World leaders may shut down world financial markets and rewrite rules of international finance

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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.''

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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.

http://www.bloomberg.com/apps/news?pid=206...id=aP5mpMUORBWM

[rocks 494]

interesting.

"With finance ministers and central bank chiefs of the world's leading industrialized nations meeting in Washington on Friday, there has been talk of holding a summit on the global financial crisis."