45 percent of world’s wealth destroyed: Blackstone CEO

Megan Davies and Walden Siew
Reuters
Thursday, March 12, 2009

NEW YORK (Reuters) – 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.”

But the U.S. government is committed to the preservation of financial institutions, he said, and will do whatever it takes to restart the economy.

(ARTICLE CONTINUES BELOW)

U.S. Treasury Secretary Timothy Geithner plans to unfreeze credit markets through a new program that will combine public and private capital in a fund that would buy bank toxic assets of up to $1 trillion.

“In all likelihood, that will have the private sector buy troubled assets to clean the banks out in terms of providing leverage … so that we can get more money back into the banking system,” Schwarzman said. 

Full story here.

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9 Responses to “45 percent of world’s wealth destroyed: Blackstone CEO”

1. Rob Says:
   March 12th, 2009 at 2:21 pm

   Not only that we are destroying the World Wealth at a fast speed, but also consider the fact that 86% of the World resources are consumed by 14% of the poppulation and that only 14% of the resources are diluted among the 86% of the world population . The present Financial crisi is a result of such unequitable distribution os welth and will only become worsdt by the minute.
   In the 50s and 60s USA was busy fighting “COMMIes” and the end result is the present Financial crisi that is becoming worst by the minutes. Ofc ourse they now have a new imaf\ginary enemy called TERRORIST.
   For God sake give us a break

2. Rob Says:
   March 12th, 2009 at 2:21 pm

   Not only that we are destroying the World Wealth at a fast speed, but also consider the fact that 86% of the World resources are consumed by 14% of the poppulation and that only 14% of the resources are diluted among the 86% of the world population . The present Financial crisi is a result of such unequitable distribution os welth and will only become worsdt by the minute.
   In the 50s and 60s USA was busy fighting “COMMIes” and the end result is the present Financial crisi that is becoming worst by the minutes. Ofc ourse they now have a new imaf\ginary enemy called TERRORIST.
   For God sake give us a break

3. GaryN Says:
   March 12th, 2009 at 2:33 pm

   That ‘wealth’ was all imaginary anyway, how can you lose something that never existed?
   The real wealth, i.e. energy, resources, farmland, manpower etc is all still there!

   

   I'm Gumby Dammit Reply:
   March 13th, 2009 at 1:32 am

   Agree with you 100% Gary. I would also add that the real wealth of nations includes the health and freedom of it’s people.

   

   captain planet Reply:
   March 13th, 2009 at 3:37 am

   agreed gary, people have been working for the last decade for nothing but debt(-$), whats to stop them working for a little cash(+$), everything is still in place yeah?, all our resources are still here?, why stop working and living a healthy life for imaginary economics? Its nothing but the greedy fuckers, steeling everyones homes, all the land, all the resources, ‘then maybe well let you work again, and live in a dingy unit for a new rediculous price’. Remind me, why are there houses all over the world if no one but banks own them?

4. Rob in NC Says:
   March 12th, 2009 at 2:39 pm

   Funny, because WEALTH IS NOT DESTROYED. It is merely transferred.

5. Forced Freedom Says:
   March 12th, 2009 at 3:27 pm

   “MISSION ACCOMPLISHED”

6. JJ Says:
   March 12th, 2009 at 6:14 pm

   The wealth never left. It never does–it gets transferred to the pockets of those controlling it. Get THE MONEY MASTERS which explains it all.

7. MARIA Says:
   March 12th, 2009 at 6:47 pm

   LLLLLLLLMMMMMMAAAAOOOOOOOOOOOO……………..That is so funny, 45% of the wealth ??? This guy should shut the fuck up with his bullshit. I really hope someone is taking down all these names. We will need the list when the time comes. I hope all these guys are reading these comments because the one thing that History did not teach them is that “let them eat cake” mentality gets them ALL killed sooner or latter. There’s no hiding from an angry, hungry, nothing to loose mob !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!