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http://www.bloomberg.com/apps/news?p...d=aP5mpMUORBWM

Berlusconi Says Leaders May Close World's Markets (Update1)

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 [email protected]
Last Updated: October 10, 2008 10:15 EDT
 

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not a nut
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good job on copying that article nomad. :) It has been revised already and replaced with this

just the snippet
Love the new article

``If there's not a coordinated commitment on interbank lending, I don't think the market has any other way to go than down,'' said Jens Nordvig, a currency strategist at Goldman Sachs Group Inc. in New York.

Unprecedented interest-rate cuts and bank bailouts haven't quelled the panic in markets, putting officials under pressure to pull even more policy levers today or risk exacerbating the financial and economic turmoil. Among options being discussed today: Pumping taxpayer funds into loss-ridden banks and guaranteeing their deposits and lending between them.
More money, more money ,more money............ :mad:
 

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intresting that a return to somesort of gold standered is being considered but as awildchipmonk pointed out it cant be good news for the gold bugs.........
 

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Discussion Starter #8
intresting that a return to somesort of gold standered is being considered but as awildchipmonk pointed out it cant be good news for the gold bugs.........

Why not?

If there is an artificially forced 'low' price...

Gold will still sell at 'real' prices in the black and grey markets.
 
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