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In contrast, the p/e ratio for America's S&P 500 stockmarket index suggested in early 2000 that share prices needed to fall by more than 50%.
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We know, to hit the two degree scenario they need to fall by about 50.
Some economists reckon that it needs to fall by at least another 30%.
In Britain, prices need to fall by 38% or stay flat for seven years.
Global emissions of greenhouse gases would need to fall by 40-70% to meet the target.
This, too, demands large spending cuts (inflation-adjusted discretionary spending would need to fall by about 25% by 2010).
This measure suggests that share prices need to fall by 48% to bring them back to a "fair value".
A second measure, based on the price/earnings ratio, suggests that prices need to fall by 54%.
This is broadly compatible with the IPCC conclusion that global emissions need to fall by 40-70%.
That should not, however, mean the potential benefits of more limited agreements need to fall by the wayside.
Economists at HSBC reckon that the dollar needs to fall by another 20% in trade-weighted terms to make a significant dent in America's current-account deficit.
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