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Jackson Hole and Davos

Posted August. 25, 2017 08:42,   

Updated August. 25, 2017 08:54


Jackson Hole, a small vacation spot, is located in the Wyoming Grand Teton National Park, below Yellowstone in the western U.S. The small rural village, which is 2,100 meters from the sea level with around 10,000 population was named so because it looks like a hole. A small park in the village has an arch made of hundreds of elk horns. It is a landmark architecture representing the elk protection area with horns left by elks that died naturally in the area. It also has many second homes of celebrities including Tiger Woods, Harrison Ford and Sandra Bullock.

For three days from Friday, some 150 financial power elites including the heads of central banks from some 40 countries will meet there. It is the traditional “Jackson Hole meeting,“ which started in 1978. It began as an agricultural academic meeting in Wyoming, a state that focuses on agriculture. When the Federal Reserve Bank of Kansas City invited the then Fed Chairman Paul Volker to the city in 1982, the tradition of the gathering of central bank presidents has changed. It is where former Fed Chairman Ben Bernanke announced the second quantitative easing in 2010 after the financial crisis and European Central Bank President Mario Draghi said quantitative easing in 2014.

The Davos Forum where some 2,000 celebrities in politics, businesses and the government from all over the world discuss global topics for four days in every January in Davos. It is located on 1,535 meters from the sea level in Graubuenden, Switzerland. This year marks the 47th anniversary of the forum established by World Economic Forum President Klaus Schwab in 1971. While many protests against globalization, claiming it is a party for the privileged and a minor number of elites. However, it draws global attention as it covers global topics such as low growth in the global market, trade imbalances, climate change and the fourth industrial revolution.

Those who went to the forum say that one should not think that it is a vacation spot because of heavy snow in the cold weather in mid-January when the forum is held. As it is a remote area, it is easier to escort celebrities. Jackson Hole is located on chilly heights, meaning it is good in summer. Korea also has many good vacation spots, but a good scenery is not enough to hosting a global forum.

Young-Hae Choi yhchoi65@donga.com