Melt Down of world markets

Well hope the world will recover-- drops of 50% value in stocks in all countries, and GM in USA talking of bankruptcy as a natter option, though saying it is not an option-- some how --does not bode well. Who stole the money? or the accounting policy of mark to market for assets acted in reverse, suddenly making the debt uncovered by assets, causing a collapse for the company.There seems to be a collapse in trust quotient in the market- the instruments they used to believe each other seem to have failed badly. Now an open field is left and even when liquidity is there, no one is willing to stick out neck to offer credit! What a sudden credit crunch spreading like wild fire across the globe. Like when debit entry is there there must be an equal balancing credit entry- who got all the money seen to be lost in the market to the tune of $ 3 trillion in the world! Or it was only a paper trick and no real wealth was created, but only a perception that we are getting wealthier by globally spread uniform devaluation of all currencies! For the same service and goods, we started paying higher perceived value and getting rewarded too at equally higher levels.A total collapse is truly remarkable- the secret weapon of mass destruction seems obviously derivatives and derivatives of derivatives to the second and third degree, resulting in leveraging of the order of 60 to 70 times the same dollar to keep economy appear sound; but one call proves a dud, then the pyramid on flimsy cards collapses so fast we do not know what hit us! I feel innovative financial engineering techniques only camouflaged the fundamental unsound investments postponing the d-day to a future date, so that current players benefited from the commissions and well paid jobs. But eventually time catches up. Innovation should have been technological not financial. Then the base would have been sound. Well hope I am right.balancing financial innovations keeping them under check is essential while concentrating more on the technological innovations to reduce costs and honour more those who build real wealth and not those who indulge in creative financial solutions.The fact that Lakshmi Mittal wealth is of nature that he is simply losing 17 m pounds per hour in this melt down, shows first of all how flimsy is the market capitalization to assess wealth of the so called rich. The reality is with much smaller amounts we could have eliminated hunger on the planet but for that world leaders will not meet and take emergency steps as they do for taking care of the very wealthy!