And Another Thing | 24 January 2009

It is a sobering thought that a year ago the nominal wealth of the world, as registered in bank holdings, stock and bond prices, real estate and company valuations, was twice what it is today. Where has all the money gone? Was it there in the first place? The $50 billion ‘invested’ with Bernard Madoff seems to have simply disappeared into a celestial, or infernal, black hole, leaving ‘not a rack behind’.