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Italian Prime Minister Berlusconi said political leaders discussing idea of closing world's financial markets while they 'rewrite the rules of international finance'... Bloomberg.com: Worldwide
I believe that another Bretton Woods type meeting very soon is within the realm of possibility.
I'm not surprised, either.
Bretton Woods is over 60 years old now, and the US dollar was backed by gold on the international markets back then. Now - there's no reason for it to be the world's reserve currency any more. It's not backed by anything, just like the rest of the currencies are not. So why should we get to export our inflation to the rest of the world? Why should oil be sold for petro-dollars?
I had read either on GATA or Jim Sinclair that the G-8 were going to meet this weekend, and that the world's markets might be shut down. Don't be surprised if there's a banking holiday, either. ATM's won't work, get your cash now, for a month or so.
This is some really serious trouble we are in, and probably there's more to it than any of us here know.
Well with the global economy it makes sense. But he seems to have a big mouth as he was telling about a G8 meeting when they were just discussing it yesterday. In the end it didn't happen and that isn't good for the marketspassing things on that don't happen.
He recanted and the White House issued a statement.
No closing of the markets.
What credibility does the White House have?
Not that Sig. Berlusconi is the pillar of credibility, but last week, against the trend, he did announce that in reality several European governments would coordinate policy and, in the event, this has occurred to a certain extent: most major and some minor European governments now have laws in place to guarantee deposits and inject capital into banks, taking (actually retaking) partial ownership in them, including Italy and Spain.
So, again, do not rule out a suspension of markets, though with some kind of liquidity guarantee, while the half-cocked businessmen that run the world sit around a table and come up with new monetary arrangements, mainly to protect their own interests, and then to protect the interests of the masses to the extent that it serves their own interests.
I don't believe that means cutting off cash for day-to-day transactions and mass starvation.
But maybe it does? Ahhhhhhhhh!!!!!
Just in case, I do have about a month's worth of food reserves and I plan to keep accumulating.
Good luck!
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