California Gov. Gavin Newsom, top 2028 Democratic contender:

Look, I don’t begrudge other people’s success. I’ve never been that kind of Democrat. But I also recognize businesses can’t thrive in a world that’s failing.

Two-thirds of the wealth in the United States is concentrated in the hands of just 10%.

This imbalance—Plutarch said it to the Athenians 2,000 years ago: the imbalance between the rich and the poor is the oldest and most fatal ailment of all republics.

Fast forward to today. This concentration is a very real issue, and we’re going to have to address that.

California Gov. Gavin Newsom, top 2028 Democratic contender:

He’s an invasive species, Donald Trump. He took over the Republican Party.

There are a few of them—Lindsey Graham, I mean, speaking of the kneepads. I’m sorry, this is tough stuff. I don’t recognize these people any longer.

I used to respect Lindsey. You think what I’m saying about Trump’s tough? How about what Lindsey Graham said about Trump? How about the Secretary of State, Marco Rubio? These are the same people.

German Chancellor Merz:

China, with strategic foresight, has worked its way into the ranks of the great powers.

The United States’ global position is being challenged, and Washington reacts by radically reshaping its foreign and security policy.

German Chancellor Merz:

We have entered a time of great power politics.

The international order of the past three decades, anchored — however imperfectly — in international law, has been shaken to its very foundations. This new world of great powers is being built on power, on strength, and ultimately on force.

It is not a cozy place. But we do not have to accept it as fate. We are not at the mercy of this “new world order.” We have a choice. We can shape the future.

To succeed, we must face harsh realities and chart our course with clear-eyed realism.

As Mark Carney said in this hall two days ago, we must no longer rely solely on the power of our values. We must also recognize the value of our power.

I share that view.

German Chancellor Merz:

We must invest massively in our ability to defend ourselves. We are doing this.

German Chancellor Merz:

We must never forget one thing: a world in which only power counts is a dangerous place — first for small states, then for middle powers, and ultimately for the great ones.

I do not say this lightly. In the twentieth century, my own country, Germany, went down this path to its bitter end and pulled the world into an abyss.

German Chancellor Merz:

In recent days, the United States administration has argued for a greater role in Greenland, stating that this is necessary to counter security threats in the High North.

We welcome the fact that the United States is taking the threat posed by Russia in the Arctic seriously.

This threat itself is a clear expression of renewed great-power rivalry.

German Chancellor Merz:

We will protect Denmark and Greenland from the threat posed by Russia.

German Chancellor Merz:

Any threats to acquire European territory by force would be unacceptable. Likewise, the introduction of new tariffs would undermine the foundations of transatlantic relations.

If such measures were to be put in place, Europe’s response would be united, measured, and firm.

German Chancellor Merz:

We should not give up on NATO.

German Chancellor Merz:

Democracies do not have subordinates; they have allies — trusted partners and friends.

German Chancellor Merz:

We are entering a new era of great-power politics. We are already in the midst of it.

The winds are harsh, and we all feel the threats they carry. But we have to be very clear: We are not subordinate to this world; we can form it.

German Chancellor Merz:

Dictators might have subordinates; we rely on partners and reliable friends. That principle will guide our work, and we will ensure it is not forgotten.

German Chancellor Merz:

We must become capable of defending ourselves independently in Europe. We want to reduce the dependencies that currently make us vulnerable.

German Chancellor Merz admits:

Both Germany and Europe have wasted incredible potential for growth in recent years by dragging their feet on reforms and by unnecessarily and excessively curtailing entrepreneurial freedom and personal responsibility.

We must substantially reduce bureaucracy in Europe. The single market was once created to form the most competitive economic area in the world.

Instead, we have become the world champion of overregulation. That has to end.

German Chancellor Merz:

The world around us is changing at an unprecedented pace. The direction it is taking should concern us: a world of great-power rivalry is becoming the new reality.

Europe has understood this message — and Germany has as well. We will live up to these challenges.

German Chancellor Merz:

The entire energy system has to be reformed, and we are on a way to do that, even though it’s not easy.

Nuclear power plants have been switched off. This is a final decision; we cannot recall that, but we have to address it.

New gas-powered plants will be in place.

Davos host Fareed Zakaria urges audience to hold boos during Israeli President Herzog interview.

Israeli President Herzog:

Where are all those who attack us for defending ourselves?

Why don’t they demonstrate in front of Iranian embassies and cry out for the Iranian people?

Israeli President Herzog:

No one is willing to go into Gaza and fight except our soldiers — our sons and daughters.

Israeli President Herzog:

Saudi Arabia normalization with Israel is my dream.