As the World Economic Forum (WEF) held its annual meeting on 23-27 January 2008, once again, in the Swiss ski resort of Davos, there were voices that claim that instead of being a select gathering of the world's top economic brains who can bounce ideas off each other, the forum has become a media circus. Global powerbrokers left their annual gathering in Davos on 27 January, pursued by grim warnings of a tough year ahead for the world economy. Compared to the upbeat mood of previous years, Davos 2008 was a distinctly gloomy affair dominated by talk of a US recession and a wider economic slowdown. But with international stock markets on a roller coaster ride in the wake of the crisis in the US sub-prime mortgage sector, few found Rice's optimism reassuring, even though there were differences of opinion among the gathered chief executives over the scale and likely duration of a US contraction.

The recent economic slackening in the USA became focal point for debate in the summit. The head of the IMF Dominique Strauss-Kahn sounded a final gloomy note as the annual gathering of the world's elite wrapped up. He said a "serious" response was required to counter the risk of slowing global growth, including both interest rate cuts and increased government spending. Strauss-Kahn said speculating on the precise nature of any recession was beside the point and governments should use fiscal as well as monetary policy to counter the headwinds. The suggestion from the IMF is countries should increase spending, even those with deficits.

Japanese Prime Minister Yasuo Fukuda, who will chair the annual Group of Eight (G8) summit in July, gave a keynote speech in which he warned against an "excessively pessimistic" view of the problems ahead, indicating that climate change would be high on the agenda. Representatives from 180 countries agreed a roadmap in Bali in December to agree a new pact that will slash greenhouse gas pollution after 2012, when current commitments under the Kyoto Protocol run out. On 25 January, the delegates had put their anxieties about the economy aside for a while in a bid to focus on the plight of the world's poor, with rock star activist Bono, billionaire philanthropist Bill Gates and UN chief Ban Ki-moon steering the conversation onto issues such as infant mortality and poverty.

On the geopolitical front, debate focused on efforts for peace in the Middle East, the stand-off over Iran's nuclear program and the rise of China and India. The Davos event has long prided itself on showing the caring side of capitalism, although participants have often been criticized for trumpeting big ideas on big issues in public, while actually expending most of their energy on corridor schmoozing and backroom deals. Geopolitics was not forgotten on 26 January. Iranian Foreign Minister Manouchehr Mottaki called in Davos on the UN Security Council to "exercise restraint" when reviewing marginally tougher sanctions next week. Iran could "not understand" why the new measures were being proposed before the UN's nuclear watchdog, the IAEA, makes its report on Tehran's nuclear activities in March, Mottaki said.

Turkey's Foreign Minister Ali Babacan also made the journey to the Swiss Alps, warning the European Union against becoming a "club of Christians" by heeding warnings from EU heavyweights France and Germany not to let Muslim Turkey join the 27-nation bloc. "If the EU finds itself as a club of Christians ... it is against the very soul of the EU," Babacan told reporters. "At the end of the road, the decision has to be made over whether Turkey is going to add new richness to the EU, so that the EU has a truly global voice and a truly representative voice."

Confirming its enduring pulling power, this year's Davos gathering drew nearly 30 heads of state or government, more than 110 cabinet ministers and several hundred corporate titans. But if Davos is the ultimate networking opportunity, it doesn't come cheap. Some 1,000 of the world's largest businesses pay 42,500 Swiss francs (26,300 euros, 38,700 dollars) apiece for annual membership to the exclusive club -- not counting the extra 11,000 euros per person to attend the annual meeting.

As strong promoters of capitalism and monopoly capital across the globe, the WEF leaders are expected to take measures to alleviate the sufferings of the global common people, attempt poverty reduction, fight deadly diseases and rectify climate change that threatens the very existence of the humanity, particularly the island peoples.