Davos debate: What can be done for the global economy?

January 26, 2009

wefpic2With business and consumer confidence fading, the prospects for the global economy appear the worst for a generation. Amid the gathering gloom, are things really that bad? And can nothing be done to give the global growth engine a kick-start?

Reuters asked delegates at this year’s World Economic Forum in Davos for their views.


We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/

The root of the crisis we are in is a lack of management in our government and major corporations. TO understand what I mean let’s take a look at how this mess started. In the late 1980’s and early 1990’s we finally came out of the recession that was caused by the policies of Richard Nixon and Jimmy Carter. The country was doing well the stock market was going up at a rapid pace.
In the mid 90’s government fueled the fire of greed by relaxing accounting standards: allowing accounting firms to acquire auditing firms and reducing the number of IRS auditors. In 1998 congress passed a ruling that all but stopped IRS audits.
The combination of the conflict of interest of private accounting firms and the removal of the threat of IRS audits allowed too many corporations to adjust their books to reflect larger profits and hide loses so that the stocks would rise and their credit scores would go up, thus qualifying them for more borrowing.
Managers of these corporations loved this because it justified their huge bonuses so they pushed the false accounting to the point that they created a world-wide financial bubble.
Of course, falsified books can only get a company so far, at some point the truth must come out and the bubble breaks. We started to see this in 2000-2001 when Enron failed. Then one by one accounting firms got into trouble, and then failure hit other companies until big banks, mortgage corporations and some of the largest corporations in the country got into financial trouble in 2008, hence the bailouts.
Can the problem of poor management and greed be fixed by fueling the fire with more money, i.e. a bailout?
Would you give your teenager a new car, pay for his insurance and give him a credit card after he had wrecked 5 cars and already run up tens of thousands of dollars in credit card bills?
Giving these greedy government and corporate managers more money makes reason star. Rather than fuel the fires of greed and economic insanity this country needs to return to the very basics of business:
Managers need to take responsibility for the resources under their control and optimize the real return on investment. Accountants need to follow the set standards so stockholders, creditors and the public once again have an honest picture of a firm’s value. Auditors need to remove any conflicts of interest they have with the firms they are auditing to support a true picture of the firm and government needs to keep their greedy hands off of business and be satisfied with the taxes that are generated on the wealth that is produced by business.
If we as a country can do this we can pull out of the current recession in short order.
But if we continue the present course of merging managers, accountants, auditors and government appointees into a marriage of greed the recession will become a prolonged depression with no end in sight.

Posted by Craig Coal | Report as abusive

The powers that be are not interested in anything that delegitimizes how things have been done. So regardless of what I write nothing will change. Global fertility is down drastically. Bee populations are at critical levels. Aquatic species have been demolished. We are at the doorsteps of human extinction. There are lots of good places to spend money. But we want to spend our cash on infrastructure. My idea is to pretend everything will be fine in a couple of years, tell people to be more confident and to ignore all the negativity. Just ignore people with strange notions of how things should be.

Posted by Don | Report as abusive

At the time of the last Davos conference in 2008 all the signs of the impending disaster were there to be seen. Very few of the global wunderkinder who attended evinced the slightest sign of any anticipation of the growing storm. They are unlikely to arrive at any concrete solutions this time around. It is a cliche ridden gabfest not a forum for serious economic deliberation

Posted by anton kleinschmidt | Report as abusive

Davos can do nothing. We should look at people who gather there. Those are the people who led the world economy to current horrendous situation, notwithstanding their given power to go the other way. Davos just helps to give participants faulse perception that they are the elites who are capable to steer the world. If they do really still want to meet, why don’t they meet at a simple ballroom of a local hotel in the cold field of Michigan, not at luxury resort hotel of Switzerland? Then they will recognoize what is going on.

Posted by Tetsuo Osada | Report as abusive

I absolutely don’t understand why no one is paying attention to the basics, to wit: Explain to the banks that the funds are there to be lent, not to buy each other. If they don’t start lending, pull their business permits. Tell the credit rating agencies that for 160 days all foreclosed clients and people with usurus credit card interest rates will have a 40% raise in ratings. If they won’t cooperate, do the same thing. Put them out of business. No bonuses for anyone in the money business for two years minimum. I can go on, but I’m an amateur. I’m sure the experts who got us here in the first place know better.

Posted by Andrew Franks | Report as abusive

Davos Files Administrator,

Progress will not occur by implementing the North American Union. The system is rotton to the core and needs to be gutted.
Common sense dictates an end to War immediately and a tack towards Global survival as a priority for the species but not through Earth Government, corporocracy, etc.

Use the United Nation’s statistics to end World Hunger and devote resources to enviromental, and energy concerns. Outlaw banking as it exists ..
This is not a cyclic normal event of finance..it has been done by plan.
Simple math suggests that it would only cost a few hundred billion to end War and Hunger on this planet.
Bend your fabulous economic prowess towards that end for a change. Use all your skill and take some pride in your fiancial wizardry…
Quit living on credit to support military budgets.
Canada especially…Shame on you!
Just cut the miltary spending out of your budget from 2006. Or do you absolutly have to spend that $490.billion you intend to waste allready on Public Safety and Soldiers.
Cut the Chaff….quit funding Psychiatry and War.

Posted by craig batley | Report as abusive

yes, it seems generations of greed have taken their toll-add to it, that countries that used to roll over, are now players….those ways of unmitgated taking, have to end.

I would like simple, fair, rules for everyone to play by.
such as all loans, borrowing and funding, etc, be dealt the same interest rates.
whether an individual, a corporation, or a country.
lets say, 5% across the board.

I am not sure I believe that nationalizing banks is such a good thing-it makes countries even more powerful. I would prefer banks to be public entities. accountable to the governments, and especially to the people.
with transparent accounting practices.
that means no more projecting unrealized profits…

fun as that may be.

Posted by alisa n smith | Report as abusive

The world lacks anything like the “frontier” it still had in the 19th century. All places and resources are effectively bought up and owned by someone.

AS false as some of the investment mechanism of the past 20 years were – some derivatives like the options based on market performance alone – they at least made money move. We were an economy that had to “make work” to keep the machine rolling and to keep the population alive. How different from the situation the world was in when it was able to develope vast new territories (unfortunately at the expense of the indigenous peoples) and was able to create real wealth based on increased production.

But we still have a vast resource that is in terrible condition and needs to be restored. The oceans. They are 3/4 of the earth’s surface and may occupy somewhat more in time.

The landscape of most countries on this planet is very thoroughly utilized and is even over utilized in many places. It is not a difficult task to build new cities on the water. Some countries – Holland in particular – already have contingency plans for floating towns in case Global warming should do it’s worst. They’re designing rafts to float more or less conventional structures.

New development on water has many great advantages. They could serve as models of contained communities for habitation and occupation. Why would mankind send people to space colonies when they have not yet demonstrated that they can live in such strict quarantine from any natural environment. In space there is only “inside”. “Outdoors” means death. Ocean life is not as inhospitable.

They could be sited in the more temperate zones of the planet, and could augment isolated island communities that might themselves suffer under a severe global warming sea level rise. They could take pressure form population growth in areas – like the drying deserts of Northeast Africa, or vast populations as in India. They could serve as outposts for the monitoring and rehabilitation of the seriously damaged ocean eco systems and might in fact not be exploiters of that system themselves but careful managers of it.

There are hundreds of thousands of citations in any online search that will wield information on “Ocean Floating Cities” It’s not a crackpot idea or even very difficult to accomplish. In fact – it tends to look like the natural, safe and most agreeable place to live. I have no doubt that if they were built to be as affordable as life “on the prairies” once was – they would be very attractive to peoples from many very populous countries now.

And building that is water based does not require the high costs of a piece of land to put it on and unlike land-based buildings it is never fixed in place. When buildings and people cannot be trapped to a fixed place on the ground – there can be no “slums” or areas of physical decline and abandonment. A city of deep or shallow draft “rafts” can be rearranged to grow and to perpetually adapt to changing demographics. There is no limit to their size either.

There principal activities could be food production and for that they should be inexpensive to occupy and the home first and foremost to people who now find it difficult to do that anymore on the land. They could do this with contained aquaculture and without recourse to trawling or other direct exploitation of the seas.

The ocean is the natural place for vast development. Even cities – and one needn’t visualize development patterns very different from land-based development – merely buoyant. That is not that difficult either when one holds in mind that a typical big box stores one finds in any suburban shopping mall – if they had been made buoyant would not displace more than a few feet of water. A typical wood frame house would displace even less. Water is rather heavy and building can be amazingly light. They could make use of petroleum-based plastics rather than use oil as fuel.

They could also be built to utilize wave motion, wind motion, solar gain and gas from waste decomposition. They could migrate or they could stay more or less stationary. They could create lifestyles that were low energy consuming to start and could actually eliminate the need for combustion of any type of fuel for their energy needs (with the exception of gas from organic decomposition.

They could be built and lived in according to a new paradigm which they would define to utilize energy and resource sustainably and they would have no need for infrastructure such a roads or rails. The natural and historically easiest way to ship heavy freight has always been by water.

We shouldn’t just try to fix the problems on land but to relieve the burden on the land and also have the joy of creating entirely new and fresh communities on the oceans. The natural home for some of the most far-fetched and large sized land based structures is the ocean. Does anyone remember Paolo Solari?) All of the human population could hypothetically live in vast floating cities and it would require GPS to locate them at all on the high seas. It’s and enormous unoccupied area. And we use it very primitively now and might even be killing it. The planet actually has three times the area mankind currently occupies.

Posted by Paul Rosa | Report as abusive
Posted by Reuters Staff | Report as abusive

Get rid of the FED and the United Stats Government start printing it’s own money why borrow from these users when we don’t have to. The FED is a not a government bank.
Any thoughts? Huh any?

Posted by Nancy | Report as abusive

“the concentration of wealth is natural and inevitable, and is periodically alleviated by violent or peaceable partial redistribution.” From Lessons of History by Will Durant. Borrowing money will not achieve redistribution but will prolong and exacerbate the problem. “History tells us that this unstable equilibrium has to be met by legislation ‘redistributing wealth’ or by revolution ‘distributing poverty’.”

Posted by Miguel Rosado | Report as abusive

Well said Craig and very interesting comment Paul. Now you’re going to make me go research floating cities. When global warming really occurs and if the oceans do rise to levels we have not seen for millions of years, I wouldn’t mind living on one of these floating cities.

Posted by Damian Palmares | Report as abusive

Davos delegate comment: Stephen Roach of Morgan Stanley

[youtube]http://www.youtube.com/watch?v= V-SsNDjKKto[/youtube]

Posted by Reuters Staff | Report as abusive

Davos delegate comment: George Soros

Posted by Reuters Staff | Report as abusive

[youtube]http://www.youtube.com/watch?v= qmIwou18YIA&feature=channel[/youtube]

Posted by Sameer Al Ansari | Report as abusive

[youtube]http://www.youtube.com/watch?v= SgCFRGGQVXM[/youtube]

Posted by George Soros | Report as abusive

Well I had heard something about the E.U. contemplateing a digital gold standard. That is good and fine, but politicaly, unless the leaders of these countries alot some degree of economic determinism, it seems theyr looking toward catalization, all to eagerly. So the choice is clear, 250 billion dollar bailout in physical silver, non spcie payable notes for a 10 year period to be reviewed by congress at that time. Although bronze or copper may be more appropriate at this point,non the less, if co-determinsim is to ever be considered, nature must be reconsidered. Dispossesion of any private institution or indvidual is immoral of course, but ultimatly, unfortunatly this seems to be the only avenue alotted to us by this crisis. i would say the most natual and stable way to return confidience,is let the federal reserve move to digital gold alongside europe, while at the same time relinquishing the treasurey, to print a silver stamp Amero. Of course at the moment it quite a laughable suggestion, as this is obviously not natural at the moment domesticly, nor deserved. Also universal abolition of the death penalty, and a resumption for a more empirically accurate and updated understanding of the concept of justice is decades if not a century overdue, but of course issues like that dont collapse societys so its not that important.

Posted by Mark Gionfriddo | Report as abusive

[youtube]http://uk.youtube.com/watch?v=v tPsY0xWHbA[/youtube]

Posted by Klaus Schwab | Report as abusive

Yes, much better coordination of regulations between all financial institutions and countries of our world. If this does not happen, we will temporarily fix the situation but there will be a high rate of relapse sometime in the future. As much as I hate to say it, we really need to look at global regulations and regulators that have the authority to cross all borders in order to prevent another financial global collapse. There is a lot that needs to be done, not only regarding the financial sectors disparities between countries but in the global imbalance of trade between countries as well, mainly so China and the U.S., but all countries trade imbalances really need to be scrutinized before the world collapses and financial disarray ten times what is happening now occurs and could lead to protectionism and large scale war.

Posted by Damian Palmares | Report as abusive

What Northern Rock and every other lender that is busily foreclosing fails to understand is that the sheer volume of foreclosures feeds the ever-widening economic black hole by further depressing property values, which in turn further depresses the value of the securities backed by interests in the properties, which in turn reduces the Asset side of their Balance Sheets, which ends up (1) reducing their Capital, and their ability to make new loans. Since banks make money by lending money, ultimately Northern Rock and every other lending bank will have expenses (of staffing and, of course, of foreclosures) but no income.

The only way out of the death spiral is to STOP FORECLOSING. This is counter-intuitive for bankers used to normal conditions. BUT WE ARE NO LONGER IN NORMAL CONDITIONS. Operating as though things were normal is INSANE. If a lunatic were dangerous to himself, most societies would restrain him. Bankers also need to be restrained for their own good — and for the good of many national economies.

In the U.S. the sheer volume of foreclosures seems to require a moratorium of at least 5 years — with a disclosed system to allow foreclosures on the properties subject to the moratorium to proceed at a very slow trickle — in order to allow some semblance of normal market forces to re-establish themselves.

Posted by Leric Goodman | Report as abusive

Davos 2009 Conference Shows The World At An Economic Crossroads……
http://wcgfairfield.blogspot.com/2009/01  /davos-2009-conference-shows-world-at.h tml

Posted by Anonymous | Report as abusive

The Golden Age in Athens was triggered by a massive debt forgiveness. The state was being dragged down by massive debt burdens. Since the bank bailouts and the ‘bad bank’ scenario effectively amount to debt forgiveness anyway, this should be extended right across society. Much of the money travels in circles anyway, so the impact would not be as great as might be imagined. This, combined with strict controls on the ability of corporations and individuals to run up debt burdens, would be a massive stimulus to developing a new economic structure based on real wealth.

Posted by David Goodfellow | Report as abusive

Perpetual economic growth, like a cancer which kills its own host, will eventually kill the planet. Economic growth benefits the rich, at the expense of the poor, and at the expense of the environment.

We need new economic indicators of well-being ie. GPI “Genuine Progress Indicators.”

A must-see film…”Who’s Counting: Sex Lies and the Global Economy.”

Posted by Lori | Report as abusive

So long as human beings continue proliferating resulting in more people chasing finite resources, the world will continue to experience shortages, poverty, and
environmental degradation. The primary human problem is
overpopulation with families that do more than replace
the two parents. What this world needs desperately is
more contraception.

Posted by Jim Hardesty | Report as abusive

Eliminate fractional banking and the Fed. Only Congress should have the power to coin money (not private banks), and that money should be backed by gold so that it cannot be inflated and its value eroded away. Interest rates should “float” according to free market conditions and free market demand.

Have a flat tax or a value-added tax, and have the government live within its means.

Realize that everyone has the right to life, liberty and the pursuit of happiness and NOTHING more…everything else is a privilege, gained by hard work.

Limit government to protecting the individuals rights enumerated above and providing self-defense of country only. Country fostering a friendship to all other countries, but an ally to none.

Posted by Cathy | Report as abusive

It’s not a question of what CAN be done as of what SHOULD be done fir the global economy. From the dot com bubble and onwards, our global economic network started derailing itself, disorienting the seekers of sustainable growth. What is sustainable growth, is it achievable, realistic and will it favor our world. Our Global Economy needs a re-establishment of ideas goals. The environment should have a dominant role in this new Economic era and Governments should intensify cooperation in an effort to align policies and tackle threats.

Posted by Dimitrios Georgiou | Report as abusive

To achieve economic revival, the disease has first to be dealt with. Hence, the radical tenor of some of the comments. Yet common sense suggests the opposite of radical surgery: back to basics.
Olivier Blanchard, Chief Economist of the International Monetary Fund, argues that uncertainty is the big problem. His response: pull all the levers hard and hope something works.
To the contrary, faced with so many unknown unknowns, the solution is to work from the known – Econ 101. Too much debt? Pay it down by saving more and foregoing consumption. Non-viable banks and corporates? Beyond limited cushions, let them fail and the assets they have used poorly be redistributed around their wiser brethren.
Yes, this will mean a nasty contraction but it clears away the debris and lets counter-cyclical forces get to work.
Trying to avoid the adjustment exacerbates the unknowns, paralyzing private investment and risk taking, and thus the chances of sustained recovery.

Posted by Simon Smelt | Report as abusive

In response to debt forgiveness. That seems appropriate and a little scary at the same time. I am concerned with credit scores and the power of credit rating companies. Who gets the best shot at debt forgiveness? Is it only good scores or everyone? Or does money flow into squandering regardless of any metric?

My personal experience is that I have been fairly frugal in personal expense and attempted to develop technology to start a new business, to improve processes in e-commerce. (E-commerce is already a new thing causing some greater efficiency in business processes.) But I ran out of money this year. So, I have had some small bills destroying my credit score. I know some people who carry maybe 250 times the debt but have great credit scores. But, they can’t really take on more debt for development or cycle to new cards and buffering loans. There expenses have been on personal items. So, the bail out, should it get to lowly people who live in houses, will aid better scores even if profligate spending belongs to the better score while business development and personal thrift might not be aided.

Our world is clock oriented for debt. And, is dismissive of purpose. So, let’s let the builders go hungry and feed the vacationers.

Yet, in the time of the industrial revolution, who kept score? Could Edison have invented a light bulb after failing hundreds of times if he had been scored out of existence? And what about purchasing more liberally? If a car is soled to a credit risk and the car is repossessed, the car is on the market. Since we can assume that the car has a real value much lower than the retail price, it is more likely that the car value has been exchanged in order to get the car to the credit risk. But, scoring will prevent the car from moving at all.

So, how are we to proceed? This summer I went to seek SBA help to finish business development. But, loans go to cash flow, not to potential flow. (Valuation is a score, too.) I was told to stop creating a new business and get a job in order to get SBA help in order to create a new business. So, I guess I won’t be hiring any of the newly laid off people, thousands, in this area. So, should the SBA be given the bail out money? Or should any part of government get the money to handle? Should the local state government get the money since it will start writing IOU’s in a few weeks? (California) Should we cancel the state debt and pay administrators who don’t start new businesses?

Perhaps all debt should be forgiven. We might all just start with a clean slate. Perhaps banks and governments should start with a ground zero, cancel all debt today and open up shop to all comers tomorrow. And, so ignore preferences, which might be more incorrect than might be biased as determined by some score. Or perhaps, scoring should be forced to change dramatically, or purposed for purpose.

Posted by Richard Leddy | Report as abusive

Now that all the banks got a bailout from the working tax paying citizens, which was not distributed in any way to benefits us, now it’s time to give us a large tax break, none of this useless $300 or 500 or 600 ish per married couples. That doesn’t amount to anything it just pays one bill, be it heat, gas for a vehicle, no bailing anyone out. It doesn’t even cover one mortg payment. Also, how was this bailout money, just handed over so wrecklessly, why because every crook in Washington had their hand in the cookie jar? The IRS should have put a team together to track it! Since tracking money is their expertise. It was a totally irresponsible bungle,without any stipulations. So the modern day bank robber wears a white collar & business suite but lacks sensibility and ethics and his name is corporate GREED. The bonus monies distributed should be repayed with interest 21% interest to the taxpayers!

Posted by Michele | Report as abusive


Taking toxic waste (In this case loans that are never going to be paid) and moving that waste to another county (in this case the US Treasury), then shipping it back 5 years later to the county it came from miraculously making potable soil is irresponsible dreaming!

The first thing that the President can do is stop the phoney-baloney that the Treasury Secretary, Federal Reserve Chairman, and people of the ilk of Robert Rubin, and the Media Like the New York Times are serving up to the public. ALL OF IT to date is complete and utter hogwash. The public can smell a rotten egg and if Obama doesn’t come to terms with that fact quickly, then he will not spend more than one short term in office.

All of this nonsense about the Government taking the failed debts of the banks ”temporarily” to be repaid later is an effort to hide the fact that the Plutocracy of America is more important than the rest of the American People and as they all run for cover the rest of us will be left holding nothing.

As the Goverment continues to print new currency at an alarming rate (that I might add is no longer reported due to M3 no longer being published), we risk Weimarian inflation. We will be carrying 100 Billion US Dollar Notes in the next 5 years at the current rate of inflationary dollar creation.

There is no solution to the current financial problem that we face, other than creating ”The Revitalized and Modernized Federal Reserve Gold Certificate Ratio” as per Sinclair.

Obama should also make Ron Paul his Special Advisor to work with Volker.


Let the Bankers and the Motor companies and any other company that has failed, to fail. Then you will have the trust of the people and other Nations.


That’s my solution and it will work if Obama tries it.

Posted by McGregor | Report as abusive

as this seems like a plea for help from those who are genuinely trying to repair this worn out machine and avoid this growing disaster , while most are lounging around in cafe latte apathy like wannabee movie or rock stars , any conscious effort is a positive move.

as Queen Elizabeth said to a group of UK finance experts just after the tide turn … why didn’t you do something to avoid this ?

this dillusionary lifestyle fed by the US Steroid economy and its bulletproof mentality , with a generation lost in cyber action games and a glam movie world , has done its damage … the fall from grace may be a ugly one.

the will to power is an ageless human trait , but it has reached a pinicle of mass stupidity with no respect or responsibility of actions … even if you worship a God it’s all about cause and effect .

but any talk of America being great again is like hot air in the Hindenberg … Global co-operation and unity now !!!!

these people who go around expecting everyone to clean up after them are in for a shock when negative growth takes hold … this ego game of playing chicken with fate at others expense has come to an end … all the business in escapist lifestyle trash must be replaced with more efficient social machinery and energy supply …. over exploited privatization has left it close to ruin … roads , hospitals , schools , moral values .

to avoid an employment and consumer colapse , massive public works and re-education programs are needed .. and a remodeling of corperate ethics to benefit global trade holisticaly … fair and balanced equilibrium.

intelegent competition not bully boy thuggery .

there really is no escape from the cause and effect of this failed consumer ideology … but because the ways of selective memory loss and denial of the elitist wannabees it must bottom out first … then the human spirit may shine again.

Posted by Harry | Report as abusive

Until the money controllers figfure out a way to get money into the hands of the consumers- their fancy programs to fill the pockets of the FAT CATS- is DOOMED to complete–ABJECT FAILURE! It woiuld be far better gto prime the pump, by GIVING Money to MORTGAGE PAYERS- to pay off -not beach homes or the Mtn cabins- but the PROPERTY where they live;their 1st. home mortgages. Result- the Banks,lending institutions, savings and loans – etc- would have MONEY the next day- and LOAN to Car companies, production companies,house builders etc. The nation could go back to work.Givde each mortagee $500,000- -stipulation – they must pay off the mortgage in total- when paid – then the rest of the money up to $500,000 ISA theirs- spend, save – throw away anything
& that puts this naqtion back on the rad to recovery-IF IT IS NOT DONE some how- FOLKS -ITS OVER.The way it is going now- “I give it until the 3rd week in March and the nation and the world will know that this will NOT WORK!
Gene Moore

Posted by Gene Moore | Report as abusive

Banking must be the only industry where you can cause a global meltdown of your interests and others and still get a bonus. If my jobs were run this way all I would get if fired and sued.

Here is my question though…and personally I have completely lost ALL faith in all politicians and businesspeople, how many times are we going to have to bail out the big business?

The first time around I bailed out big business (the automobile industry) buy purchasing an American car. The second time around I bailed out big business by picking up the check through my tax bailout. If you are with me here, you can see that I have GOTTEN nothing in return except a declining assest, yet I am paying twice for the goods and services that these institutions proffer.

The third time around I will pay again (twice wasn’t enough) because while I bought American, and bailed out American business, nothing fundamental has been done to ‘fix’ the system. So here is what I am being asked for, as a taxpayer…a triple (possibly more) bailout of American big business.

All the while I am being told that ‘my confidence needs to be restored’ blah, blah, blah…I have so many angry choice words for you ‘business’ people and the ‘politicians’ that back you up.

If you want to ‘restore my confidence’ stop sucking off me like the worlds biggest leach, own up to your mistakes, just like I have to, quit feeling SO entitled that you take a bonus for the most spectacular failure of a financial system in the history of the world.

Quit asking me and subsequent generations to pay and pay and pay for your mistakes. Your pathetic rational that if ‘we don’t do something now’ the system will collapse doesn’t fly far with me, because your solution is to commit me and mine to a lifetime of slavery to your debts and errors.

Just because YOUR system might collapse doesn’t mean that it is worth it for us to commit ourselves and future generations to slavery to pay for your misdeeds.

Posted by Kiki | Report as abusive

[…] on the key issues of the Forum. You can see some of these on our ‘Davos debates’ on the economy, financial regulation, environment, and ethics. The major learning point was that these were much, […]

Posted by Davos through social media | WORLDFINANCE | Report as abusive