Alpine Schadenfreude
Not surprisingly, the atmosphere at this year’s World Economic Forum was grim, and there was even a touch of schadenfreude about America's current problems. Until America recognizes that deregulation has not worked, the world will continue to pay a high price.
Not surprisingly, the atmosphere at this year’s World Economic Forum was grim. Those who think that globalization, technology, and the market economy will solve the world’s problems seemed subdued. Most chastened of all were the bankers. Against the backdrop of the sub-prime crisis, the disasters at many financial institutions, and the weakening of the stock market, these “masters of the universe” seemed less omniscient than they did a short while ago. And it was not just the bankers who were in the Davos doghouse this year, but also their regulators – the central bankers.
Not surprisingly, the atmosphere at this year’s World Economic Forum was grim. Those who think that globalization, technology, and the market economy will solve the world’s problems seemed subdued. Most chastened of all were the bankers. Against the backdrop of the sub-prime crisis, the disasters at many financial institutions, and the weakening of the stock market, these “masters of the universe” seemed less omniscient than they did a short while ago. And it was not just the bankers who were in the Davos doghouse this year, but also their regulators – the central bankers.