World governments bailout banks!
LONDON, England - October 13, 2008
- Governments across the world launched multi-billion dollar bailouts on Monday
to shore up tottering global banks and Britain called for a new Bretton Woods
agreement to reshape the world financial system.
Stock markets reacted positively to rescue packages from Britain, Germany, France, Italy and other European governments, Wall Street joining Europe and Asia to open up over 4 percent.
The slew of bank bailouts worth hundreds of billions of dollars were designed to stave off the world's worst financial crisis in nearly 80 years, accompanied by declining global economic growth and the threat of widespread recession.
"Only by global action can we fully restore the confidence that is needed and build the international financial order," said Prime Minister Gordon Brown.
He called on world leaders to create a new "financial architecture" to reflect the global reach of economics and banking, in much the same way that the current international economic system was set up at a conference in Bretton Woods, New Hampshire, in 1944.
Ed. Note: The original Bretton Woods agreement is what made the dollar the international currency of exchange. So, calling for a new Bretton Woods is in essence preparing to dump the dollar on a global scale.
