Europe got hit with both the slowdown in the US and severe direct losses.
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Since this would have amounted to direct losses to the banks that lent the money, the difference was smoothed over by "securitizing" the new loans against US Treasury bonds, which carry a zero interest rate and are totally safe.
"It's not just about the direct job losses, but also indirect jobs, " he said.
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Haggling over the sums aside, the big pots of money that companies and their insurers pay out to settle litigation cause both direct and indirect losses.
According to Bass, while the losses will be greatest for direct or indirect holders of JGBs, all yen assets classes will plunge, including equities.
If you look at the hardest-hit states across factors such as unemployment, mortgage foreclosures, and industry-sector job losses, you will see a direct correlation.
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The United States General Accounting Office says that estimate of the costs of 11 September includes the direct destruction of property as well as indirect losses caused by businesses closing.
The Unison union claimed the job losses would have a "serious and direct impact on patient care".
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Morgan clawed back two years of total annual compensation, including restricted stock, and canceled options grants, from three London-based managers who had direct responsibility for the trading portfolio at the heart of the losses.
When men are involved in direct competition, their testosterone levels rise with wins and fall with losses, and this may carry over to strong identification with a team.
"If there are job losses as a result of this decision it won't be the direct consequence of Thales failing to win this contract, it will be the result of their reorganisation of their business across the United Kingdom, " added Mr Hoon.
In the U.S., the WEF notes, the avoidable indirect impact of chronic diseases, due for example to productivity losses through disability, unplanned absences and increased accidents, is four times the direct costs of healthcare coverage.
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