Berlusconi Says Leaders May Close World's Markets

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.''

This is not a new idea. Shortly after WWII, the Bretton Woods system was agreed to and briefly pegged money to a gold standard with the dollar as the principal currency. This system was abandoned during the 1970's when the U.S. began printing dollars to pay for the costs of LBJ's welfare programs and the Vietnam engagement. It is unlikely that foreign political leaders will be willing to negotiate in the U.S.'s favor if they venture to create a similar system this time.