NEW YORK ( TheStreet) -- Markets started 2011 in recovery mode. Although the global economy was weak and unstable, there was hope. As the year draws to a close, the prospects for many economies look grim, however. The recovery seems to be receding as world crises prevail.At the center of the headwinds were the European sovereign debt woes, the massive budget deficits that governments incurred to stabilize their financial systems, a downgrade of the U.S. credit rating, and the fear of a double-dip recession. Worldwide, investors, including the elite, suffered in 2011 as the year played out turbulently, if not chaotically. Value erosion amounted to nearly $6.04 trillion as of Dec. 27, according to Bloomberg data.