Bloomberg News took a recent poll of its subscribers. Here are some highlights of the survey:

• Only 31% of investors saw investment opportunities in the stock market, down from 35% in the July survey.
• Worldwide, investors see the U.S. as the weakest link in the world economy. Twenty five percent of respondents see an unemployment rate of 11% in the U.S. next year.
• Respondents see China and India as the most promising markets and commodities are the asset of choice.
• Real Estate and bonds are out of favor, with 40% saying that bonds will have the worst returns over the next year.

An almost incomprehensible destruction of wealth has taken place. Stephen Schwarzman, Chairman of The Blackstone Group said that "40% of the world's wealth was destroyed in the last five quarters". Let me repeat that: "40% of the world's wealth has been destroyed in the last five quarters."

At a meeting in Davos, Switzerland, world leaders met to discuss the condition of the world. Putin of Russia said: "the existing financial system has failed." Growth was based on greed. One partner printed money and consumed wealth while the other manufactured cheap goods and saved money. These comments were swipes at the United States and China.