Page 2 of 2 FirstFirst 12
Results 11 to 12 of 12

Thread: 45 percent of world's wealth destroyed: Blackstone CEO

  1. #11
    Enemy Combatant
    Kandahar's Avatar
    Join Date
    Jul 2005
    Location
    Washington, DC
    Last Seen
    10-15-13 @ 08:47 PM
    Gender
    Lean
    Liberal
    Posts
    20,688

    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    Quote Originally Posted by TOJ View Post
    Based on ?
    Well, I would loosely define wealth as the amount of stuff in the world.

    There aren't any fewer houses, cars, iPods, cans of Pepsi, and golf clubs in the world than there were a year ago (or if there are, it's just by chance).

    This is what makes measuring wealth such a sticky issue. Even the most traditional measure, GDP, doesn't always account for wealth. For example, in the 1980s Haiti was able to raise its GDP by razing its forests and exporting lumber. What this overlooked was the fact that Haiti no longer had those forests and this was an unsustainable practice. Was Haiti actually any "wealthier" after they cleared all their forests? I think not.
    Are you coming to bed?
    I can't. This is important.
    What?
    Someone is WRONG on the internet! -XKCD

  2. #12
    Banned
    Join Date
    Sep 2005
    Location
    Chicago
    Last Seen
    04-02-15 @ 06:08 PM
    Gender
    Lean
    Libertarian
    Posts
    8,211

    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    45 percent of world's wealth destroyed
    Imagined wealth is more like it. The vast majority of this lost "wealth" was in the form of financial instruments and credit. Not only that, but much of the growth upon which this wealth was dependent was entirely artificial. The government fueled these speculative wildfires with their insanely low interest rates, so after this artificiality got processed by the market there was a giant void in its place. The larger the artificial stimulus, the larger the void is when it stops working.

Page 2 of 2 FirstFirst 12

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •