By Stefan Theil 

 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.

I have been searching in vain for some fresh faces and thinking in the Chinese delegation to Davos. Representatives from other countries typically bring a broad range of perspectives on world affairs and some feisty commentary on the situation in their home countries to the table. The Chinese delegation, in contrast, seems overpopulated with senior officials and business leaders who simply serve up the party line.

Google, founded well into the Davos era, has quickly emerged as a blue-chip company, a member in good standing of the global elite. And as such, it has established an interactive presence at Davos. In an alcove in a key spot in the Congress Center, Google has set up a series of computers equipped with webcams. It brings leaders and participants by and poses the Davos question: What one thing can people, companies, and governments do to make the world a better place in 2008?  It’s very Google—intent on doing good, totally digital, and willfully quirky. It’s funny to watch older leaders coping with new media. Bono’s answer is likely to get a lot of hits.  But one of the first big gets was former Secretary of State Henry Kissinger, who seems to be growing shorter and rounder—he rolls through the center like a bespoke-suited bowling ball—to peer into the webcam. (Click here to watch it.)

Also check out former Israeli Prime Minster Shimon Peres greeting YouTube viewers and waiting for questions to be posed by the webcam.

So does South Africa's likely-president-in-waiting really believe that taking a shower can prevent AIDS? No, says Jacob Zuma, the controversial choice to succeed President Thabo Mbeki as leader of his country's ruling African National Congress (ANC). Zuma's election as ANC head last month makes him an apparent shoo-in to take over the national presidency when Mbeki's term in expires in 2009--provided Zuma isn't first convicted on possible criminal charges arising from a long running local corruption scandal.