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Financial Crisis “Has Destroyed 40 Percent of World Wealth”

George Washington Blog [1]
Friday, January 30, 2009

At the World Economic Forum in Davos, it was revealed [2] that Forty Percent of the World’s Wealth has been destroyed by the financial crisis so far.

As writers like Mish have repeatedly pointed out [3], even though the forces which could create hyperinflation (printing gzillions of dollars) are gigantic, the deflationary forces are – at present – even more enormous.

In other words, when you are Pumping Dollars Into an Airplane with a Hole in the Side [4], cabin pressure is not going to increase very fast.

(ARTICLE CONTINUES BELOW)

[5]

Indeed, the whole plane might go down before cabin pressure is ever restored to normal.

If the pilot manages to avoid crashing into the ocean, then we might have to worry about excess cabin pressure (hyperinflation created by too many dollars).

But – as of today – the plane is still quickly losing altitude.