Breaking News: World Leaders Might Close Global Markets While New Rules are Written

[Hunter]

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.

Bloomberg

 

[CelticKing]

Re: Breaking News: World Leaders Might Close Global Markets While New Rules are Writt

Time for America to go to work and be the leader of that global alliance.

Scary times for the economy all over the world though.

 

[Real]

Re: Breaking News: World Leaders Might Close Global Markets While New Rules are Writt

I fail to see how this would help anything...

 

[Chutney]

Re: Breaking News: World Leaders Might Close Global Markets While New Rules are Writt

Yea, I was waiting for some posts from the more knowledgeable posters, but what exactly would this accomplish?

 

[Denny Crane]

Re: Breaking News: World Leaders Might Close Global Markets While New Rules are Writt

It would stop the panic.

It would give the nations' leaders a chance to formulate a coherent plan and implement new rules before reopening the market. Like no short sales.

 

[Mamba]

Re: Breaking News: World Leaders Might Close Global Markets While New Rules are Writt

All this blows my mind. Denny, can you completely dumb it down for me?

 

[Shapecity]

Re: Breaking News: World Leaders Might Close Global Markets While New Rules are Writt

It would stop the panic.

It would give the nations' leaders a chance to formulate a coherent plan and implement new rules before reopening the market. Like no short sales.

When is the next Bilderberg Group meeting?