It's where they discuss the big issues of the day. The most influential world leaders attend, as do the CEOs of the largest companies, leaders in the mainstream media, and top academics. Central bankers attend too, along with a wide assortment of celebrities.

What do you make of Davos and the people who attend it?

Doug Casey: Davos is an "invitation only" event for the "elite." The usual suspects, and almost uniformly horrible people. These people form a subculture. They're all members, or hangers-on, of various Deep States. They prefer to associate with other people they consider to be peers. If it turns out you don't share their worldview, you won't get invited back.

It's basically a love fest for the international ruling class. They like to get together, hang out, and schmooze, because they all know about each other, even if they don't know each other personally. Talking about "important" issues with other "important" people gives meaning to their lives. That's the essence of what goes on at Davos and similar conclaves.