Daily Archives: January 27, 2010

Martin Wolf is writing for the FT’s Davos blog. Here is a copy of his first entry.

I spent my day being interviewed by other media organisations and preparing my Friday column. So I did not attend any sessions. I rely on the excellent reporting of my colleagues to tell me what is happening in Davos, just like all the other readers of the FT and ft.com. But I have still managed to learn something from chance encounters here.

So what have I learned so far?

First, my criticism of the “Volcker rule” in banking, subject of my column this morning, is controversial. The desire of many non-bankers to cut the bankers down to size is, even here, quite noticeable. Have I gone soft on bankers? I do hope not. But this new addition to the already pressing weight of uncertainty worries me greatly.

Second, the US administration is effectively absent, though Larry Summers will be here later in the week, representing the White House. Whether this absence is because of the State of the Union, Congressional hearings (as in the case of poor Tim Geithner) or a reluctance to be seen junketing with the world’s financial and business elite, I do not know. I suspect the latter. Read more

From the FT:
Why trade war is very likely to break out this year – Michael Pettis
Lessons for the American housing market – Robert Pozen
A very small mercy – Editorial comment
Recovery at risk if contradictory forces collide – Ben Funnell
Short View: Axis of worry shifts to Asia – John Authers

From elsewhere:
The US ‘spending freeze’ in context – Free Exchange
IMF revises up its global economic forecast – IMF Direct
The myth of China’s blithe consensus- Michael Pettis
Meryvn King calls for structural overhaul to banking industry – Naked Capitalism