The 2011 annual gathering (Jan 26-30) of the World Economic Forum (WEF), which brings together hundreds of business, political, and finance movers & shakers from around the world, began today in Davos, Switzerland, a renowned winter ski resort for the wealthy and connected.
Another year has sped by with more change and economic uncertainty throughout the global markets. From a journalist’s viewpoint, 2010 was filled with some of the most dynamic and complex economic trends and global market events possible. For instance, the Euro zone debt crisis, the global currency war, coverage of the international currency war – announced by Brazilian Finance Minister and precipitated by Ben Bernanke’s quantitative easing monetarist policy – the perils of high-frequency trading, and the burdensome economic impact of two-front warfare on the domestic agenda are just a few issues that led the Global Markets through a year of risk, volatility, turmoil and uncertainty.
G-20 world leaders meeting in Seoul, South Korea, concluded the summit late Friday by issuing a joint communiqué, with no specifics, agreeing only in general terms to curb “persistently large imbalances” in saving and spending. But deep divisions, especially over the US-China currency dispute, left G-20 officials negotiating all night to draft a watered-down statement for the leaders to endorse, keeping alive a dispute that raises fears of a global trade & currency war, and fears of rising protectionism among nations.