In a report released by the World Economic Forum (WEF), the threat of a US recession placed higher than terrorism as the biggest threat to the world for 2008. "Fears of a U.S. recession coupled with a sudden spike in oil prices replaced terrorism, pandemic disease outbreaks and short-term disasters resulting from climate change as the issues global business leaders are most worried about, said the "Global Risks 2008" report." Well at least they got it right vis-a-vis climate change, or lack thereof.

There is no question that US economic growth is slowing led by the decline in housing, and the impact that slowing growth will have on the global economy as well as thestock market is an important issue. It also will play a big role in the upcoming Presidential elections. But the most important issue?

The report added, " The third major risk - dwindling food supplies - has become an issue not just for developing nations but also for rich countries," the report said, citing steep price increases for staple foods over the past year.