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WTO talks have nothing to do with more trade |
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Written by Stumo
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Monday, 24 September 2007 |
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The WTO talks are breaking down! The WTO talks are breaking down! What are we to do!
Stuart E. Eizenstat and Hugo Paemen are frantic in a Washington Post op-ed today.
The
World Trade Organization and global trade itself are at a critical
crossroads, with one last chance to salvage the Doha round of talks.
Failure would be disastrous for the WTO, would be particularly harmful
to the least developed countries and could lead to a breakdown of the
multilateral trade system.
Hey Stu and Hugo, WTO membership has nothing to do with actually increasing trade. There's no statistical relationship fellas. Your angst is misplaced.
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In the news
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The following was written by Peter Morici, a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.
Friday’s Jobs Report
Unemployment Headed for 8 Percent
Friday, the Labor Department will report employment data for December. In November, the economy lost 533,000 jobs, and the consensus forecast is for another 475,000 jobs lost in December. My forecast is for a 480,000 loss.
The ADP estimate of private sector employment released Wednesday indicates much larger job losses than those forecasted by economists—something in the range of 700,000 for December. However, that report has not effectively tracked BLS data in the past. The methodology of the ADP report has been revised, and it remains to be seen whether it will better anticipate the Labor Department numbers by a few days.
Unemployment should reach 7 percent and is headed for 8 percent before the end of 2009.
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