I am now in Davos and preparing to play my part in “shaping the post-crisis world”, which is the official title of this year’s forum. I must say this strikes me as over-optimistic. The words “shaping” and “post-crisis” seem misplaced. (I will grudgingly accept “world”.)

But what would be a better title for this year’s Davos? “Sinking in quicksand” is closer to the spirit of the times; “Buried under an avalanche of debt” acknowledges our Alpine surroundings; “Up shit creek without a paddle” has an appealing directness and shares the same length and meter as “Shaping the post-crisis world” - so that is my favourite for the moment. But I am open to suggestions.

I wonder whether Davos itself might not become the next victim of the globalisation crisis. The streets are still full of important-looking people, falling over in the snow. But two rather crucial groups are notable by their absence: bankers and official Americans.