Indeed, no real wealth was destroyed. Well, a few cars were set on fire in London, but that was unrelated.
Part of the secret to my happiness is this: I permit myself to feel happy on days when my stock portfolio goes up, but not to feel sad on days when my stock portfolio goes down. In this particular case I'd much rather be happy than consistent.
Your definition of wealth is broken. A car is wealth. It may be a depreciating asset, but it is still wealth. It has value in its materials. It has value in its construction. It has value in its utility. A car most certainly can make money.
Wealth consists of all things that have value. Shares in a company are wealth. Dollars in your pocket are wealth. A house is wealth. A coal mine is wealth.
No, that's an asset. A car is wealth, and could be either an asset or a liability, depending on the car and what you do with it, but it's still wealth.
A guy named Silver Storm knows better. A magnifying glass and a bar of bullion is worth a magnifying glass and a bar of bullion.
A magnifying glass and a $1B Bond is worth more than a $1B Bond, depending on the perceived stability of the economy's other banking institutions. When things get a bit less stable reserve ratios tighten up.
