On Bloomberg: G8(7?) considers closing markets

jbrovont · Intermediate Crude Joined: Jun 16, 2006 Posts: 701

The site is bogged down for me somehow, but there's a link on bloomberg atm - EU & G8 considers closing markets to sort out market turmoil.

bloomberg.com

joelchicago · Coal Joined: May 22, 2008 Posts: 5

Yep, this is like apocalyptic, single world bank/government mess rumor fodder. Sounds like something I read about in Revelation. Article:

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 scherer@bloomberg.net
Last Updated: October 10, 2008 10:15 EDT

lowem

Sure we've heard of this or that stock exchange closing, but shutting down *everything* ?!!!! WHOA !!!
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eXpat · Light Sweet Crude Joined: Jun 08, 2006 Posts: 1044

I just went to http://www.tickerforum.org/

And it appears this:

oswald622 · Heavy Crude Joined: Aug 28, 2005 Posts: 171

Before a new Bretton Woods, things still have to get worse. Something bigger is coming.

Cid_Yama

Global Rewrite Of Financial Rules Being Mulled

Italian Premier Silvio Berlusconi Friday said world leaders were mulling to rewrite global financial rules to stem the spreading financial market crisis.

Berlusconi told a press conference that leaders were considering to suspend global markets as they rewrite the rules, but later backtracked and said it was simply rumors.

"There are several options, but I think the will to rewrite international financial rules is quite advanced and shared," Berlusconi said when asked what measures world leaders were discussing to tackle the crisis.

"There are discussions about a new Bretton Woods. There are discussions about suspending markets for the time that is needed to rewrite the rules," he added.
link

Since the story broke the Dow has accelerated downward. -460.00
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Southpaw · Tar Sands Joined: Aug 31, 2008 Posts: 20

Hurray Mr. Berlusconi who can't even fix his own country will safe the economy.

I'm very optimistic here

eastbay

The very fact that world leaders are even mentioning such action is truly surreal.
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hope_full · Heavy Crude Joined: May 27, 2008 Posts: 256

I just saw this. Don't know what to think except that it sounds really, really, really ominious.

I have a friend of a friend who just "surprised" her husband by trading in their perfectly good 2005 Honda Odyssey for a brand new 2008 Honda Odyssey. She wanted a newer car. Yeesh.

Are these people not reading the newspapers or turning on the TV???

miles392

It's quite disturbing how fast all of this is happening, it's hard to keep up. I guess I knew it was coming but not that it would happen so fast. I feel a bit scared atm Sad

eastbay

Threads on Closing Markets Merged by Eastbay
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ubercrap · Heavy Crude Joined: Apr 27, 2005 Posts: 344

AgentR

And here it comes... You'll need the "mark" of the beast to trade in the new system; ie, audited financials stamped "accepted" by a new world regulatory panel.

Sorry, couldn't resist.
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smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6359

That's what I've been thinking. They've kinda run out of tricks. As I see it they have basically three things left they could try.

1. Spend a huge amount of government money on buying stock. This would essentially nationalize business and inflate the heck out of the currency.

2. They could start a big war and try and distract everyone from the stock market.

3. Close the markets for several months. At the start of WWI the markets were closed for 6 months to prevent a crash. I don't see any reason they wouldn't try it now.
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I hear babies quit their crying.
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Ferretlover