2012 Olympics à la Live 8

Today they announced that London will be host of the 2012 Summer Olympic Games. I've always thought cities and governments could better spend their money on better things (poverty, homeless, education, health care). Why build the same venues in every major city when existing facilities around the world could be used. The Olympics should be put on like Live 8 and broadcast from different cities around the world. Cities with existing facilities would compete to host swimming events others track etc. If a particular city didn't have a venue then they could build just that one facility like a velodrome. Opening and closing ceremonies with be held in every city participating. Spread the wealth, don't focus it in one little corner. If we really wanted to end poverty in Africa or anywhere else there is no doubt the money is there.