Make Way for a Second UN By Doug Bandow
Bad treaties never die. Such is the lesson of the Law of the Sea Treaty, or LOST. The treaty would turn over all of the world's unclaimed natural resources to a second United Nations, yet is beginning to move towards ratification. The Senate Foreign Relations Committee is scheduled to vote on the treaty on Wednesday.
Three decades ago the Third World was busy campaigning for a so-called New International Economic Order (NIEO), which combined demands for more foreign aid, UN regulation of business, and collectivist resource development. LOST declared all seabed resources to be the "common heritage of mankind," levied fees and royalties on Western mining and oil companies, created a monopoly company to mine the seabed, and established a new international body to divvy up the spoils.
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