistically solve big global issues.

Panel Discussions vs. Real Conversations

• Chatham House (off-the-record) panels are often filled with platitudes:

  “What people say behind closed doors is just as platitudinous and boring as what they say on the record, if not more so.” (07:58, Felix)

• Real work possibly happens in bilateral, private meetings, not in panels:

  “When John Kerry goes into a room with someone from Germany to try to make a dent on the European immigration crisis, it’s a big deal. They’re doing something that Felix and I are not privy to at all.” (08:54, Jenny)

• Felix shares a rare example of a substantive monetary policy debate among central bankers, but admits it’s the exception.

Glimmer of Social Good

• Jenny recounts meeting a young woman scaling schools in Africa, using Davos for real impact:

  “She is here and she is meeting with research people … with technology people to help her scale … she is doing all that here. That is a social good.” (11:09, Jenny)

2. Women at Davos: Progress, Quotas, and Culture

Timestamps: 11:09–22:37

Women: Representation Stagnates

• Felix highlights an abysmally low female attendance:

  “Just 17.8% of the delegates at Davos are women … despite [slight increases].” (12:41, Felix)

• Jenny notes initiatives like UN’s HeForShe report, where male CEOs begin to set explicit targets for gender parity:

  “10 male CEOs are committing to gender parity within a time frame and disclosing numbers that have not been disclosed before…” (13:14, Jenny)

Barriers and Tokenism

• Corporate Davos invitees are nearly all men; including women is often an afterthought:

  “It’s very, very difficult to really get women represented amongst the corporate sector, which is the overwhelming majority of the delegates here.” (15:32, Felix)

• Cathy argues workplaces are hostile to women:

  “The culture itself is awful … if women choose not to do it, it’s totally reasonable. We shouldn’t be asking, why aren’t there more women? We should be asking, why is it such a crappy place to work?” (17:39, Cathy)

• Jordan and Felix discuss the need for a “big push,” not just tokenism:

  “You have to have multiple women at once. You can’t have tokenism or it’s going to backfire.” (16:32, Jordan)

Toward Quotas and Culture Change

• Jenny perceives a growing acceptance, even among women, that quotas are required to reach a “critical mass” and reshape culture:

  “Once there are 20 to 30% women at a table, they become a significant influence...all these people used to really be opposed to quotas. I am seeing a lot more acceptance…” (18:22, Jenny)

• Felix endorses quotas, stating more women benefit companies and even men:

  “Men care about work-life balance just as much as women do. And those kind of issues … generally don’t seem to happen unless you have a bunch of women like being able to influence the decision making processes.” (19:18, Felix)

• All agree deep change will be generational and needs cultural shifts, not just policy pronouncements from panels.

3. Rich People, Elitism, and the Badge System

Timestamps: 23:16–33:00

Who Actually Goes to Davos?

• Jenny tells a tale of someone “too rich for Davos”—some billionaires and CEOs don’t attend because they dislike the “vaguely structured chaos and serendipity.” (24:47, Felix)
• The badge system is explained: “white badges” for access, “orange” for press, different tiers within colors.

  “It’s a hierarchical system here so that you know exactly where you sit in the hierarchy.” (26:06, Jenny)

• Only true insiders (or shadow figures like Gordon Brown) can skip the badges.

The Price of Power

• Felix riffs on a $68 hamburger at Davos, concluding the seat—the chance to sit somewhere—is what’s truly scarce:

  “The main thing which you’re paying for … is the empty seat that you can sit down at to order your burger.” (29:51, Felix)

• Jordan quips this is the “Upper East Side Principle”—sky-high prices keep out the normals, making wealthy enclaves exclusive. (30:27, Jordan)

4. Davos and Politics: Trump, Brexit, and Globalization Angst

Timestamps: 33:36–42:19

The Absence and Fascination with Trump

• Trump is the most talked-about non-attendee:

  “Were he to arrive in Davos right at this second, there would be an exodus … to go see him.” (34:48, Jenny)

• Davos represents the opposite ethos: globalism versus Trump’s “us vs. them.”

Prediction Markets and Political Shocks

• Jordan’s “number” for the week:

  “43 — the percent chance that the prediction markets are giving Donald Trump of winning the Republican nomination.” (36:08, Jordan)

  • Only 16% for actually becoming president.
• Davosians see Trump’s actual odds as much lower, which the panel finds out of touch.

Anti-Globalization: Underrepresented Voices

• Growing anti-globalization sentiment in the US and Europe is not represented in Davos, yet is a real political force:

  “There is a massive disenfranchised part of the United States which is not represented in Davos, which is much more powerful than anybody is estimating…” (37:48, Jenny)

• Europe’s political stretch to anti-globalization parties is noted, but the “delegates” in Davos are out of step.

Brexit: Looming Disaster?

• Felix’s number:

  “50 — the generally received probability … that the UK is going to vote to leave the EU. Basically everyone says, oh, it’s 50%.” (39:12, Felix)

• Uncertainties about consequences; Jenny notes the contested view in the UK:

  “There is definitely a pretty strong set of voices in the UK right now that are making the case the UK will be just fine without Europe…” (40:48, Jenny)

• Felix pushes back, warning of the risks of going it alone, using Canada as a cautionary tale.

5. Quick Hits & Memorable Moments

Timestamps: 42:19–44:40

Other Numbers

• Cathy: “50 — percent Weight Watchers stock has gone down since January 1st. … It’s a metaphor for New Year’s resolutions.” (42:26, Cathy)
• Jenny: “9 — the number of cups of coffee I have had so far today, which is most of the sustenance I have had.” (43:18, Jenny)

The Toll of Davos

• Felix and Jenny lament the lack of food, sleep, and the unhealthy atmosphere:

  “The general health situation in Davos is atrocious. It is like a concerted attempt to turn the beautiful air of a ski resort as unhealthy as you possibly can.” (44:07, Felix)

• The self-mocking tone continues to the end, with the panel joking about “Davos FOMO” and low self-esteem.

Notable Quotes

“Davos is offensive because ... it is a city floating above the poor people. That is literally what Davos is.” – Cathy O’Neill (05:35)

“I interviewed the head of research at Johnson and Johnson on Oncology today. Like, how often do I get to do something like that?” – Jenny Anderson (03:04)

“What people say behind closed doors is just as platitudinous and boring as what they say on the record, if not more so.” – Felix Salmon (07:58)

“Once there are 20 to 30% women at a table, they become a significant influence … all these people used to really be opposed to quotas. I am seeing a lot more acceptance…” – Jenny Anderson (18:22)

“Men care about work-life balance just as much as women do. … Companies with lots of women in positions of authority are better places to work.” – Felix Salmon (19:18)

“Davos is like FOMO for everyone’s at a better party.” – Felix Salmon (27:34)

Conclusion

The episode delivers a lively, sardonic, and honest appraisal of the World Economic Forum, laying bare its “cloud city” elitism, infighting, gender issues, and disconnect from broader political winds. It’s a must-listen for those curious about what actually happens at the world’s most exclusive meet-up — and what doesn’t.