Monday, March 09, 2009

Global Financial Assets Lost $50 Trillion Last Year

Bloomberg Press is reporting:

The value of global financial assets including stocks, bonds and currencies probably fell by more than $50 trillion in 2008, equivalent to a year of world gross domestic product, according to an Asian Development Bank report.

Claudio Losera former International Monetary Fund director and the author of the report said "The loss of financial wealth is enormous, and the consequences for the economies of the world will be unfortunately commensurate,”***** "There is no room for denial or populist policies,”***** “Otherwise the crisis will become even deeper and harder to reverse.”

Click on the title for a link to the entire Bloombeg news report.