An almost incomprehensible destruction of wealth has taken place. Stephen Schwarzman, Chairman of The Blackstone Group said that "40% of the world's wealth was destroyed in the last five quarters". Let me repeat that: "40% of the world's wealth has been destroyed in the last five quarters."
At a meeting in Davos, Switzerland, world leaders met to discuss the condition of the world. Putin of Russia said: "the existing financial system has failed." Growth was based on greed. One partner printed money and consumed wealth while the other manufactured cheap goods and saved money. These comments were swipes at the United States and China.
Uh, I believe much of that was fictional money to begin with...let's talk derivatives, hedge funds, housing bubbles....
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