Davos is not a place where policy gets made or treaties get negotiated, as I wrote last week. If it has a benefit, it is that the World Economic Forum gets a bunch of the one percent in a single place for a concentrated period of time and allows thoughtful commentators an equally undiluted opportunity to assess what they are thinking.
The result this morning is three excellent essays by commentators working in the mainstream press.
At The New York Times, Paul Krugman makes much of a chart published last week by British think tank, National Institute of Economic and Social Research (here, scroll down right column). It shows that the current economic downturn in Britain is now longer than that of the Great Depression, if you measure the length of time it takes to return to pre-downturn economic output.