just in in-tray, and perhaps we ought to have faith that THEY will be re-writing the rules in such a fashion to take good care of us the small fellows and fellowettes? it is now 6:38am in HK on a Saturday, have you checked your paper money lately?
fyi, historically, whenever paper money is pegged to gold at too low a gold worth, flight away from paper to gold occurs. What must be the worth of gold, should THEY insanely try a peg now, to take care of the level of commerce the world does. Given the USA high gold hoard, it is difficult to imagine Congress agreeing to anything less than USD 60k per ounce :0)
Given China's lack of gold, it would be difficult to peg gold at anything more USD 6,000 per ounce ;0)
How else can THEY start a new monetary system ?
Drama, mystery, thriller.
Let us watch and brief for reset #1 of perhaps 4-5 iterations.
bloomberg.com
Press release from the Il Duce school of economics...
Berlusconi Says Leaders May Close World's Markets
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.'…
... 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.
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