Voltron says: I first heard this rumor yesterday, it seems to have gained credence. I think they want to devalue the dollar, but under the current Bretton Woods regime, this is not possible. The G7 is thinking about closing the markets and implementing a new currency system, presumably one where the dollar can be devalued. GET OUT OF THE DOLLAR TODAY!
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
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
Group of Seven finance ministers and central bankers are meeting in
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