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 more or less 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.

The original programme advertised an impressive array of top Obama appointees: Larry Summers, Tim Geithner, Jim Jones – the new head of the NSC and General David Petraeus (who was meant to be in the session I'm moderating on Nato).