Posted on 10/10/2008 9:12:38 AM PDT by Danae
Italian Prime Minister Berlusconi said political leaders discussing idea of closing world's financial markets while they 'rewrite the rules of international finance'... MORE
Nothing follows. I can't get to the Bloomberg story its getting hammered.
This is huge and series. Load your shotguns folks.
The Lord provided for this.
It was called the Jubilee Year.
http://cf.blueletterbible.org/Search/Dictionary/viewTopic.cfm?TopicList=11825&Topic=Jubilee+Year&DictID=
Barack Hussein Obama = Nicolae Carpathia
Notice that as this current crisis unfolded over a few days, the price of oil plummeted - indicating that the value of the dollar (real dollars) has increased dramatically. Internationally, real dollars are considered the strong place to be ... but there aren't enough of them.
Come enough pressure on the dollar system, methinks Congress will eventually refuse paper/coin dollars as legal tender, and only accept electronic payments - which are merely fractions of US Treasury / Federal Reserve debt.
Thoughts?
It is about time. Close it for four weeks until the insane panic wave will subdue and traders will use their brains again.
Trust me on this... the Deutsch will protect “German Money” at the expense of the rest of Europe. The Euro is on life support right now. They have a “central bank” with no central treasury.
These folks haven't been able to live together in peace for over 2,000 years. Don't expect them to sacrifice for each other now.
Ut, oh.
“If Obama is elected, look for nations to come together and beg Obama to take control of the world’s markets.”
Another commenter said that a Bretton Woods type conference would give away the rest of our power or something like that. Is it possible that Obama could help us hold on to more of our power since he seems to be liked/respected by the rest of the world?
Why should anyone take advice from Italy, which is one of the worst run countries in Europe? They are one of the reasons why the EU is going to break up. Their public debt is many times their GDP.
I think those of us who “WATCH” have pretty much seen the move away from physical dollars to the eletronic which is only a tiny step away from a computer chip put in a very good spot.
Going back to one of my previous posts...this whole drop all debt has ALOT of merit!
1. Americans have been conditioned to run up debt!! Look at this crisis...a credit (debt and getting more of it) crisis. What does scripture say? Owe no man. This is the total opposite of what we were told...(I’m guilty too!)
2. After you have all the zillions of $$$ you want, what more is there to have? POWER. Only us here on the basement level scramble for the $$$. Middle and lower class are expendable for a higher evil plan.
3. I am scareing myself..at the possiblities. I’m seeing things unfold I didn’t think I would ever see...not really.
Talked it but thought it surely must be to far away.
It brings up a question however.... if they are simply taking out a chunk of the Balance to temporarily lower the housing payments, then WTF is that 700Billion going FOR? Because the difference between the new payment balance, and the REAL balance owing is just being held out, you aren't paying ON it, but it still exists.... So where are all those Billions going??? I am hoping someone smarter than me can explain that part.
This begs another question.... let me frame it.... Houses are not selling, that's a given, How do they reappraise a house to a lower level when houses are not selling? No one knows where the bottom IS, what the new lower value is. It could be 100K, it could be 200K, no one knows because no houses have sold to give a baseline.... How do they do appraisals in a DOWN market?
Ha! Nope. They like him because he is willing to fork over all our assets. He would give it all away, so no that would not help at all.
Ain’t that the truth!
I wonder what the terrorists are saying about this. They should have known they wouldn’t have had to do anything, other than wait. Well, now’s their chance, though, a world at war, could be the end of us (or just the thing that needs to occur).
WASHINGTON (Reuters) - The White House on Friday dismissed suggestions that U.S. markets would be suspended so international financial rules could be rewritten amid the turmoil that has gripped markets for weeks.
“There are absolutely no plans or discussions to interfere with the functioning of markets in the United States,” White House spokesman Tony Fratto said in response to a question about the idea raised by Italian Prime Minister Silvio Berlusconi.
The Italian leader, who is set to meet U.S. President George W. Bush on Monday, later played down the idea.
http://www.reuters.com/article/newsOne/idUSTRE4996IJ20081010
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
Thank you for posting this!
I bet they are still talking about it behind closed doors, and if they aren’t then they are talking about how to accomplish it with out a full market shutdown. But they are going to have to do something along those lines.
You really don't understand what is happening do you. I truly hope that you don't mean what you typed.
A solution from a much higher power than Paulson! :-)
They are saying they won’t? DANG...means its coming....lol.....let the market ride to days end and vote on it at their big screw the people conference this weekend.
Majority rules..the global majority that is.
That’s called deflation and it’s very dangerous. Everyone hoards cash because they don’t know where the price bottom is. They buy only the bare necessities. From what I understand, recessions and depressions are deflationary cycles.
My thoughts exactly.
They will not throw out the people in the Freddie/Fannie houses for non payment of their mortagages...YOU will end up paying for those houses.
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