((("World Trade Organization" soon to be replaced by the new
"Haplessly Shovel All World Money Into the Hands of Authoritarian
Petrocrats Organization." Try protesting against *that*, street-fighting fans.)))
http://www.iht.com/articles/2008/07/30/business/30trade.php
Link: After 7 years, talks on world trade collapse - International Herald Tribune.
GENEVA: World trade talks collapsed here on Tuesday after seven years of on-again, off-again negotiations, (((amazing that the thing somehow almost survived the Bush Administration, generally its worst enemy by far))) in the latest sign of India's and China's growing might on the world stage and the decreasing ability of the United States to impose its will globally.
Pascal Lamy, director general of the World Trade Organization, could not bridge differences between a group of newly confident developing nations and established Western economic powers. In the end, too few of the real power brokers proved committed enough to make compromises necessary to deliver a deal. (((Welp, so much for "anglo-american global liberalism," as the French liked to call it.)))
The failure appeared to end, for the near term at least, any hopes of a global deal to further open markets, cut farm subsidies and strengthen the international trading system.
"It is a massive blow to confidence in the global economy," said Peter Power, spokesman for the European Commission. "The confidence shot in the arm that we needed badly will not now happen."
