Dominant Social Theme: Times are tough, even for top servants of the system.

Free-Market Analysis: The "big brains" gathered in Davos are mostly successful in material terms and powerful from the standpoint of our modern economic system.

But in the early 21st century, these attributes may prove ephemeral. And that's probably the reason for the gloom that is being reported in the mainstream media.

Also, since it's being widely reported, it could be that mainstream media types are anticipating something worse and the Davos reports are a kind of pump-priming.

You've been warned. Here's more:

It is always advisable to be wary of the consensus view, and particularly that of Davos, which can be a remarkably accurate contrary indicator. Yet this time around, it is hard to fault the prevailing, relatively downbeat mood that pervades this annual meeting of business, political and civic leaders.

Ever since the financial crisis first erupted, there has been a strong presumption that eventually things would bounce back to their pre-crisis norm. This year's World Economic Forum is witness to a kind of capitulation, or sense of resignation.

Slow growth and low inflation seem to have become the established condition, at least for advanced Western economies, and no one is able to articulate a plausible reason for thinking they might break free.