Group of White Guys strikes a deal

G-8 Leaders Agree on $50B in Africa Aid

Unfortunately, like so many of these other deals, the US will most likely not live up to its pledge. Remember who controls the purse strings? Most of the pledged money is just a reannouncement of existing commitments anyway.

One of the greatest problems Africans face is that of farm subsidies, an issue neither the US nor France really wants to change. Aid can only go so far; trade must do the rest.

The leaders also agreed to stop subsidizing agriculture exports and reduce farm subsidizes, but did not say when.

Bush told reporters on Thursday he hoped the $112 billion a year spent internationally on subsidies could be ended by 2010 as part of World Trade Organization negotiations.

In other words, let's just leave it up to the next guy to deal with it.

At least the Elite 8 are willing to help out. I suppose it's in their economic interest to do so. China, too, has gotten in on it. I guess they don't want to be outdone by the exclusive club, so they announced a decision to write off $1.27 billion US of debt from Africa.