World Economic Crisis Erases $50 Trillion in Wealth

The Asian Development Bank says the global economic crisis has erased $50 trillion in wealth around the world.

Bank President Haruhiko Kuroda said Monday the current crisis is 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.

Read More