[Homestead] New Bretton Woods ?

Lynn Wigglesworth lynnw1366 at hotmail.com
Fri Oct 10 13:44:11 EDT 2008


Global economy is so far over my head...is this a good thing or a bad 
thing? I tend not to like 'globalization' of anything, but what do I know?

Lynn Wigglesworth

bob ford wrote:
>  The first paragraph is possibly ominous, depending upon a person's interpretation ....bobford
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> UPDATE:Italy PM: Global Rewrite Of Financial Rules Being Mulled
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> (Recasts, adds details, background.) 
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> ROME -(Dow Jones)- Italian Premier Silvio Berlusconi Friday said world leaders were mulling to rewrite global financial rules to stem the spreading financial market crisis.
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> 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.
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> "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.
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> "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.
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> The Italian premier later told reporters that no leader had ever proposed to close markets and that it was "just a rumor that's been circulating for some time."
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> Top officials from the world's leading nations met at Bretton Woods, New Hampshire, in 1944 to create a new international monetary system. Because the United States at the time accounted for more than half of the world's output and had most of the world's gold, the leaders decided to tie world currencies to the dollar.
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> Finance ministers from the Group of Seven leading industrial nations meeting in Washington D.C. Friday and this weekend must embrace a "concrete plan" to support the financial system, a group of prominent economists said.
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> Berlusconi said the financial crisis needed a global response, adding European Union leaders may meet in Paris Sunday and G8 leaders soon after to discuss what can be done to stop it. 
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> -By Luca Di Leo, Dow Jones Newswires; +39 06 69766921; luca.dileo at dowjones.com
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>   (END) Dow Jones Newswires
>   10-10-081120ET
>   Copyright (c) 2008 Dow Jones & Company, Inc.
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