GlobeTracker|The word out of Davos is that business and political leaders actually get it: trust in governments, corporations and above all banks is gone.
The Davos meeting of the Economic Forum ended without a clear consensus of what’s next for the financial services industry.
Perhaps the billionaire investor and philanthropist George Soros summed up the ambivalence most succinctly. “You want to keep regulation to a minimum,” he said, “because it is worse than markets. But you can’t do without it.”
Uncertainly was the bottom line at Davos, although all are relieved that the current economic crisis appears stabilized.
The Chinese delegation this year, the biggest in 40 years of the Davos gathering, was led by Li Keqiang, the vice premier widely tipped to be the next prime minister. “China had a good year,” Mr. Zhu opened, before rattling off statistics that are breathtaking at first glance.via NYTimes
Read on for news about China’s coming dominance in energy. By all current estimates, Americans will disengage from dependence on Middle Eastern oil and have a new umbilical cord to China.