In a classic case of misdirection, while the media are preoccupied with the fate of the Bush tax cuts, President Obama is preparing to attend a United Nations summit next week to endorse "innovative finance mechanisms"-global taxes-to drain even more wealth out of the U.S. economy.
A draft "outcome document" produced in advance of the September 20-22 U.N. Summit on the Millennium Development Goals (MDGs) commits the nations of the world to supporting "innovative financing mechanisms" to supplement foreign aid spending.
The term "innovative financing mechanisms" is a U.N. euphemism for global taxes. But the document actually goes further, praising the "Task Force on International Financial Transactions for Development" for its work on the subject of mobilizing additional "resources" for countries to achieve the MDGs. This is a body tasked with proposing and implementing global tax schemes.