A report released today gives us this monstrosity of a headline. And much of any talk in daily news is around recovery and returning to normal. When and how fast will it happen. My question is as posed months ago - do we REALLY want to go back there? The highly leveraged and over-the-top consumerism fueled by debt. That's what we want back? The pendulum has certainly swung in violent opposition away from place (.... and many say it will also be swingning back with a similar vengance). What is real value?
The global crisis wiped a staggering $50-trillion (U.S.) off the value of financial assets last year including $9.6-trillion of losses in developing Asia alone, the Asian Development Bank said Monday.
“This is by far the most serious crisis to hit the world economy since the Great Depression,” said ADB President Haruhiko Kuroda. But he predicted Asia would be “one of the first regions to emerge from it.”
A study commissioned by the Manila-based lender on the impact of the financial crisis on emerging economies estimated the value of financial assets worldwide — currency, equity and bond markets — to have dropped by $50-trillion in 2008.
Crisis wipes $50-trillion off world financial assets
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