X-Message-Number: 31114
From: Mark Plus <>
Subject: Re: How will Alcor & CI handle a bank holiday?
Date: Sat, 11 Oct 2008 07:49:40 -0700

Kennita Watson writes:

>(Sigh; catastrophising...)


Libertarians have depended on "catastrophising" the effects of a regulated 
economy for the past 50+ years to promote their beliefs. Yet they tend to 
dismiss other people's warnings about environmental problems or resource 
depletion as "doomsaying."


Now that reality has started to resemble the plot of a bad libertarian novel, 
apparently the rhetoric has changed to: "Uh, no, wait! We didn't mean it!" 
(Especially because they haven't received their invitation to join the 
survivalist hideaway in the Rocky Mountains with the other "men of the mind"?)


>Personally, I'd put the chances at less than 1 in 2000.  There would be a state
of national

emergency declared if banks threatened to close their doors for any extended 
period.


The situation could deteriorate to a banking collapse in short order. Yesterday 
the Italian prime minister apparently created a security breach or diplomatic 
embarrassment when he referred to high-level talks about shutting down the 
world's financial markets for an indefinite period:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5mpMUORBWM

Berlusconi Says Leaders May Close World's Markets (Update1)

By Steve Scherer


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.''


Naturally we also saw the quick denial:

http://www.reuters.com/article/newsOne/idUSTRE4996IJ20081010

White House dismisses idea of market suspension


Fri Oct 10, 2008 2:22pm EDT  WASHINGTON (Reuters) - The White House on Friday 
dismissed suggestions that U.S. markets would be suspended so international 
financial rules could be rewritten amid the turmoil that has gripped markets for
weeks.


"There are absolutely no plans or discussions to interfere with the functioning 
of markets in the United States," White House spokesman Tony Fratto said in 
response to a question about the idea raised by Italian Prime Minister Silvio 
Berlusconi.


Yeah, and we've always been at war with Eastasia. : (


Apparently ~ $2 trillion worth of "the sky" has already fallen, wiping out the 
retirement savings of millions of Americans. The U.S. Treasury Secretary has 
even started to nationalize banks with his bailout money. In the context of our 
unprecedented financial crisis, and the likelihood that the interventions 
probably won't work (if they did, economic libertarians would have some 
explaining to do), does the prospect of a banking collapse sound all that 
implausible?



"Around 2010 the world will be at a new orbit in history. . .  Life expectancy 
will be indefinite. Disease and disability will nonexist. Death wll be rare and 
accidental -- but not permanent. We will continuously jettison our obsolescence 
and grow younger." F.M. Esfandiary, "Up-Wing Priorities" (1981).

Mark Plus

_________________________________________________________________
Stay up to date on your PC, the Web, and your mobile phone with Windows Live.
http://clk.atdmt.com/MRT/go/msnnkwxp1020093185mrt/direct/01/

Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=31114