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$1.3 trillion in Wealth Destruction

You could spend a lot of time thinking about wealth.  Like..... Does it even exist?  Take a look at this article, for example:The brute force of the recession earlier this year turned back the clock on Americans' personal wealth to 2004 and wiped out a staggering $1.3 trillion as home values shrank and investments withered.So, um, where did the "wealth" go?  Was gold melted down before being dumped in the Caspian Sea?  Were trillions of George Washingtons burned at the stake for being Lutheran?  Nope.  All that happened was that the collective (that's you, me, and Dupree) decided that stocks and real estate were worth less.  Thus, "wealth" was "destroyed."People often think that the Great Depression is the nadir of modern human existence.  Why?  Those dollars in your pocket really are not worthy anything - unless everyone else agrees that they are worth something...continue to full post

Full post as published by Crime & Federalism on June 11, 2009 (boomark / email).