A Loss of $50 Trillion in 2008

Here's a well-written article on the recent devaluation in world-wide wealth during 2008.

"The value of global financial assets including stocks, bonds and currencies probably fell by more than $50 trillion in 2008, equivalent to a year of world gross domestic product, according to an Asian Development Bank report issued last month."

Do you see what I'm saying when I say that this is not a recession in the traditional sense? This is merely a correction for living beyond our means. This has been a debt-based economy. I'd be willing to bet $50 trillion dollars that the $50 trillion was based on debt.