Over the past year, equity market losses have been simply enormous. Probably the only thing worse to consider is that the fall is accelerating and we may just be getting started.

In about an hour from now the NIKKEI opens and it will be critical to see if their massive sell-off last night has been contained or will continue. I am sure there are a few central bankers at Church right now. Big day for the HUI!

Regards - VHF

-

Since last October, the value of stocks worldwide has fallen 41%, or $25.9 trillion. As shown in the chart below, Bloomberg's World Market Cap index has fallen from $62.5 trillion at its peak on October 31st, 2007 to its current level of $36.6 trillion. On an individual country basis, the US has lost by far the most at nearly $7 trillion. China ranks second at -$1.77 trillion, followed by the UK (-$1.72 trillion), Japan (-$1.54 trillion), and Hong Kong (-$1.47 trillion).

$25.9 trillion -- gone.

-