Despite the collapse of global capitalism as we know it, Klaus Schwab, the venerable organiser of Davos, assured The Times yesterday that the number of last-minute cancellations was the lowest for many years.

Perhaps the world's super-rich elite are not bothered by a mere few billion wiped off their investments. Perhaps they decided they might as well just have a good time skiing.

One who sent his apologies was Alistair Darling, the Chancellor - but not, the Treasury was quick to insist, because of any panic about the British economy.

Presumably Henry Paulson, the US Treasury Secretary, wasn't panicking, either, when he pulled out of the forum, nor was Jean Claude Trichet when he cancelled his round-table with senior media editors scheduled for Friday this week.

José Manuel Barroso, the President of European Commission, and Recep Tayyip Erdogan, the Turkish Prime Minister, also decided to give this year's Davos the proverbial body swerve, while David Cameron has cut short his trip.

Was it something we said?

— Those fickle French.

It wasn't too long ago that the French Government was preoccupied with trying to find ways to fend off a multibillion-dollar hostile bid for Arcelor by Mittal, the Indian steel giant.

The protectionist stripes were out in full and the unions were frothing at the mouth about possible job cuts.

Fast forward 18 months and President Sarkozy is embarking on a trip to India, no doubt to schmooze politicians and drum up closer ties with the country's burgeoning business community.

Who better to take with him on his trip to open doors and facilitate those all important high-level meetings? Lakshmi Mittal, of course.

— David Rubenstein, the founder of Carlyle known for his crystal ball gazing on a wide variety of issues, has come up with a novel analogy for the current global economic malaise.

The economy is like a baby, says the executive, who, incidentally, bears a striking resemblance to the comedian Steve Martin. Babies fight sleep and scream their heads off the second they realise it's nap time.

The economy is exactly the same. It refuses to rest and keeps trying to charge full steam ahead when what it really needs to do is give in and take a much-needed rest.

There are lots of advantages to sleep, Mr Rubenstein says, not least that you wake up and feel brighter and fresher the next day.

Using his analogy, the American economy needs a period of hibernation, never mind a nap.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive