40% of the World’s Wealth has been Destroyed

40% of the World's Wealth has been Destroyed

by Roman on February 6, 2009

Once a year most of the worlds influential businessmen, politicians, investors and economists meet in Davos, Switzerland to discuss the current state of world economy. This yearly gathering is known as the World Economic Forum.

To give you an idea of how high-level Davos is, you should know that in addition to presidents and prime ministers, it is visited by all of the worlds major banking institutions – starting with the banks bailed out last year and finishing with the leaders of the central banks of USA, Europe and China.
Among this years attendees were more than 70 world leaders and over a hundred of the worlds most influential companies (the likes of ExxonMobil and Coca-Cola).

Main topic in the World Economic Forum

You don’t have to be a genius to figure out what they talked about this year – the economic crisis.

It was revealed by private equity giant Blackstone that the current economic downturn has destroyed over 40% of the world’s wealth during the last 5 quarters and that things are not getting better – they are only getting worse! The world will lose even more of its wealth!

Here are some of the things said during this years summit:

“Worrying about inflation now is like worrying about the measles when you might get the plague.”

Kenneth Rogoff  – Harvard professor and former chief economist of the International Monetary Fund

“The outlook is pretty grim. Things are not good and business surveys are coming out showing they’re getting even worse.”

Sir Howard Davies – London School of Economics

“Confidence grows as slowly as a coconut tree, and falls as fast as a coconut.”

Indian economist, Montek Singh Ahluwalia

“The free enterprise system has not failed; the financial system has failed.”

Tony Blair -Former British Prime Minister

“We cannot underestimate the challenges and the dangers that we face in 2009. We are in a global recession the likes of which we have never seen. But there is no quick fix.

Stephen S. Roach, Chairman of Morgan Stanley Asia

“The crisis is getting worse. It’s going to take drastic action to turn it around, if it can be turned around, quickly. I believe it will take a long time.”

Rupert Murdoch – Chairman of News Corp

And from a more positive side:

“In times of recession there are massive opportunities and fortunes to be made, so for new up and coming entrepreneurs, this is the time to go and start a business.”

Richard Branson – Founder of The Virgin Group

I agree that things are indeed bad and they will probably get worse before getting better but among all these quotes I especially love the last one from Richard Branson.

The positivity of this serial entrepreneur and billionaire is what keeps the world running – a true businessman always looks to the future and thinks how he can use the mistakes done in the past to build a better business for tomorrow! As long as there are people like Richard Branson – we will be just fine!

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{ 6 comments }

Kevin in Manila February 6, 2009 at 11:49 pm

Just wanted to say I read your copyright story over in ProBlogger. I’m still laughing.

Roman February 7, 2009 at 12:21 am

Kevin, thanks – I thought what I did was pretty funny as well :)))

Roman-J February 7, 2009 at 2:56 am

Funny! (not the world crisis, but your copywrite comment).

Maybe you could of emailed him and told him that you had to change the picture and that you are sorry for the inconvenience.

BTW where do you get your photos? If you tell me that you are burning styrofoam and cutting out cardboard facial expressions then you truly are Jesus’ish.

Roman February 8, 2009 at 3:58 am

To tell you the truth what Im currently doing with the pictures can get me into a little trouble – sometimes I take a picture I like from google image search or some other random place from the web and until today I haven’t really linked back or checked for any license’s.
I feel kind of bad about this and know that I have to change what Im doing – when I launch my new design this month I will also figure out what to do with the pics!

About the guy who stole my content – I couldn’t email him cause there was no contact information – so I chose to use the fastest method I knew.
There are a lot of people who steal my articles and I never really bother with them – I know that by only stealing content and never writing anything themselves – they will never have as successful website as mine and that my time is better spent on writing new content! If I can make a difference 5 minutes I’ll try – if not – I will just forget about it. It doesn’t bother me that much – If my article is worth stealing I’m happy cause that means it is good :))

OnuJack February 9, 2009 at 3:43 am

I would say that 40% of the worlds counterfeit wealth has been revealed and therefore disappeared. True wealth is something of physical in nature. Money is just a tool and does not have any value besides the value of the material and labour used to make it. The so called wealth that money represents is greatly influenced by emotions – emotions are blind and mislead a person.
In general things are getting better and better because the truth is coming out bit by bit.

Daniil February 11, 2009 at 7:04 am

> I especially love the last one from Richard Branson.

I double that

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