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The U.N. places the same estimated value on the proposed currency tax ($40 billion), and roughly the same thing on its proposed financial tax ($15 billion to $75 billion).
Even more innovative is a notion to, in effect, borrow the lines of credit allocated to rich countries themselves at the International Monetary Fund, and “leverage” them to create new investment funds for the world’s poor. How to do this while preserving those credit lines as a reserve asset that rich countries could draw on when required, the report admits, remains to be seen.
Another “innovative” idea that may have trouble staying afloat is the notion of charging royalties on undersea minerals more than 100 miles offshore, within what are called “exclusive economic zones” — in effect, inside some country’s sovereign economic territory.
The sensitive issue here is that the world’s current “exclusive economic zones” extend 200 miles offshore — meaning that the U.N. is suggesting that it collect royalties on mineral wealth on half the “exclusive” territory, which it refers to in the report as part of the “global commons.”
For most nations, excluding the U.S., those 200 mile zones were established by the U.N.-sponsored Law of the Sea Treaty, known as LOST, which came into force in 1994 after it was signed and ratified by 162 countries. (The U.S. signed but has not ratified LOST; its 200-mile “exclusive economic zone” was established by presidential decree.)
The new, 100-mile royalty proposal in the U.N.’s financing report would require a new agreement to hand over proceeds from half of that territory to the U.N.-sponsored International Seabed Authority.
George Russell is executive editor of Fox News and can be found on Twitter @GeorgeRussellClick for more stories by George Russell. Read more:
http://www.foxnews.com/world/2012/09/27/as-un-opens-its-general-assembly-session-it-is-already-thinking-up-new-global/#ixzz27ln8caLv
