John Key has been travelling around the countries marked for the TPPA to promote the treaty. He is actively preventing anybody from reading the contents and here is why:
Trade Deals: Backdoor Financial Deregulation
You see, once a banker always a banker and bankers are ruling the world until we stop them!
Wall Street has a new power tool to demolish financial stability policies, and it comes from a source many would not expect. It’s not the cozy relationship between Wall Street and some members of Congress, or the hordes of bankster lobbyists who roam Capitol Hill. Wall Street has obtained and is now pushing for more powers to challenge U.S. and other nations’ financial regulations via the international agreements that it has sold to a skeptical American public under the appealing brand of export-expanding “free trade” deals.
In Sunday’s New York Times, Gretchen Morgenson described how the financial provisions of the World Trade Organization (WTO) and NAFTA (the North American Free Trade Agreement) operate as backdoor deregulation instruments. Those of us who have studied these so-called “trade deals” understand that these agreements have very little to do with trade per se. Rather, they mainly include new rights for corporations and new constraints on governments’ non-trade regulatory policy space.
As my piece in a special edition of the American Prospect shows, instead of following through on President Obama’s campaign commitments to fix this backdoor corporate power grab, now the administration is rushing to massively expand this mess by completing a Trans-Pacific Partnership (TPP) deal now being negotiated behind closed doors with eight Pacific Rim nations.
Like NAFTA before it, the TPP would establish a two-track judicial system for corporations, giving them the right to attack our financial regulations before tribunals of three private sector attorneys operating under World Bank and UN arbitral rules. This “investor-state” system allows firms to skirt our courts and laws to directly sue our governments for cash damages over regulatory policies that they claim undermine their “expected future profits.” And, this is no hypothetical threat.
Currently, Chevron is using an “investor-state” tribunal to try to avoid paying $18 billion to clean up horrific contamination in the Amazon ordered after 18 years of U.S. and Ecuadorian court rulings. Philip Morris is using the system to attack Australian and Uruguayan cigarette plain packaging laws. More than $675 million has been paid by governments to corporations under U.S. pacts’ “investor-state” provisions alone, 70 percent of which has been in attacks on environmental, health and other non-trade policies. There are 11,933 corporations cross-registered between the TPP nations to which the Obama administration is now pushing to extend these outrageous powers.