Davos, belatedly
Funny how journalists are much better at telling stories to friends than in their newspapers. A Newsday reporter went to Davos, and gives the best account I've heard of the mood of the international establishment. The global economy is in very very very very bad shape. Last year when WEF met here in New York all I heard was, "Yeah, it's bad, but recovery is right around the corner". This year "recovery" was a word never uttered. Fear was palpable -- fear of enormous fiscal hysteria.
The watchwords were "deflation", "long term stagnation" and "collapse of the dollar". All of this is without war.
Email from Davos [Topica] #

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