Fragmentation Worries Put a Chill in the Davos Air

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 19 January 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for Jan. 19. The World Economic Forum’s annual meeting in Davos, Switzerland, long served as a beacon of globalization, but this year’s gathering has a different feel about it. WSJ European business editor Chip Cummins says concerns about geopolitical rivalry and protectionism abound among business and political leaders, though some sense opportunity. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:27.0	Lloydsbank by your side.
0:33.9	The US government runs up against its debt ceiling.
0:37.4	Plus Jacinda Ardern resigns as Prime Minister of New Zealand and Asombermood at Davos.
0:44.4	This idea that the global economy is fragmenting into spheres of influence regions of preference.
0:51.9	It's the big existential threat to the idea of globalization as embodied here in Davos.
0:58.7	It's Thursday, January 19th.
1:00.5	I'm Luke Vargas with the Wall Street Journal and here's the AM edition of What's News,
1:05.9	the top headlines and business stories moving your world today.
1:14.4	The US Treasury Department is set to begin taking special measures to keep paying the
1:19.4	government's bills today. That comes as the federal government is about to run up against
1:24.5	the debt limit, which Congress set in 2021 at roughly $31.4 trillion.
1:31.2	Journal Economic Policy reporter Andy Durin says the Treasury is expected to turn to special
1:36.8	accounting maneuvers in order to keep paying obligations to bondholders, social security
1:41.7	recipients and others, but that can only go on so long.
1:45.5	Extraordinary measures can last for months. The current expectation is that they won't run
	...

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