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Today demand is falling rapidly across the globe and most big developed economies face simultaneous banking crises.
Reports suggest Japan plans to cut CO2 emissions by about 20% from 2013 levels by 2030 – a much lower target than other big developed economies.
Mr Zapatero had gone to Davos determined to instil confidence in his country, the only big developed economy still in recession.
Over-the-counter (OTC) equity derivatives such as swaps and options are still considered gambling instruments, so they remain banned in Japan, even though they are permitted in every other big developed country.
Indeed in big developed economies they dropped by 4% in America, where utilities were switching from coal to gas, and by 1.3% in recession-hit Europe.What happens in rich countries, though, matters much less than it did.
Remarks from on high such as Gordon Brown's claim to have saved the banks (even if he mis-spoke and posed as the saviour of the world) are evidence that even the sober prime minister is as unready as anybody to admit to the scale of what has gone wrong, in public, at least, as the IMF forecasts that Britain will take the worst hit of any big developed economy.
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Other big developing nations paused for breath only briefly.
Big developing countries, notably Brazil and India, however, are insisting on even deeper subsidy cuts.
The Americans therefore insist on "meaningful participation" by big developing countries.
Until America moves seriously to control emissions, the big developing countries will not do so.
Industry is 27% of output, compared with 40-47% in other big developing Asian economies.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com