Meanwhile, the grassroots opposition is getting ready to rock. It's not just the prospect of facing tens of thousands of protesters in Quebec City that worries free trade boosters, but also growing public skepticism about the impacts of globalization and the mixed messages being sent by the Bush administration. Only weeks ago, Bush was promising to introduce legislation on so-called fast track trading authority prior to the April Summit. By pushing for presidential negotiating authority, which expired in 1994, the object was to send a strong message about US resolve to shore up support for new global trade rules. But now the word from Republican leaders in the House and Senate is that they will be lucky if the proposal even surfaces in Congress by the fall.
Political insiders are increasingly concerned about the collapse of support for globalization.
It's a nightmare scenario in which economic conflict sparks security tensions, European military autonomy, an independent Asian economic bloc, and even a new arms race. In order to regain the high ground, some modest concessions are being discussed. For example, at a recent conference organized by Bergsten, Brookings Institution economist Robert Litan proposed that the government cover a portion of the income lost by workers forced into lower paying jobs for up to two years. The idea is to buy off some of globalization's victims with a temporary safety net. The concession here would be more voting shares for East Asia in the IMF, mostly at the expense of Europe.