LIVE BLOG: Bill Clinton at Davos

*This conversation is joined in progress.

12:45 p.m.: Clinton says that True democracy is more than majority rule, but also minority rights and rule of law.

12:47 p.m. : Clinton notes that too many governments around the world dont follow majority rule. American is not in decline, but it;s position on then global stage has changed.

12:48 pm: Clinton says US no longer the world's only superpower.

12:49 pm: Clinton says the 21st century will belong to many countries, but world will be better off if US remains good strong force. That depends on having strong economy.

12:49 pm: Clinton complains that Republicans in US act like only their believe in country's greatness. He attacks Michelle Bachman for saying US has world's best health system.

12:50 pm: Clinton says US policy has to be more realistic, not act in a parallel universe. For too long, states pretended they ran on balanced budgets.

12:51 pm: Clinton says America's future depends on having instutitins that rewards people for being productive.

12:52 pm: Clinton says US need to be modernized, on bipartisan basis, in terms of energy, financial regulation, etc.

12:53 pm: Clinton notes that Churchill once said Amnerica always does the right thing, after exhausting all other alternatives.

12:55 pm: Clinton is asked about political polarization in U.S. Clinton looks at recent mid-term elections, where Democrats lost votes due to weak economy and unpopularity of Iraq war. Clinton assails Republicans who characterized Obama as cryto-Socialist.

12:56 pm: Clinton says US has been hurt by people demonizing the government. He said conservative Republicans have raised deficit, while pretending to cut taxes.

12:58 pm: Clinton doesnt understand by the Democrats failed to clearly spell out its economic message in 2010 elections.

12:59 pm: Clinton says GOP and Tea Party will force Democrats to obliterate social spending programs. There will continue to be political skirmishes. Some blood on the floor for a while.

1:00 pm: Clinton says Obama is right to try to appease Republicans in recent State of the Union speech.

1:01 pm: Clinton says poliical debate need to be based on facts.

1:02 pm: Clinton is asked about austerity across the developed world and high unemployment. He says Democrats were unfaily blamed for deficit because of one-off stimulus bills.

1:03 pm: Clinton says global capital flows aggravated by US borrowing money from trading partners. He notes Iceland (not in euro) has come back better than Greece and Ireland.

1:04 pm: Clinton says protectionism is not the answer. On the other hand, he said Germany has lower unemployment than US -- better job of penetrating Chinese markets than US did. Management and labor have more of a partnership than in US. Germany committed to keeping people emplpyed even when economy weakens.

1:06 pm: Clinton wants China and India to help its poor people.

1:07 pm: US has to recover economic strength, or it won't be able to positive force on global stage.

1:08 p.m: Clinton wants US to bring in more skilled immigrants to boost economy.

1:09 pm: Clinton is asked about Scandinavia which has gender quality and very prosperous natons. Clinton agrees with this. Economy must have shared benefits and shares opportunities. Inequality will; hurt economic growth.

1:10 p.m: Clinton says no economy can be successful without equal opportunities. Swedes adopted unique carbon tax; Germany committed to solar energy.

1:12 pm: One last question -- Clinton is asked what he'd like to achieve over the next ten years (stay alive and become a grandfather). He considers every day a gift, wants to keep learning and helping to change the world. He wants US and world to embrace the right paradigm, ask the right questions.

1:18 pm: This is an exiting time to be alive, Clinton says. Dialogue ends.