November 28, 2008

$5,000,000,000,000.00 and counting...

Crisis has cost five trillion dollars
Five trillion dollars have been lost in the global financial crisis, the head of the Davos economic forum said as he announced a record presence of world leaders at the conference in January.

Russian Prime Minister Vladimir Putin will give the opening speech at the World Economic Forum in the Swiss resort on January 28 where the theme will be Shaping The Post Crisis World, said its founder Klaus Schwab.

The Swiss economist, on a visit to Paris, said: "As it stands now, about five trillion dollars has been lost in the financial crisis and now has to be reconstituted" by governments.

The forum had forecast the crisis in the financial system in its annual risk report at the start of the year.

You see? They tried to warn us!

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