NEW YORK - January 28, 2009 - A call to utilize the current global economic crisis as a panic in which governments worldwide can move to nationalize banks is emerging from the 2009 World Economic Forum in Davos, Switzerland.

The forum's founder, Klaus Schwab, told CNN yesterday that the current global economic slowdown is a "transformational crisis" that should be utilized to shape a "new world."

"Above all else this is a crisis of confidence," said Schwab. "To restore confidence you have to establish signposts that the world after the crisis will be different. We have to create a new world and that is what Davos 2009 will be all about - serving society."

Speaking from the Davos conference yesterday, Nouriel Roubini, New York University professor at the Stern School of Business, told CNBC the global banking system is "effectively insolvent."