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The annual gathering of politicians and business leaders at the World Economic Forum in Davos is normally a time for celebration of the triumph of global capitalism - and a plea from those outside the magic circle to be allowed to join in.
But this time things are very different.
International bankers are keeping a low profile, and at the opening session the prime ministers of Russia and China blamed the US for the global economic crisis and called for radical reform of the world financial system.
Will the deepening global crisis lead to recriminations rather than cooperation among political leaders, despite the hopes expressed at the G20 summit of world leaders in the autumn?