http://www.bloomberg.com/…

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 Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi’s remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis “in coming days,” he said.

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.

A market holiday is bad enough… but a new monetary system is huge. The UK was king prior to WWII. Since it’s been the USA. Will the dollar continue to rule? Just about every currency is having problems. I’m really at a loss for what they would change. Perhaps an international currency?

http://campaignforliberty.com

Americans inherit from our ancestors a glorious tradition of freedom and resistance to oppression. Our country has long been admired by the rest of the world for her great example of liberty and prosperity—a light shining in the darkness of tyranny.

But many Americans today are frustrated. The political choices they are offered give them no real choice at all. For all their talk of “change,” neither major political party as presently constituted challenges the status quo in any serious way. Neither treats the Constitution with anything but contempt. Neither offers any kind of change in monetary policy. Neither wants to make the reductions in government that our crushing debt burden demands. Neither talks about bringing American troops home not just from Iraq but from around the world. Our country is going bankrupt, and none of these sensible proposals are even on the table.

This destructive bipartisan consensus has suffocated American political life for many years. Anyone who tries to ask fundamental questions instead of cosmetic ones is ridiculed or ignored.

That is why the Campaign for Liberty was established: to highlight the neglected but common-sense principles we champion and reinsert them into the American political conversation.

The U.S. Constitution is at the heart of what the Campaign for Liberty stands for, since the very least we can demand of our government is fidelity to its own governing document. Claims that our Constitution was meant to be a “living document” that judges may interpret as they please are fraudulent, incompatible with republican government, and without foundation in the constitutional text or the thinking of the Framers. Thomas Jefferson spoke of binding our rulers down from mischief by the chains of the Constitution, and we are proud to follow in his distinguished lineage.

With our Founding Fathers, we also believe in a noninterventionist foreign policy. Inspired by the old Robert Taft wing of the Republican Party, we are convinced that the American people cannot remain free and prosperous with 700 military bases around the world, troops in 130 countries, and a steady diet of war propaganda. Our military overstretch is undermining our national defense and bankrupting our country.

We believe that the free market, reviled by people who do not understand it, is the most just and humane economic system and the greatest engine of prosperity the world has ever known.

We believe with Ludwig von Mises, Henry Hazlitt, and F.A. Hayek that central banking distorts economic decisionmaking and misleads entrepreneurs into making unsound investments. Hayek won the Nobel Prize for showing how central banks’ interference with interest rates sets the stage for economic downturns. And the central bank’s ability to create money out of thin air transfers wealth from the most vulnerable to those with political pull, since it is the latter who receive the new money before the price increases it brings in its wake have yet occurred. For economic and moral reasons, therefore, we join the great twentieth-century economists in opposing the Federal Reserve System, which has reduced the value of the dollar by 95 percent since it began in 1913.

We oppose the dehumanizing assumption that all issues that divide us must be settled at the federal level and forced on every American community, whether by activist judges, a power-hungry executive, or a meddling Congress. We believe in the humane alternative of local self-government, as called for in our Constitution.

We oppose the transfer of American sovereignty to supranational organizations in which the American people possess no elected representatives. Such compromises of our country’s independence run counter to the principles of the American Revolution, which was fought on behalf of self-government and local control. Most of these organizations have a terrible track record even on their own terms: how much poverty have the World Bank and the International Monetary Fund actually alleviated, for example? The peoples of the world can interact with each other just fine in the absence of bureaucratic intermediaries that undermine their sovereignty.

We believe that freedom is an indivisible whole, and that it includes not only economic liberty but civil liberties and privacy rights as well, all of which are historic rights that our civilization has cherished from time immemorial.

Our stances on other issues can be deduced from these general principles.

Our country is ailing. That is the bad news. The good news is that the remedy is so simple and attractive: a return to the principles our Founders taught us. Respect for the Constitution, the rule of law, individual liberty, sound money, and a noninterventionist foreign policy constitute the foundation of the Campaign for Liberty.

Will you join us?

I’m not one for spending much effort attempting to change the system from the top down. It’s mostly a waste of time. The Campaign for Liberty seems to me to be both top down and down up. You need to spend a little effort on those at the top but mostly at the bottom. Coordination and access to information are the most important aspects besides the drive to change things. It appears to me that Paul’s Campaign for Liberty is or will provide that. Even if it’s just to get the updates I recommend joining. The Ron Paul campaign for president helped spark this new movement for peace, prosperity and freedom and I think it’s an opportune time to get on board. The potential is there for real change. Even if only used as an educational tool.

http://www.nytimes.com/…

The fields around this little farming enclave are among the most fertile on earth. But like tens of million of acres of land in this country, after the collapse of the Soviet Union, they literally went to seed.

Now that may be changing. A decade after capitalism transformed Russian industry, an agricultural revolution is stirring the countryside, shaking up village life and sweeping aside the collective farms that resisted earlier reform efforts and remain the dominant form of agriculture.

The change is being driven by soaring global food prices (the price of wheat alone rose 77 percent last year) and a new reform allowing foreigners to own agricultural land. Together, they have created a land rush in rural Russia.

“Where else do you have such an abundance of land?” Samir Suleymanov, the World Bank’s director for Russia, asked in an interview.

As a result, the business of buying and reforming collective farms is suddenly and improbably very profitable, attracting hedge fund managers, Russian oligarchs, Swedish portfolio investors and even a descendant of White Russian émigré nobility.

The average Russian grain yield is 1.85 tons a hectare — compared with 6.36 tons a hectare in the United States and 3.04 in Canada. (A hectare is about two and a half acres.)

Should be noted that when the USSR was the largest exporter of food years ago the United States was sending food aid to it’s people who were starving. In fact, the USSR likely wouldn’t have survived into the 1950’s if it wasn’t for western aid to the fledgling government in the 20’s.

http://www.nytimes.com/…

When Chandra Bhan Prasad visits his ancestral village in these feudal badlands of northern India, he dispenses the following advice to his fellow untouchables: Get rid of your cattle, because the care of animals demands children’s labor. Invest in your children’s education instead of in jewelry or land. Cities are good for Dalit outcastes like us, and so is India’s new capitalism.

Mr. Prasad was born into the Pasi community, once considered untouchable on the ancient Hindu caste order. Today, a chain-smoking, irrepressible didact, he is the rare outcaste columnist in the English language press and a professional provocateur. His latest crusade is to argue that India’s economic liberalization is about to do the unthinkable: destroy the caste system. The last 17 years of new capitalism have already allowed his people, or Dalits, as they call themselves, to “escape hunger and humiliation,” he says, if not residual prejudice.

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