*More Economics* economist.com
It says:
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EVERY January, the world's top bankers, businessmen and politicians gather in the Swiss ski resort of Davos for the “World Economic Forum”, the global equivalent of an office brainstorming session. In recent years this has been a rather complacent occasion, a celebration of globalisation. This weekend's gathering should be different. The turbulence of the past year is forcing a reappraisal of the stability of the international financial system. The Davos dream—greater prosperity for all as global integration advances—is under attack.
The recent turmoil in Brazil, the depth and spread of Asia's crisis, Russia's chaotic default on its debt and the resulting investor stampede away from risky markets, and the collapse of the hedge fund Long-Term Capital Management are merely the highlights—or rather low points—of an extraordinarily precarious 12 months. Capital markets proved volatile and susceptible to contagion, and emerging economies suffered the painful consequences. Two-fifths of the world economy is now in recession. Except for Japan, most of the misery is concentrated in the developing world.
The sense of crisis is now receding. A global economic meltdown, which seemed possible for a few nail-biting weeks last October, has been avoided. Yet it is widely agreed that this was a narrow escape, and that “something must be done” to make the global financial system safer, particularly for emerging economies.
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They are busy saving us! The are meeting in Davos, a lovely Swiss Ski holiday place. That should be fun and serve nice meals paid for by you know who. Something ELSE must be done. How about a top committee of really highly paid bankers, politicians and businessmen to STUDY the problem. They should have somewhere nice and quiet to do their studying, preferably sunny, warm with exquisite table service, 5 star hotels with good tourist attractions backed by large expense accounts for such an important function as managing my money for me.
Apparently if we just buy and sell from each other we won't get the Davos Dream. We need THEM to ensure we get the dream.
They no doubt think they need a pay increase for such an important function. Also, a six star hotel and improved security so they can enjoy their perks in confidence.
Mqurice |
