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  • From: bob ford <bobford79 AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] New Bretton Woods ?
  • Date: Fri, 10 Oct 2008 09:29:38 -0700 (PDT)

The first paragraph is possibly ominous, depending upon a person's
interpretation ....bobford
------------------------------------------------------------------------


UPDATE:Italy PM: Global Rewrite Of Financial Rules Being Mulled



(Recasts, adds details, background.)

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.

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.

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."

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.

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.

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.

-By Luca Di Leo, Dow Jones Newswires; +39 06 69766921; luca.dileo AT dowjones.com



(END) Dow Jones Newswires
10-10-081120ET
Copyright (c) 2008 Dow Jones & Company, Inc.

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