The Asian Development Bank says the global economic crisis has erased $50 trillion in wealth around the globe.
Bank President Haruhiko Kuroda termed the current crisis as the 'most serious' the world has seen since the Great Depression. Kuroda said he believes Asia will be one among the first regions to emerge from the crisis and will be stronger than before.
Another note of alarm was sounded by billionaire investor Warren Buffett, who said the U.S. economy has 'fallen off a cliff'. Buffett called on the U.S. Congress to unite behind President Barack Obama, comparing the crisis to a military conflict that needs a commander in chief.
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