Friday, October 10, 2008

Irony of ironies.

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.''

The cry goes up in the markets : "Help! Mr. Government! Save us from ourselves"

Remember, the reality is that markets have never been anything but the junior partners to political power. People who tell you otherwise are trying to fool you into not exercising that power.

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