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Economy


45 Percent of Global Wealth Destroyed in Last 18 Months

by John P.

money-burningThis is a fascinating report from Megan Davies and Walden Siew of Reuter’s. Thanks to Jacques Snyman for sharing the link over on Facebook.

45 percent of world’s wealth destroyed: Blackstone CEO

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.”

So, if your 401k is suffering, well… join the club! The whole world is in this one together, and that means we all have to get together and work our way out if it.
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533,000 US Jobs Lost in November 2008

December 6, 2008

Well, the US Bureau of Labor Statistics published their unemployment news yesterday, and it was nothing to smile about. Nonfarm payroll employment fell sharply (-533,000) in November, and the unemployment rate rose from 6.5 to 6.7 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. November’s drop in payroll employment [...]

Are You Ready for $5 a Gallon Gas?

June 10, 2008

Well, you better get ready. Gas was near an all time inflation adjusted high back in April, but as of right now we’re already paying more than we’ve ever paid for a gallon of gas. According to the Wall Street Journal: The skyrocketing price of oil, now up more than 44% so far this year, [...]