Global trade craters

Bad news from the World Trade Organization: Global trade crashed a whopping 12 percent last year, around 20 percent more than anticipated and the most since the end of World War II.

Pascal Lamy, the head of the WTO, used the occasion to call for the resumption of the Doha trade talks, which fell apart in 2008 and which he described as "imperative." Just yesterday, U.S. President Barack Obama promised to complete them, with unnamed officials saying the White House wants it to happen this year. But then again, Doha would need to be approved by these guys...


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