Fifteen key economists, strategists and policy makers weigh in on a week of volatility and economic turmoil.

'A Meltdown'
Nouriel Roubini
We know booms and busts are aspects of capitalism, and have been so historically. Many of them have been driven by a technological innovation--whether it was the railroad or the Internet--and they may create bubbles, fraud and eventual losses. But they are also driven by real innovation. This latest crisis we see today differs from such historical examples in two important elements.

'Financial Folly'
Kenneth Rogoff
What's happening now is not at all special, but follows the well-trodden paths of past financial folly. As my work with Carmen Reinhart of the University of Maryland shows, the most important determinant for the depth of a financial crisis is the size of the initial hit to the system.

'U.S. Recession'
Stephen Roach
It's pretty simple--you either believe in globalization through increased border-trade linkages, or you believe in decoupling. But it's intellectually dishonest to believe in both. There's no region of the world that is more externally driven than developing Asia, which is where I live now.

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Those attending this gathering for the first time are known as Davos virgins--and they're easily spotted by the anxious map-clutching and touching belief that the shuttle buses will get them to their destinations faster than trudging through the snow. Colleague Barbara Kantrowitz--co-author of our Her Body health column--shares her experiences (and her photo of the "cool girls" who are Davos regulars.)

By Barbara Kantrowitz

The first thing I notice is that everyone is staring at my breasts and then very quickly turning away. No one makes eye contact. This is disconcerting until I realize that my Davos ID badge falls just at the center of my cleavage, and I am being scrutinized not by my cup size but by my power status. And in that respect, I am falling flat as a pancake. My badge has just my name and picture on it, no affiliation, which marks me as the spouse of a participant. In other words, I am nobody.

In a way, this is kind of a relief. I don't have to worry about networking every single second and I can wander without any agenda. Although this is my first time at Davos, it feels oddly familiar. As I walk through the halls, I suddenly realize why. Davos--this idyllic village high in the Swiss Alps--is actually a nightmare version of high school. Instead of the standard mix of jocks, freaks and geeks, the halls of the Congress Centre seem to be largely populated only by legions of suck-ups.