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Old 10-10-2008, 06:38 PM   #1
ATYT
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Default Berlusconi Says Leaders May Close World's Markets

Berlusconi Says Leaders May Close World's Markets (Update1)

By Steve Scherer

Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''

``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis ``can't just be for one country, or even just for Europe, but global.''

The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi's remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,'' he said.

Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.''

The Bretton Woods Agreements were adopted to rebuild the international economic system after World War II in a hotel in Bretton Woods, New Hampshire. The aim of the agreements was to establish a monetary management system, initially by pegging currencies to gold. The IMF was set up later to help manage the international financial system.

To contact the reporter on this story: Steve Scherer in Rome at scherer@bloomberg.net
Last Updated: October 10, 2008 10:15 EDTe.''

http://www.bloomberg.com/apps/news?p...BWM&refer=home
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Old 10-10-2008, 07:06 PM   #2
corvo
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Default Re: Berlusconi Says Leaders May Close World's Markets

Berlusconi é IL Minkio assoluto.
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Old 10-10-2008, 07:16 PM   #3
Love/Light 13
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Lightbulb Re: Berlusconi Says Leaders May Close World's Markets

good post........

I love the line "The IMF was set up later to help manage the international financial system."

MANAGE the system?? More like exploit the system, along with the Federal Reserve Board of the USA.

I really hope some world leaders stand up and add an ethical component to the international financial market. These "new rules" they speak of, assuming the temporary closure of the markets was true, these new rules have the potential to make or break the economic system for a long time to come.

Hope for the best,

L/L 13

**********************

may WISDOM guide COMPASSION

"out of MANY, we are ONE"
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