Meet the new Master of the Universe

At the World Economic Forum in Davos, it used to be that those highly paid bankers strutted around full of confidence, reminding everyone about how they were really in charge of what mattered. That was so last year. This year, the bankers are notable by their absence (John Thain, anyone?) Instead, there's a new Master of the Universe.

His name is Wen Jiabao, and he's China's Prime Minister. Speaking in a calm, measured tone to a jam-packed session that had to be broadcast to two other rooms to accommodate the overflow, his message was simple: "we are full of confidence." 

OK so the rest of the world is in meltdown mode, and there are some people out there who worry about China's economy. Relax. Growth will hit 8% this year. China's financial system is stable. The government is doing everything required to shore up the economy. As for the financial crisis, well, naturally, that's all the fault of countries who practised "inappropriate macroeconomic policies" characterized by "prolonged low savings and high consumption" and the "blind pursuit of profit."

No prizes for guessing which country he meant. Still, there was a conciliatory message to the incoming Obama team: "it's important for our two countries to enhance cooperation" to help resolve the world economic crisis.

In other words, memo to US Treasury Secretary Tim Geithner: stop hitting us over the head with talk about currency manipulation.

The big question is whether the stunning self-confidence of this latest Master of the Universe will be as misplaced as that of his banker predecessors.