Sunday, March 15, 2009

45 percent of world's wealth destroyed

Private equity company Blackstone Group LP (BX.N) CEO Stephen Schwarzman said on Tuesday that up to 45 percent of the world's wealth has been destroyed by the global credit crisis. "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."

So why is that many of the explanations in the financial press these days do not seem to include much information on the role that central banking and fiat money has played in this current bout of wealth destruction? We would venture to say that the mainstream media is hesitant to explore the connections we present because the mainstream media is too much intertwined with big-money interests that benefit from central bank wealth privileges.

Link - Daily Bell


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