Hatch: Law of the Sea Treaty will sink the economy
This Law of the Sea Treaty (LOST) has got to be stopped if what Senator Orrin Hatch says about it is true.
The treaty that Reagan refused to sign in 1982 is reappearing once again in the Senate. The truth is, LOST contains numerous provisions that hurt the U.S. economy at a time when we need more jobs - not fewer.
Under the guise of being for "the good of mankind, " LOST would obligate the United States to share information and technology in what amounts to global taxes and technology transfer requirements that are really nothing more than an attempt to redistribute U.S. wealth to the Third World.
At the center of these taxes and transfers is the International Seabed Authority (ISA), a Kingston, Jamaica based supra-national governing body established by the treaty for the purpose of redistributing cash and technology from the "developed world" to the "developing world."
Ceding authority to the ISA would mean that the sovereignty currently held by the U.S. over the natural resources located on large parts of the continental shelf would be lost. That loss would mean lost revenue for the US government in the form of lost royalties that the U.S. government collects from the production of those resources. According to the U.S. Extended Continental Shelf Task Force, which is currently mapping the continental shelf, the resources there "may be worth billions if not trillions" of dollars.
In case proponents of LOST have not noticed, the US is over $15 trillion in debt, and we still have more than 20 million Americans who can't find a job. The last thing we need to do redistribute funds from our country to our economic and strategic competitors.
To make matters worse, the US would have no control over how or to whom the taxes and technology would be redistributed.
I doubt very much whether LOST is "for the good of mankind." Sounds like it would be good for some and crap for others - including us.
This treaty should be deep sixed.