Not Many Folks Pleased About US Paying Off EU, Japan And Canada Over Online Gambling

from the who-does-this-help? dept

On Tuesday, we wrote about how the US was paying off the EU, Japan and Canada over a trade dispute around online gambling. The real point was to get these three to back off from putting pressure on the US to abide by free trade agreements, which effectively required the US to allow online gambling as long as it was hosted in other countries. It's quite a shame that these countries basically accepted money to let the US get out of agreements it had made -- and many are beginning to point out how ridiculous the whole situation is, and how it's likely to harm future US trade agreements around the world. All for the sake of preventing people from being able to play a little online poker.

Related to this, bankers and bank lobbyists are trying to explain to US politicians that upcoming rules concerning online gambling are impossible to abide by. As you may recall, back in October, the US approved new legislation that would put the liability on banks to prevent money from being used for online gambling. Beyond the ridiculousness of trying to stop people from gambling online if they choose to do so, this particular law means that banks need to figure out what money is being used for online gambling and try to prevent such uses. How? Politicians don't bother to go that far. Meanwhile, I hear that the gov't continues to make good money from state lotteries...
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Filed Under: antigua, canada, eu, japan, online gambling, wto


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  1. identicon
    Anonymous Coward, 21 Dec 2007 @ 3:56am

    Re: Re: Online Gambling

    There are a lot of factors that goes into the value of the dollar. Money borrowed isn't the largest one. The biggest reason the US dollar continually declines, is that its what the federal reserve currently wants. They do after all control how much money is in circulation, the inflation rate, the interest rate as well, and they are doing nothing to stem the drop in the dollar. Why do they want that? Well, there are a lot of reasons for that as well, mostly because of import/export duties and how they drive the world economy and in turn the US economy. Thanks to OPEC, the US dollar will always be in demand, we can basicly write our own meal ticket on it, and we do. There is a reason everyone pays attention to the US dollar, and it has nothing to do with our vaulted "Most Powerful Country" status... and everything to do with the price of oil.

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