In Switzerland, the World Economic Forum has wrapped up after five days of talks. Joseph Stiglitz, the former chief economist of the World Bank, was one of several economists attending the summit in Davos to issue grave warnings about the state of the economy.

Joseph Stiglitz: “There really are some deep structural problems. The fact that the US had to borrow in 2006 $850 billion from other countries, the richest country in the world; fundamental global imbalances; financial systems that don’t know how to manage risk — these are not symptoms of what you might call a fundamentally strong economy.”