You ever see one of those videos on the news when they dynamite the local sports stadium so they can start building the new one? The cameraman always cuts after the blast and collapse, you never get to see the good part – pot-bellied Teamsters standing around smoking cigarettes and going “holy sh*t, did you see that?”
Anyway, let’s take a look at the damage wrought by this summer’s mini-crash, which as I write is now in its 11th day…
More than $2.5 trillion have been wiped off the value of world stocks this week on mounting concerns the global economy is heading toward another recession and Italy and Spain are being engulfed by the euro zone sovereign debt crisis.
The sum wiped off the MSCI All-Country World Index is almost equivalent to the size of the entire French economy.
If only we could lose the actual France. Just kidding. No I’m not. Yes I’m kidding. Not really. Kidding.