The CEO of Blackstone says 45 percent of world’s wealth destroyed. “Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” Schwarzman told an audience at the Japan Society. “This is absolutely unprecedented in our lifetime.” (Source)
People will not pay as much as they would have done in 2007 for titles of ownership of shares and other assets – pieces of paper of no intrinsic worth apart from the fact that they are recognized as claims on real wealth. (Source)
Follow the money. Money was borrowed and ends up in someone’s hands–who’s?