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Sunday, January 25, 2009

Fiddling Whilst We Burn

Talleyrand regrets to inform his readers that he will not be among the distinguished visitors to Davos this coming week. It is not because he is unwelcome in Switzerland but rather because he can see almost nothing useful coming out of this year's august Alpine pow wow. What shall the masters of the universe discuss this time? It is not too difficult to predict the lines of conversation. Some will take credit for having predicted the global economic mess we’re all in. Some will say it will get worse. Others will say it will get much worse. Others will emphasize silver linings. Almost no one, probably, will reveal a truly original and useful plan or sentiment. Most of the discussion will likely center around whether this crash is something new and different, or whether it is just part of the usual cycle… plus, of course, whatever tidbits of gossip the participants cannot resist sharing about the new team in Washington.

All things considered, you might wonder whether the Davosards would ever consider saving their pennies and staying home this year. Not at all. We must all spend our way out of this crisis, and those with the most ought spend the most!

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