Breaking: Berlusconi Says Leaders May Close World's Markets

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.




http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5mpMUORBWM

A fascist leaking this info? Not good.

It means, writ large, THE PARTY'S OVER.

It means the world is getting off the garbage dollar, and who could blame them, pinned to such a morally impoverished Third-World nation as Amerika with a broken-down infrastsructure, lazy and sickly peasantry, a voting system that has been deliberately designed to be corruptible and a Systemo Checks and Blanaces damaged probably beyond repair.

It mean Amerika instantly must start living within it's means, andthat mean calamity and catastrophe for every Amerikan Subject.

NOW we see why the Bushies have the Police State all ready to go.

And, as usual, someone will always be last to figure it out.

Who will it be? Still lots of candidates!

We've only been able to go at it this long after becoming a debtor nation BECAUSE of Breton Woods and the dollar's universal use as reserve currency.

I am not think her of the global economy or anything else here. I am just focusing on what it means to us, The Amerikan Subject Populace.

ANY New Breton Woods that removes the dollar as reserve currency (one would have to assume a phase-out over time, a more rapid shift would probably be too shocking) means the same thing to us.

Doesn't really matter what currency is the new currency. It could be the Polish Zloty. To us, it's all the same. THE PARTY'S OVER.

:eyes:

That creep probably has his fingers in everything.

but this sounds disasterous to most lower and middle income people, around the world.

I've heard for years that Ft Knox vaults are empty.

your purpose is panic.

What could possibly go wrong?

changing the rules for anything. Berlusconi is a shock doctrine dude, he's exploiting the financial crisis to re-write the rules FOR CORPORATIONS.

:nuke:

Since the Bretton Woods collapse in 1971 the labor vs capital battle has tilted away from labor and popularism or socialism toward free market dominance. Money and businesses can cross international borders for benefits but labor and the social structures cannot.

And with no gold or real assets to back up this casino style capitalism, monopoly money and junk bonds and mortgages were taken into the system to make financial bets on, and this mess unfolding is the result. Crisis time?

The choice now, being mainly decided by these same gamblers, is between heading toward social democracy or business socialism. Democracy at a crossroads.