That is the theme for this year’s meeting of the high and mighty in the hamlet of Davos in Switzerland. This year, however, the World Economic Forum has been marked by a significant decrease in the number of helicopter-attendees, celebrities and dishes in the otherwise-lavish buffet spread. Indeed, there are no Richard Fulds or Ramalinga Rajus telling us how rosy the picture is/was/will be. Instead, we have a retinue of delegates and political heads who have barely survived the intense fallouts of ‘the first depression of the global age’ (Gordon Brown).
Gloom has undoubtedly been the redefining sentiment at the WEF this year. The blame game has been doing the rounds, with parallel sessions producing several culpable entities. Many bankers have chosen to remain in their offices in New York, with the Obama administration asking them to stay put and start the reconstruction process. (“How could banks be so stupid?,” several panelists asked, and allow things go so wrong so quickly? - From the BBC). The forum has admittedly been an effective platform to flesh out the possible socio-economic impacts arising from this plaguing crisis (Europe faces the risk of more social unrest unless measures are taken to quickly tackle the global economic crisis - Christine Lagarde, French Finance Minister). Many governments have been left reeling by the credit crunch, with one collapsing (Iceland). Leaders of the world have sought to identify deeper ramifications of the crisis (The economic crisis may aggravate the negative tendencies that are present in global politics - Vladimir Putin)
The efficacy of stimulus programmes and bailout packages have been thrashed about, with no clear mandate or solution to tackling the ever-aggravating crisis. Nonetheless, there may yet be light at the end of the tunnel. As the WEF fizzles down to its bleak end, one participant believes that the irrational exuberance of past years has been replaced by irrational despair. Whether rationality will eventually tide over crisis-management remains to be seen.



