Yep, this is pretty much how it works. Marc Roberts has this brilliant comic that sums up the spectacle currently underway in Copenhagen. Here's a taste, but make sure to click the link to see the whole thing.
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I think I detect cynicism but maybe I'm just too cynical.
It's not cynicism, just biting commentary. Cynicism is when you think people are motivated purely by self-interest. Those who are supporting Tuvalu, for example, even when their own country isn't set to drown, are acting honorably. If only the wealthy nations would see it that way.