Snowed under

As the World Economic Forum begins this week,it would be fair to expect that the mood will be more sombre,with the financial crisis a dominant theme. Britain is officially in recession. Americas financial system is in such crisis that reports suddenly abound of proposals for the nationalisation of leading banks. China,with its prime minister,Wen Jiabao,scheduled to be in Davos,is bracing itself for social unrest as a consequence of a slowdown in manufacturing.

The WEF has a way of dramatising concerns. One year,delegates huddled in an igloo to highlight global warming. Last year,Davos was awash with Iranians to underline the need for dialogue,drawing out of Condoleezza Rice an amazing statement of American foreign policy. But sometimes they overstate the case. Last year,the WEF shivered at the prospect of sovereign wealth funds. Now that concern has passed. The magic mountain waits for new forebodings.