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Thread: At World Economic Forum, Fear of Global Contagion Dominates

  1. #1
    Havakasha is offline

    At World Economic Forum, Fear of Global Contagion Dominates

    I quess George Soros isnt alone.


    http://www.huffingtonpost.com/peter-...b_1239074.html


    DAVOS, Switzerland -- They came, they feasted on smoked sturgeon and black truffle risotto, drank liquor paid for by global banks, endured dozens of security checks, and tried not to fall down in the snow. They talked about the perilous state of the global economy and the future of capitalism. Then, they headed back to their home countries -- many in chauffeured limousines, some by private jet.

    But as the people who run much of the planet wrapped up the annual festival of influence known as the World Economic Forum on Saturday, any sense of achievement was hard to discern. The participants arrived amid elevated unemployment in many economies, worries about government budget deficits, and fears that contagion from a financial crisis in Europe could infect the rest of the world. They went home with all of these worries intact, and perhaps reinforced.

    Nouriel Roubini, the economist who -- not for nothing -- is known as "Doctor Doom," noted that world leaders are divided on a great array of crucial issues, from arguments over trade imbalances and currency valuations to the threats posed by Iran and North Korea and the challenge of climate change.

    "On all these issues that require international coordination, there is no agreement," he said during a Saturday morning panel. "It's a world of chaos that can lead to potential conflicts."

    European officials confronted a palpable sense of impatience and resentment from their counterparts, drawing accusations that they have imperiled the fate of the globe by repeatedly failing to prop up ailing member states.

    In private conversations here this week, senior officials from the United States, Europe and Asia expressed a mixture of resignation and alarm that Greece may yet default on its government debts, despite several efforts by eurozone members to cobble together a credible rescue. Some warned that such an outcome could spook investors into pulling funds out of larger economies such as Italy and Spain, raising the prospect of defaults in those countries. A few suggested this could eventually trigger the breakup of the eurozone and the end of its shared currency, an event that could produce panic rivaling that seen after the investment banking giant Lehman Brothers collapsed more than three years ago.

    In a riveting address here on Saturday, Hong Kong leader Donald Tsang recalled his place at the epicenter of the Asian financial crisis in the late 1990s, and the experience of the 2008 global credit pullback, asserting that the current situation is worse.

    "I've never been as scared as now about the world, what is happening in Europe," he said.


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    Last edited by Havakasha; 01-29-2012 at 03:35 PM.

  2. #2
    SiriuslyLong is offline
    Guru
    SiriuslyLong's Avatar
    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    Oakland police arrest about 300 Occupy protesters

    It is simple to make that call when rioting has been happening for several months now.

    http://www.usatoday.com/news/nation/...sts/52852280/1

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