And that is all.

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Friday, October 10, 2008

Rewriting the rules of international finance, one failed plan at a time


Brian Auger & Trinity featuring Julie Driscoll
This Wheel's On Fire ~ 1968

If your memory serves you well,
You'll remember you're the one
That called on me
to call on them

To get you your favors done.
And after every plan had failed
And there was nothing more to tell,
You knew that we would meet again,
If your memory served you well.

~ The Prophet Zimmy



Berlusconi Says Leaders May Close World's Markets

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.

Your merchants were the magnates of the earth, and all nations were deceived by your sorcery. And in you was found the blood of prophets and of saints, and of all who have been slaughtered on earth.
~ Revelation 18

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