Davos’s Duty

Friends,

Today, as more than 3,000 ICE and Border Patrol agents — possibly joined by 1,500 active duty military, as Trump threatened yesterday — patrol Minneapolis, hundreds of global CEOs and titans of finance and more than 60 prime ministers and presidents are gathering in Davos, Switzerland, for the annual confab of the world’s powerful and wealthy, called the World Economic Forum.

This year’s Davos meeting occurs at a time when Trump is not just unleashing his brown shirts on Minneapolis but also dismantling the international order that’s largely been in place since the end of World War II — threatening NATO, withdrawing from international organizations including the UN climate treaty, violating the United Nations Charter by invading Venezuela and abducting Nicolas Maduro, upending established trade rules, and demanding that the U.S. annex Greenland.

He’s even hiked tariffs on Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland — fellow NATO members that have expressed solidarity with Denmark in its refusal to yield to Trump’s demand to annex Greenland.

I hope the leaders now assembling at Davos speak out against Trump’s tyrannous assault on international laws and rules. Their collective repudiation of Trump would give other CEOs and world leaders cover to express their opposition as well. It could be a tipping point.

Will they? Trump is trying to stop them from doing so.

For example, he announced Saturday that he’s suing JPMorgan Chase, the largest bank in the United States, headed by one of the most prominent CEOs in the world — Jamie Dimon — who is now in Davos.

Trump said he’s suing JPMorgan “for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting – The Election was RIGGED!”

Rubbish. There’s no evidence that Chase “debanked” Trump. (And obviously no evidence that the 2020 election was “rigged.”) Besides, if Trump thought the bank acted improperly, why would he be suing it now, five years later?

In reality, Trump’s lawsuit has nothing to do with any so-called “debanking.” Trump is suing JPMorgan Chase because last week Dimon came out publicly against Trump’s criminal probe of Fed Chair Jerome Powell, and apparently Trump worries about what Dimon might say at Davos.

Dimon’s opposition to the criminal investigation was couched in the mildest of terms: “Anything that chips away at [the Fed’s independence] is not a good idea. And in my view, will have the reverse consequences. It’ll increase inflation expectations and probably increase rates over time.”

Yet Dimon’s comment infuriated Trump.

Presumably, the reason Trump says he’ll sue JPMorgan “over the next two weeks” rather than immediately is because Trump wants to maximize the pressure on Dimon.

Dimon has a major speaking role at Davos. If Dimon uses it as an opportunity to blast Trump for taking a wrecking ball to the world economy as well as democracy, he gives cover to every other CEO and many heads of state to criticize Trump, too.

But if Trump can intimidate Dimon into silence, it’s unlikely any other CEO will risk it.

Hence, Trump’s shot across JPMorgan’s bow — aimed not so much at winning a lawsuit against the bank as silencing Dimon and others.

Does Dimon have enough integrity to put the bank’s profits and his own compensation ($770 million for 2025) at risk by speaking the truth — that Trump must be opposed by anyone still possessing power and integrity?

We will see, but I’m not betting on it. Dimon has shown time and again that he has more loyalty to JPMorgan than to the United States. His mild criticism of Trump for undermining the independence of the Fed could reflect no more than concern for his bank’s bottom line.

But who knows? Dimon will soon be retiring. This is his opportunity to be on the right side of history.

To ensure that the assembled CEOs and heads of state are cowed, Trump is traveling to Davos himself and taking with him the largest U.S. delegation ever to attend the meeting, including five Cabinet secretaries and other senior officials.

Will any prime minister or other head of state attending Davos dare repudiate Trump, when Trump is showing no qualms about raising tariffs on, or otherwise punishing, countries that oppose him?

Perhaps, but at most meekly and indirectly. Who wants to taunt the bear?

Yet Dimon and others at Davos must speak out against what is occurring. If there were ever a time for world leadership, it is now.

Davos’s excuse for existing is supposed to be world leadership — although its attendees have not exactly distinguished themselves in the past by their fealty to democracy, social justice, or the rules of international law. Some are directly benefiting from Trump’s tax cuts and regulatory rollbacks. Many occupy their positions precisely because of their reluctance to rock any big boats or cause any trouble.

Yet if there were ever a time for them to speak out, it is now. This is their opportunity. It is also their duty. The world needs to hear from world leaders a clear and firm denunciation of the havoc Trump is wreaking.

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