Paulson Withdraws From G8 Summit - Doesn't Want To Act On Climate, Hedge Funds - IPS

[hatrack]

BERLIN, May 18 (IPS) - The United States appears to be cooling off to some key concerns at the G8 heads of state summit next month.

The United States is evidently not interested in an international consensus on environmental policy against global warming. Nor does it appear keen on new regulations to control financial speculation. The U.S. government withdrew participation of treasury secretary Henry Paulson at the preparatory summit of finance ministers in Potsdam near Berlin May 18-19.

The official explanation was that Paulson needed to remain in Washington to prepare for the U.S.-China Strategic Economic Dialogue that takes place the following week. But sources in Berlin say the real reason is the German move to tighten controls over hedge funds and other speculative funds.

EDIT

.S. representatives want to avoid the proposed objective of reduction of all greenhouse gas emissions by 2050 by 50 percent. They also object to making commitments to cutting energy consumption. U.S. officials object to use of the word "concern" to describe the latest assessment of the Intergovernmental Panel on Climate Change (IPCC). U.S. representatives had made similar objections during the closing meetings of the IPCC before the release this year of the group's three new assessments. They have already obtained a watering down of the original warnings and conclusions.

EDIT

http://www.ipsnews.net/news.asp?idnews=37788

[aquart]

1. Yes, marginalizing the United States is sooooo smart.

[earthboundmisfit]

2. Prediction

Henry Paulson will be the WH nominee to replace Wolfowitz. I just have a feeling.