Too bad there is $1,400 Trillion of wealth left to evaporate and will probably only be about $200 Trillion at current values left when all is said and done. The deflationary credit contraction begins $1 Trillion = $1000 Billion. http://www.runtogold.com/2008/02/first-snowfall-of-kondratieff-winter/
Example-: A company share is worth $100. If a big investor invests $500 million the share price will rise to $125. This means the world stock markets increased by $30 Trillion only when $30 Trillion "actual money" was invested Now $30 Trillion have been wiped out (loss) from world stock markets. This means there is "actual loss" of $30 Trillion. Similarly there is "actual loss" of $60 Trillion
"Biggest Fools" always think they are most intelligent. Example: Barak Obama, Gordon Brown, Bill Gates, Warren Buffet. Basically all the Billionaires, big industrialist and worldwide politicians are the "biggest fools". Wait for 20 or 30 days and you will come to know why?
I was watching a TV program about Dinosaurs. The situation was just before the extinction of dinosaurs. A massive Volcano was fuming in the background and Giant birds were flying. Suddenly there were many minor explosions all over the place & poisonous gas & steam started felling the giant birds. Then a statement appeared "Giant Birds falling from the sky are indicators of approaching massive catastrophe". After sometime the "massive volcano" erupted and all the dinosaurs on land and sky were killed/extinct. Now the "falling giant banks & giant companies" = "falling giant birds" and they indicators of approaching massive financial catastrophe which is $1200 Trillion loss to the world economy.
I shall quote Milton Friedman who well said that what made the depression extremely bad was the contraction in money supply. In other words, a deep recession accompanied by a contraction in monetary supply..........were a perfect recipe for the "great depression" Because of this I dont not think we are going to have any major depression.