Opinion

Economic forum accomplishes little

The World Economic Forum Annual Meeting took place in a ski resort in Davos-Klosters, Switzerland on Jan. 28. Elite businessmen and politicians from around the world attended the five-day event with the theme ‘Shaping the Post-Crisis World.’

It did indeed deliver a superb display of the crisis in the modern world. However, this was just a byproduct of a na’iuml;ve belief in mutual respect, resulting in frustration over unrewarded efforts and a melting global economy. While the highest snowcaps in Europe did not change these leaders’ fiery disposition, the beauty of the resort did not prevent them from acting upon their frustration.

The intention was simply to take initiative to work together constructively towards more glorious days. The dominant ground of discussion was to bring stability and growth to the global economy. In the many related discussions, the chairman of the panel wanted to gain insight into the cause of the current state of the global economy.

The general consensus seemed to be a belief that the market is ‘self-regulating,’ without unfathomable damage. Many also blatantly stated that it was a consequence of replacing common sense with a feeling of invincibility derived from mathematical models and mispriced risks. To keep it simple, some just blamed it on stupidity.

Another heated discussion was predictably based on ‘Gaza: The Case for the Middle East,’ moderated by David Ignatius, a columnist for the Washington Post. The discussion brought together Turkey Prime Minister Tayyip Erdogan, Israel President Shimon Peres, Secretary-General of the UN Ban Ki-Mon and Secretary-General of the League of Arab States Amre Moussa.

As Ignatius addressed the fragility of the peace process, Erdogan and Moussa were not shy about their convictions against Israel for slipping back in the peace process. To this, President Peres took on a defensive role, which was not the most heightened reaction of the discussion.

Erdogan then stole one minute to present his closing statement and have the last word. Running low on time and patience, Ignatius tried to end the debate in an orderly fashion, but instead watched Erdogan walk off stage after vowing not to return to the forum.

While the prime minister of Turkey made an appearance, albeit short and abrupt, the lack of influence from Washington diplomats was felt as many believed the event was all talk and no action. Perhaps they just could not pull themselves away from the fiasco of the stimulus plan.

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