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News Link • Economy - International

Global Crisis Destroys 40% of World Wealth; Bailout to Hit $4 Trillion

• Michael Shedlock / Mish

2 Comments in Response to

Comment by Rocky Frisco
Entered on:

Money is not wealth.

Comment by Sharon Jarvis
Entered on:

The money did**Q**t disappear; it didn**Q**t exist in the first place. Stock market gaming plus loose accounting is involved. About five years ago, at a conference, I chanced to chat with a government worker who tried to explain government accounting to me. It consisted of calling **QQ**debt**QQ** an asset. I could not understand how the government could function like that and I suppose the financial institutions, banks, funds, etc., were doing the same thing. If the investment banks could not only slice and dice bad mortgages--but also somehow sold mortgages that didn**Q**t even exist--it**Q**s no wonder this house of cards is falling down.

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