With far more political acuity than critics expected, President George Bush disarmed world government proponents while promising more aid to developing nations. The U.N.'s High Level Panel on Financing Development concluded its four-day conference in Monterrey, Mexico, without explicit authorization for U.N. taxes on currency exchange, fossil fuels and a host of other tax targets. The conference, publicized as a poverty-reducing initiative, was, in fact, another effort by the U.N. to gain taxing authority. Ernesto Zedillo, head of the U.N. panel, issued a report on June 28, calling for the new taxing authority. U.S. delegates to the conference made it...