All world Markets may be shut down, while international finance rules are rewritten -Berlusconi

[SurfingAtWork]

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.

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

I hope this thing isn't finalized before our election. I'd hate for the whomever takes the helm not to have any input.

[helderheid]

1. WOAH!

[Poll_Blind]

2. Holy shit- now THAT isn't something you hear seriously proposed every day.

:wtf:

PB

[redqueen]

3. This'll really calm the fringe right down.

:sarcasm:

[Fresh_Start]

4. I thought suspending the exchanges would

increase the uncertainty and fear

[rucky]

5. That's not such a bad idea.

[Barack_America]

6. I'm not sure we're supposed to know they'll be discussing this...

Fear that the market may not open on Monday could send stocks crashing at the close today.

[earth mom]

7. Here comes the New World Order.

:yoiks:

[judasdisney]

13. bingo

[Trillo]

8. Are they also planning on rewriting the borders of nations too?

It's not meant as a snark, though I understand how it could be read as such. The question is, who is advocating for the poor in these meetings of the world's richest?

Right now, national borders are used to prevent people, and particularly, laborers and or employees, from freely moving to "markets" where pay is higher, while international finance has all been about freeing the movement of capital across national boundaries. Hence, there's an artificial disruption in supply and demand between workers and the have mores at a worldwide level.

That's a very big issue.

Is the solution found in not adopting a global financial market, presuming national borders will remain as they are currently drawn? Is the solution found in having many local currencies not beholden by debt to bigger entities?

I honestly don't know the answers to these questions, but I do know that the worlds richest have manipulated everything in the whole world to their advantage, so it seems wrong somehow that they should rewrite global finance rules when their prior system broke down so catastrophically, and even when it was "working", was designed to drain the mass of workers savings to nothing on a continual basis over many years, decades, and centuries, and subject all to inflation and wage slavery.

All so a very few could live in castles and palaces, or their modern day equivalents.

[RichardRay]

9. That's like talking about shutting down the Internet.

They might be able to close some exchanges, but there's no way trading would stop.

[LiberadorHugo]

10. Coming from Berlusconi, this is scary...

Berlusconi is a wealthy, right-wing Italian media magnate whose coalition includes neocons (mix of hard conservative and ex-left types, xenophobes, and semi-fascists. He's from Italy's third-wealthiest family. Is some attempt at a global coup or something?

[formercia]

11. Silvio must be worried

that his obituary might read:

..found hanging under a bridge, his pockets stuffed with worthless Euros.

[chicagoexpat]

12. I guess this just provies that the recent economic hiccup really wasn't anything to worry about

Y'know, I guess all those bomb throwers claiming we shouldn't believe the experts when they said it was a crisis, that we shouldn't trust Obama and the Dem leaders who did what they could a week ago.

(Sarcasm alert for the mentally impaired)

[crankychatter]

14. now THAT, is a conspiracy theorists wet dream.... holy crap - NT

[barack the house]

15. I think in the end there maybe many postives from this crisis. Less use of fossil fuels.>

Better regulations of coporationsa and banks. More social programs for those suffering under economic decline, healthcare made more of a priority to help secure more businesses financially. It may not be in the end all that bad for us.