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World trade falls by lowest 12 percent since economic crisis

Director-General Pascal Lamy, in his report on the state of play in the Doha Round to the General Council on 22 February 2010, said that “although some progress is taking place, gaps remain”. He suggested that the stocktaking at the end of March be undertaken by senior officials, adding that “the Geneva process remains ready to translate political movement into concrete and substantive progress”.

WORLD TRADE WEAKENS

World trade fell by 12 percent last year as the economic crisis caused the biggest drop since 1945, giving new urgency to the need to conclude trade talks, WTO chief Pascal Lamy said Wednesday.

Lamy said the worst contraction in more than 60 years made it "economically imperative to conclude" the Doha Round of global trade talks, which started in 2001 and remained deadlocked after nine years of negotiations due to lingering disagreements between developed and developing countries on market access for agricultural and industrial goods.

world trade global markets lamy

The unprecedented reduction in global commerce makes it "economically imperative to conclude" international trade negotiations, which are at a standstill, in 2010, Lamy said.

ECONOMIC DATA SHOW WORLD TRADE HAS WEAKENED SO FAR IN 2010

" World trade was reduced by 12 percent in 2009," he told the European Policy Centre, a Brussels think tank.It was the "sharpest decline" since the end of the World War II, he said, and worse than the 10 percent fall that the WTO had forecast in December.The Doha Round of trade negotiations began in 2001 with a focus on dismantling obstacles to trade for poor nations, by aiming for a deal that would cut agriculture subsidies and tariffs on industrial goods.

Deadlines to conclude the talks have been repeatedly missed.

Discussions have been dogged by disagreements, including on how much the United States and the European Union should reduce farm aid and the extent to which developing countries such as India and China should. The WTO chief said on Monday that it was too early for trade ministers to meet at the end of March on a new push for the Doha Round, dampening hope that the trade talks could be concluded by the year end as promised by world leaders.

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  4. History of the US Financial system in 10 minutes---

    I updated the list below from a December post I did and got a bunch of good comments....so chime in, if there are important things I missed, please comment and I will add.

    For me the little summary below was a great "view from 20,000 feet". Imagine that....less than 200 years ago, the British were rampaging through Washington with troops and burning the White House

    http://oahutrading.blogspot.com/2009/12/10-minute-chronology-of-important-us.html

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  5. Evil Speculator (run by Molecool) is closing down.

    This is a sad weekend indeed. Although Mole has been accused of having thin skin, he had market perspectives and charts that no one else had. I never got to try his subscription services, and he says these will remain open.

    I was honored to be a moderator on the Evil Speculator site.

    I immediately thought....this market has worn people down. The "worst tape" in history. I remember that after the Tech crash I had made some money on the way up, and kept some by selling off. But I also just left the market completely. Not paying any mind, and not even knowing that a bottom happened a few years later. The market had wore me down. I had distrust for the market.

    All of the signs the last year of "this is the top" did not pan out. Lots of lines in the sand were crushed. Horrific fundamentals did nothing to slow the "Ramp of Pimp".

    So here we are again.

    * It's the spring equinox.
    * A disastrous health care plan is about to pass.
    * Greek debt is a pre-cursor of other debt defaults to come.
    * Dubai is out of the new entirely, and they won't matter "until they do matter". Their stated burn rate of cash should place them back at the beggar's table around now.
    * The Fear Factor is perhaps showing a blow off top.
    * The Chart of Charts is showing one of the longest uninterrupted bull runs, and just Friday flipped a little bearish.
    * EWI is second guessing themselves, and their following subs would have been stopped out of their Full Tilt Bear positions.
    * The Euro is perched on tanking.
    * Quad Witching week just ended.

    And Molecool is shutting down his blog. What is interesting is when you have "skin in the game", i.e. you are human, you are influenced by that no matter how objective your observations are.

    And finally, steveo (me) called the top, last Tuesday

    http://oahutrading.blogspot.com/2010/03/fear-factor-update-tricky-so-tricky.html

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