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Facing rising loan losses, the continued devaluation of assets on their books, and lower revenues from fee-intensive businesses like investment banking, the biggest U.S. banks now have to reinvent themselves.
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It forced a broad devaluation of business assets, including employees.
If you take climate change into account a massive devaluation of most assets needs to occur.
German banks and companies, in a mirror image of what would happen in Greece, would suffer from the sudden devaluation of euro assets outside the new hard-currency zone.
"There are three separate but related problems: a continued lack of liquidity in money markets, the erosion of bank capital resulting from the devaluation of their assets and the loss of confidence among depositors that their money is safe," said CBI deputy director-general, John Cridland.
Microsoft and Compaq come out of Road Runner unscathed by this year's drastic devaluation of Internet assets.
Lack of faith in the dollar has resulted in the devaluation of cash assets and the rise of commodity prices.
With the devaluation of the dollar, asset prices will re-inflate.
Fees: usually 2% of assets.
In my Forbes.com column on Dec. 9, 2008, "Dollar Devaluation To Fix The Great Recession," I suggested that the government consider an overnight devaluation of the dollar as a fix to sagging asset prices.
Perhaps assets are so cheap after the devaluation of Asian currencies that buying them meets even this more exacting standard.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com