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GTFO_45YSTUN
10-10-2008, 09:41 AM
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aP5mpMUORBWM

"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 EDT"

FranchiseKid
10-10-2008, 09:45 AM
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aP5mpMUORBWM

"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 EDT"

Oh my lawd. You want to enter into a period of uncertainty (not risk, which is somewhat measurable, but pure unadulterated uncertainty) you close the markets and "rewrite the monetary system"....

That would be a collossal mistake.

lfm01
10-10-2008, 10:21 AM
Oh my lawd. You want to enter into a period of uncertainty (not risk, which is somewhat measurable, but pure unadulterated uncertainty) you close the markets and "rewrite the monetary system"....

That would be a collossal mistake.

unaware... wouldn't that be better than to keep the markets open while they're on free fall?

JUSA
10-10-2008, 10:24 AM
unaware... wouldn't that be better than to keep the markets open while they're on free fall. Nothing restores confidence faster than the world leaders freaking out, right?

lfm01
10-10-2008, 10:25 AM
Nothing restores confidence faster than the world leaders freaking out, right?

fair enough.

dbthorp
10-10-2008, 10:25 AM
Nothing restores confidence faster than the world leaders freaking out, right?

amen

dunnie
10-10-2008, 10:40 AM
i hate waiting

wish it would be 4 pm right now est

Dirk Diggler
10-10-2008, 10:44 AM
That's the first headline on Drudge, I can't see it doing much for market confidence.

skinny buckeye
10-10-2008, 10:46 AM
Wow, talk about something that will cause a complete panic.

FranchiseKid
10-10-2008, 10:49 AM
unaware... wouldn't that be better than to keep the markets open while they're on free fall?

If you close the markets you shut off liquidity. Furthermore, if you close them to "re-write" global rules of finance, you have essentially changed the game without allowing people to react. It would be like playing musical chairs and while the music is still playing, you make everyone freeze, and switch the game to roulette.

The resulting selloff would be epic and there would be no one around to say that it is a "buying opportunity" because the rules would have changed and the uncertainty of "how" they have changed would cause people to "ready, shoot, aim".....

lfm01
10-10-2008, 10:50 AM
If you close the markets you shut off liquidity. Furthermore, if you close them to "re-write" global rules of finance, you have essentially changed the game without allowing people to react. It would be like playing musical chairs and while the music is still playing, you make everyone freeze, and switch the game to roulette.

The resulting selloff would be epic and there would be no one around to say that it is a "buying opportunity" because the rules would have changed and the uncertainty of "how" they have changed would cause people to "ready, shoot, aim".....

thx... for the clarification and OUCH

eazyrid3r
10-10-2008, 10:54 AM
There is NO WAY financial markets get closed

This market needs to find a bottom

ElMariachi
10-10-2008, 11:22 AM
There is NO WAY financial markets get closed

This market needs to find a bottom




Not as long as our elected leaders keep talking about "doomsday" and what not. The more they talk about "the impending financial collapse"....the more it becomes a self-fulfilling prophecy.

wantmoresize
10-10-2008, 11:28 AM
Sounds like the perfect timing for the AMERO to be introduced

catmando
10-10-2008, 11:30 AM
This is the same bu$hlicker that signed off on the fake Italian Secret Service documents alleging that Iraq sought to buy Niger yellowcake. He has no credibility with anyone except the bu$heviks.

badbart
10-10-2008, 11:42 AM
Bright side is the dollar is kicking ass, very strong.

Duckenheimer
10-10-2008, 12:10 PM
Ah Silvio "was in the coup staging P2 lodge in Italy years before I led the country" Berlusconi, my hero!

But don't worry folk, nobody out there with any power is looking for more erosion of sovereignty and moving towards global centralised rule. ;)