Davos Conversation » The bears are loose

Davos Conversation » The bears are loose: "The bears are loose (Crossposted from BBC News - World Economic Forum 2008 ) 'Boy, do we have a lot to talk about,' were the opening words of Michael Elliott, editor of Time International and chair of the session on the state of the global economy. So what did we hear?

To sum it up in a few words: the bears are loose. In financial market speak, bears are economic pessimists. And this morning, nearly every speaker was deeply concerned about the state of the global economy. We won't see a global recession, everybody agreed, but if the panellists were right, then the United States and - to a lesser extent - Europe are in for a really rough ride.

The world's poor, meanwhile, will have to brace themselves for sharply rising food prices. Good news for farmers, not so good news for the rest of the developing world. Hold on to your seats."
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