But, as I point out in my new book Kasino-Kapitalismus , this may only be a temporary improvement in expectations rather than a sign of permanent recovery, as the size of the banks’ hidden losses on their balance sheets is probably enormous. According to the International Monetary Fund’s most recent estimates, the total write-offs on financial claims in this crisis will be $4.05 trillion for the United States, Japan, the euro zone and the United Kingdom, of which the US alone will have to absorb $2.7 trillion.