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View Diary: Median U.S. household income fell 5% between 1999 and 2009. Globalization remains the core problem (201 comments)

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  •  but it will have a big effect on it . . . . (1+ / 0-)
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    The WTO's authority only extends to industries and products that are covered by the General Agreement on Trade and Tariffs (GATT). Fortunately for bankers everywhere, the financial industries are not yet covered under GATT, so WTO has no legal authority over international finance. There was an attempt to do so, and to expand WTO's authority to cover finance, but it got bogged down when a coalition of small nations known as the G20+ bloc shut down the negotiations because of complaints about the US and Europe's subsidies of large agribusinesses.

    Because of the mortgage crisis and its snowball effect on the world financial system, though, the effort to expand WTO' authority to international finance has gotten a new shot in the arm--there are persistent rumors that Obama plans to work with the Europeans and the Chinese to restart the stalled process.

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