Bloomberg: Berlusconi Says Leaders May Close World's Markets

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.''

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

I think we are getting into uncharted Territory here. I wonder if they will follow through but if they do, the effects will last for years to come.

[edit on 10/10/08 by Lebowski achiever]

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 more I think about it the more worried I am becoming. This is a precursor to a new world and yes maybe even a NWO and monetary system. I think that they are already talking like this, Brown, Sarkozy and now Berlusconi I think we are going to see a major change in Europe. Probably even trying to out grow the shadow of the USA.

Does any one have an inkling what the repercussions could be if this came to pass?

So first Berlusconi made his comments, then he retracted them as having spoke too soon, then it was put out there again.

Now this:

www.stratfor.com...

Red Alert: The G-7 -- Geopolitics, Politics and the Financial Crisis (Open Access)

The finance ministers of the G-7 countries are meeting in Washington. The first announcements on the meetings will come this weekend. It is not too extreme to say that the outcome of these meetings could redefine how the financial markets work, certainly for months and perhaps for a generation. The Americans are arguing that the regime of intervention and bailouts be allowed to continue. Others, like the British, are arguing for what in effect would be the nationalization of financial markets on a global scale. It is not clear what will be decided, but it is clear that this meeting matters…

The meetings will extend through the weekend to include members of the G-20 countries, which together account for about 90 percent of the global economy. This meeting was called because previous steps have not freed up lending between financial institutions, and the financial problem has increasingly become an economic one, affecting production and consumption in the global economy. The political leadership of these countries is under extreme pressure from the public to do something to solve — or at least alleviate — the problem.

Underlying this political pressure is a sense that the financial class, people who run global financial institutions, have failed to behave responsibly and effectively, and have therefore lost their legitimacy. The expectation, reasonable or not, is that the political system will now supplant these managers and impose at least a temporary solution. The finance ministers therefore have a political mandate, almost global in scope, to act decisively. The question is what they will do?

That question then divides further into two parts. The first is whether they will try to craft a single, global, integrated solution. The second is the degree to which they will take control of the financial system — and inter-financial institution lending in particular. (A primary reason for the credit crunch is that banks are currently afraid to lend — even to each other.) Thus far, attempts at solutions on the whole have been national rather than international. In addition, they have been built around incentivizing certain action and increasing the available money in the system...

Read the full blown article about the issues to be discussed, including suspnding the markets. Stratfor does not issue too many "Red Alerts."

You know, my knee jerk reaction was "NO" they wont do that. It would be disasterous for the global economy.

However having said that, I work in a bank, not that I am a financial guru, but the stock market is doing nothing it should be doing. When A happens you should get B, at times we are jumping straight to H and skipping all the other steps.

I can tell you the govt, no matter how much they think they are doing good, is playing a shell game with the economy. It's like a fever, you have to let it run it's course, have nothing left to feed on then it goes away.(or in this case starts to go back up hill again)

So in answer to this post, I don't think America will close Wall Street, but Lord knows I have been wrong a lot over the last 10 days. I thought today would bring disaster. The Dow went haywire, but backed up and regrouped. Now the govt says they will buy into banks to guarantee them. This is uncharted territory. FDR propped up banks to recapitalize, but I haven't read the final points of this idea yet so I can't judge it right now.

It's anybodies guess at this point.

Mind boggling news. Motives as to why all of this is happening are coming to the fore and now we will have to wait to see if their intentions are for the common good or for their own interests. .

I feel like a babe in the woods. We are truly Sheep, chattel, a mere commodity. Too docile and too meek to overturn the status quo as we have too much to lose.

However, once we lose everything, as this crisis threatens to do, it will be a different matter. This the G8 knows full well. People with nothing to lose are unpredictable and can turn on their leaders and heads could roll. Literally!

They must ensure that we do NOT lose all or all bets are off as to their fate.

reply to post by Hellmutt


Read the Stratfor site. It's a Global Intellegence site that typically requires paid subscriptions for the full report - but this is an open release.

From Forbes:
www.forbes.com...
Oct 10 (Reuters) - Foreign Exchange Analytics' David Gilmore says markets should prepare for another coordinated rate cut next week, and this time, he predicts Japan, with its 0.5 pct benchmark rate, will participate. He adds that 'while I would not (count) on a global bank holiday next week, one would make sense to me,' particularly with scheduled U.S. and Japanese bank holidays on Monday . 'Again this is a remote option, but not to be ruled out.' The main focus, he says, must be on 'government efforts to restore solvency in the banking system, and that process will be taking place in Washington not on Wall Street.'

From ft.com:
Overview: Stock markets crash as crisis deepens
By Anuj Gangahar in New York
Published: October 10 2008 19:02 | Last updated: October 10 2008 21:34
Alan Ruskin, strategist at RBS Greenwich, said: "The idea of a bank holiday only makes sense if the G7 needs to buy the time to come up with the specifics. A holiday as a circuit breaker simply to calm the market down with no interim actions would probably do more harm than good."

Can has Goldschlager nao?

[edit on 10-10-2008 by antisocialbutterfly]

Berlusconi is an idiot to make the comment and then retract JUST AS the french leader, Sarkozy, confirms his first statement.


here is the link

"We must convince our American friends of the necessity of an international summit to review the international financial system," said Sarkozy.

Day by day I find it hard not to believe most CTs about the whole NWO and their goal of global control through monetary/financial system.


Peace


Editing the link

[edit on 13-10-2008 by Sator]