Steve Schwarzman, chairman of private equity giant Blackstone, said an “almost incomprehensible” amount of cash had evaporated since the financial crisis took hold.

“Business will be very different,” he added.

His comments came on a day of the World Economic Forum characterised by the gloom of its participants and warnings that the crisis will endure for some time. News Corp chief executive Rupert Murdoch kicked off the meetings by warning that the atmosphere was worsening – despite global economic confidence plumbing the lowest depths on record.

“The crisis is getting worse,” he said. “It’s going to take drastic action to turn it around, if it can be turned around, quickly. I believe it will take a long time.”

ich auch …  ;-(