World Markets to close? October 10, 2008
Posted by Jeff Nabers in : Health, Money, Personal Enjoyment , trackback
In a Bloomberg article today, Italain Prime Minister Silvio Berlusconi said world leaders are considering the closing of world markets so they can rewrite the rules of how they work. He claims the solution can’t be for one country, but instead it must be global.
As terrorism and financial terrorism make us fearful enough to pass the Patriot Act and globalize world markets and power, a Benjamin Franklin quote comes to mind:
“Any society that would give up a little liberty to gain a little security will deserve neither and lose both.”
See the whole Bloomberg article here.
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Bloomberg made a post later that day stating that the US would not close its markets, and “Berlusconi later today reversed the comments he made earlier in Naples, saying world leaders are not considering market closures.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aeyZU6z6eZkI&refer=home
Tim,
Thanks for the update. The point of my post was not whether world markets were closing; it was instead a warning against fear-fueled decisions and consolidation of power. For the first time in human history, there was a global interest rate cut – two days before this post. Consolidation of power is what made our “crisis” possible, and further consolidation is not likely to get us out of it.