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From 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.”

Whoa. This is epic news. The G7 is clearly panicking as their system of finance is now proving that it is not sustainable and that the economy is anti-democratic because it is socialism for the rich.

I hope that the G7 conclude that they need to have more regulation on international trading to stabilize the economy and bring some power back to each nation (so they all don’t have to bailout their stupid banks). It would also be nice if we see the reign of terror that the G7 has imposed on the majority world start to fall as the majority world and the World Bank are calling for the G7 to be replaced

I think it’s time for the Tobin Tax which is designed to discourage short-trem speccluation on internatiol trade. For example, the Tobin Tax could have limited the fall of the Mexican Peso in the 90s (more on the Peso devaluation).