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The Conference on the World Financial and Economic Crisis and its Impact on Development that begins today will consider adoption of a document calling for “new voluntary and innovative sources of financing initiatives to provide additional stable sources of development finance...”
The most “popular” proposals, which could generate tens of billions of dollars in revenue for global purposes, involve taxes on greenhouse gas emissions and financial transactions such as stock trades.
The conference was postponed from June 1-3 to June 24-26 at the U.N. in New York. While the “outcome document” has been watered down somewhat from the previous version, it still reaffirms attainment of the U.N.’s Millennium Development Goals, which would require the payment of $845 billion from U.S. taxpayers. A commitment to the MDGs was a stated objective of the Global Poverty Act, which Barack Obama had introduced as a U.S. senator. It requires the U.S. to devote 0.7 percent of Gross National Income to foreign aid.
Rep. Mike Pence commented, “This legislation, which includes $108 billion in loan authorizations for a global bailout, for the International Monetary Fund — at a time when this government has run up a $2 trillion annual deficit — I believe does a disservice to taxpayers and to those that defend us. Passing a $108 billion global bailout on the backs of our soldiers is just not right.”
Obama will bail everybody out. Just wait for your turn.
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