Davos warned that there will be more social reactions of nationalism due to the impact of the financial crisis. In what many regard as the worst in its history, the latest World Economic Forum in Davos, Switzerland ended its deliberations with a dramatic warning: the fear that the international economic crisis will result in violent social reactions generated by a resurgence of nationalism and protectionism in favor of every man for himself.

Without doubt, the issue of global economic meltdown is the most desperate concern right now. Davos, though, wants to provide an optimistic counterpoint to it all and the capacity to survive the crisis. Messages that show absolute confidence turned out almost unreal. Political and economic leaders gathered at Davos only to realize that the current financial crisis will have social consequences. The Forum was clear that the job cuts will be inevitable. Reactions against capitalism are also bound to be violent.

Today, it may be typical that some 150,000 jobs are closed by major international companies within a week. In this context, the WEF ended the forum with the announcement of an initiative in the coming weeks to reform the global financial system. This global initiative has the support of almost all political leaders who attended the meeting.

Protests staged during the WEF, though, are proof that the impending reactions of people to the debilitating impact of the world economic crisis have actually begun.

Via BBC