$50 Trillion Lost Last Year?

So $50 Trillion in financial assets were lost last year. So what?

The weird part is, everyone acts like this is totally real. In fact, it is complete fantasy. We are acting out our own bizarre economic fantasy play, wherein financial instruments are confused with real wealth.

Unfortunately, our current economic system is based on the fantasy that financial instruments are equivalent to real wealth, and our real economy is hitch to these financial instruments like a carriage to the horse. The horse has died so the carriage just sits there.

In reality, we are no less wealthy than we were last year. We have the same skills and materials that we had then. The fantasy of money has us mesmerized, so that our real economic activity stops because of the collapse of the money system.

Given the loss of $50 trillion in paper value, how many loans will not be paid off, how much debt will now be unpayable? We desperately need to establish an economy that is unhitched from the dysfunctional money system.

The first step is to cancel the debt and allow our productive economy to escape the madness of a crushing weight of debt, which is based on fictional asset prices and expectations from bubble times.

The IMF actually quantifies the amount:
Developing nations will bear the brunt of the contraction and they will face a shortfall of between $270 billion and $700 billion to pay for imports and service debts, the Washington- based World Bank said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aZ1kcJ7y3LDM&refer=worldwide