Finding the exit
I've had a couple of interesting conversations in the corridors of the forum today. They're with people from very different perspectives who have raised the same concern: our exit strategy.
Not so much the exit from the recession - people are suggesting policies to help us escape that all the time.
No, the exit some are worrying about is the exit from those very policies.
You see, we are in the midst of an incredible economic episode that will very probably be talked about by our grandchildren.
As a result of that, some very exceptional actions are being taken.
For example, we are spending money like crazy and will probably soon have to print it.
The government is borrowing money on a huge scale.
It is making loans to car companies and guaranteeing loans elsewhere.
The Bank of England is - or is about to start - buying up assets like corporate loans.
And we are all becoming shareholders in banks.
As a result of all this, governments and central banks are going to be left with a big chunk of the economy in their hands.
This might all be very sensible but it all has enormous implications down the road. What exactly are the mechanics of withdrawing these things?
One worry I've heard expressed is that of dependence on state intervention. Once you start supporting car manufacturers for example, how do you stop?
The bigger worry concerns all the assets the Treasury and Bank of England will own in the next few years. They will be sold off. Can you do that without disrupting the markets into which you are selling them?
And then there's the issue of all the borrowing the government has undertaken.
It can borrow easily now, by simply doing so from the Bank of England (it's a process called underfunding and its akin to printing money).
But that does have to stop at some stage.
And when the economy picks up, some of the cash that has been printed by the central bank will probably have to be withdrawn. That's because as the economy normalises, we will not need or want so much money swashing around as it can cause inflation.
Yet, withdrawing cash may not be easy.
Getting the timing and the extent of the withdrawal is hard...withdraw too much and you have deflation and recession. Withdraw too little, and you have inflation.
There's another problem too. If the Bank of England does end up printing money to lend to the UK government, it will at some point choose to no longer do so. By then, the government may be borrowing so much it can't find anyone else to take the loans over.
That could be the nastiest phase of the cycle for the UK.
Funnily enough, this Davos event has been called "Shaping the Post Crisis World". Some have thought it a bit premature to shape the post-crisis world, when we are so deeply in the crisis itself. (After all, the allies of World War 2 at least waited until 1945 to shape the peace at the Yalta conference).
But there is a valid conversation occurring here, about just how long we will need to unwind the measures we are taking.