Berlusconi shows his support for the Texas Longhorns
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.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=aHji61ds2P1c&refer=home
Wow what leadership! Thanks morons! What a bunch of reprobates and sociopaths.
6 comments:
So, here's confirmation of the worldwide-bank-closing conspiracy theory of earlier this week. Or at least confirmation that it reached Berlusconi.
I'm sure you noticed that the guestlist for this weekend's meeting of the G7 plus Russia, India and China has been expanded to South American and African countries.
Now don't go opening bank accounts for Nigerian diplomats. That's a scam, not a conspiracy. There's a difference.
mg
Governments are supposed to ask the citizens what they want done.
Bankers don't ask the serfs what they want done, they write their own rules and then tell the serfs what's up.
Clearly, the banks became the governments long ago.
Now, back to the fields, peasants!
How does one safely shut the market down? What would it take a couple days, a week, a month?
What happens to the commercial paper market, freezing it would shut down business? Does one also freeze deposits to avoid bank runs, how do people shop, get paid, or pay mortgages? Rewriting the rules would likely violate huge numbers of existing contracts - what a mess (lawyers might love it).
There's probably a dozen more a more knowledgeable person could come up with.
http://www.creditfixings.com/information/affiliations/fixings/auctions/current/lehbro-res.shtml
results of the lehman auction. A lot of this went for as low as 8 cents on the dollar.
Jack,
The length of time Ive heard bandied about for a "bank holiday" is one week. I think even berlusconi mentioned it a day or so ago.
A week seems like best guess...
Holidays can help healthy people become healthier. Maybe it goes for banks, too.
From http://online.wsj.com/article/SB122360084563521627.html#articleTabs%3Darticle:
Mr. Kashkari didn't mention homeowners specifically during the call, which took place the night before the House rejected the rescue plan, which passed later in the week. On the call, Mr. Kashkari told industry analysts and lobbyists that Treasury enjoyed broad discretion in the program. In deploying the $700 billion appropriated by Congress, he said, "Our preference would be to try to help healthy banks become even healthier."
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