Here we can see the makeup of capital markets back in 2010. This is a global value, and it's given in US dollar trillions. We see here that capital markets are broken down into their component parts, their different products. The 54 trillion in green is the stock market capitalization. If you added up the value of all the companies in the world in 2010, that's what they came to. The remaining items are all debt-based. The 49 trillion in blue, that's non-securitized loans. That's referring to bank loans. The 15 trillion in purple, that's securitized loans. That's where different debt products are pulled together and then sold off to investors. A good example might be my credit card debt and your credit card debt. We pull lots of credit card debts together and then there's a product that a bank could sell off to somebody else. The red, 10 trillion, is corporate bonds. You've then got the 42 trillion, orange, financial institution bonds, and lastly, the 41 trillion, government bonds.

So debt-based products are making up the vast majority of the global capital markets. However, that stock market, that equity product, is still a significant product out there.