Three grace notes as this year’s Davos stumbles towards a gloomy conclusion.
There’s an old saw, often used in government circles, that when it comes to public policy debates, if you’re not at the table, you’re certain to be on the menu.
The bankers have learned that lesson this year. Their low-key presence has itself achieved a high profile in the public prints. In their absence all the world’s problems have been laid at their door. No one would deny that in this economic car crash a high percentage of the blame should be ascribed to the financial sector. But not 100 per cent, I think. Bank salaries were exaggerated, definitely, but others benefited from the boom also, and should similarly have known better. There is an irony that an event strongly supported by finance should have bitten the feeding hand so firmly.
