According to BBC the latest World Economic Forum discussions did not end in success. The issue was to find answers to the recession that had started in the US and had been going on for more than a year; unfortunately, only descriptions were given of the problems, a solution is yet to be found.
More than 2,000 leaders, both political and business, attended the Forum in order to find the cure to nowadays' major economic disease often referred to as "the crisis of capitalism". The idea was to find a way to "reform banking, regulation and corporate governance".
The situation seems to be desperate as many of the participants expressed their pessimism on the issue and their inability to see a way out of the recession in the near future.
Archbishop Demond Tutu from South Africa said "we worshipped in the temple of cutthroat competition, and so some cooked the books, because the treasure is so great". He also noted that "we spend billions on banks when we know that a fraction of this money could save all the children in the world".
Nouriel Roubini, one of the economists participating in the Forum said "capitalism is the worst system except for all those others that have been tried".
Speeches of China's Premier Wen Jiabao and Russia's Prime Minister Vladimir Putin strengthened the belief that the economic crisis is indeed a global one that causes harm to the entire world.
Although the next time where leaders of the world can discuss this problem and explain the feasible solutions they have come up with will be during the G20 meetings, expected to be held in London, Professor Schwab, founder of the World Economic Forum, already claimed "the G20 will not solve everything; it won't address the totality of the issue."
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