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There was no precedent for this combination of a worldwide collapse in asset values, a global run on banks and the freezing up of all credit markets.
"I don't think people have realised the danger we now have of setting up flood ghettos and a collapse in asset values, with wider consequences for UK PLC".
That proportion was down from 16.1 percent in 2007, however, and was the lowest since 2004, reflecting the impact of the collapse in asset values on those who owned the most assets.
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The collapse of confidence in asset values (or collateral) led to the collapse of the globalised financial system.
If the drop in asset values really reflects the collapse of a moral-hazard-driven bubble, the reallocation of control is putting assets into the "right" hands; if it reflects an essentially arbitrary run on domestic intermediaries, it puts assets into the "wrong" hands.
It is certainly the case that Wall Street has not (yet) panicked, and that the flow-of-funds through capital markets and the confidence in asset values needed to keep investment spending from collapsing (again) and unemployment from spiking (again) has not yet happened.
Nonprofits were also affected by the general collapse of investment asset values.
A collapse in asset prices could still provoke a crisis.The lack of corporate investment has also had broader effects.
Or a collapse in asset prices?
"Fundamentally, this is just a whole 'nother animal," said Romer, again citing the collapse in asset prices.
Vodafone joined a growing list of companies absorbing a blow to earnings to account for a collapse in the value of assets they bought at the height of the telecommunications boom.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com