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Former Minister Giulio Tremonti
Proposes `New Bretton Woods'

March 6, 2008 (EIRNS)—Former Italian Economic Minister Giulio Tremonti has proposed the establishment of a `New Bretton Woods' financial system. Speaking on prime time during a popular political talk show on Raidue national television, Tremonti said that deteriorating labor conditions in Italy and the collapse of purchasing power are due to "the folly of globalization." Globalization is a folly invented "by a group of madmen, of mad Illuminati, who decided in the last two decades to divide the world in two parts: Asia for low-cost production, and the U.S.A. and Europe for consumption. The result is that the situation has worsened for them and will be, in the end, worse for Asia too." Those same "illuminati madmen have invented techno-finance, sold mortgages, packaged them and sold around. Now, all this has failed. Globalization has failed. The crisis will get much worse," he said. The solution does not lie solely in one country, Tremonti said: "We are thinking about an agreement among large nations, like the one in Bretton Woods: a new Bretton Woods."