The global elite strikes back

The common people in Europe, the USA and other countries are starting to revolt against international institutions—the European Union, the World Trade Organization, the International Monetary Fund—that represent the interests of an international financial elite.

free-tradeThe financial elite is striking back by promoting international trade agreements—the Trans-Pacific Partnership (TPP) agreement, the Transatlantic Trade and Investment Partnership (TTIP) agreement, the Trade in Services Agreement (TISA) and the lesser-known Comprehensive Economic and Trade Agreement (CETA) involving Canada and the European Union.

All these agreements would enact pro-business policies into international law, and would create tribunals with the power to fine governments for unjustly depriving businesses of expected profits.

Nationalists oppose these agreements because they undermine national sovereignty.   Progressives and liberals oppose these agreements because they are un-democratic.  On this issue, progressives and nationalists are on the same side because, at these moment in history, national governments are the highest level in which democracy exists.

President Obama hopes to get the Republican majority in the lame duck Congress following the November election to enact the TTP Agreement.   The Conservative Party in Britain favors the TTIP, which would subject the UK to a new pr0-business international authority.   CETA would accomplish the same goal for the remaining EU members.

If any of these agreements passes, they can be used to block legislation to protect workers, consumers or public health, or to bring banks and financial institutions under control.

Followers of Bernie Sanders in the USA and Jeremy Corbyn in the UK, and progressives in other subject countries, would be stymied until they could figure out a way to roll back the agreements.

None of these agreements is needed in order to have international trade.   Rather their goal is to remove controls on the operations of international corporations.

LINKS

Obama & TPP: Every One That Doeth Evil Hateth the Light by William K. Black for New Economic Perspectives.

Emails Show TPP Collusion Between Big Banks and Obama Administration by Nadia Prupis for Common Dreams.

The TPP “Lame Duck” Push Insults Democracy by Dave Johnson for Common Dreams.

Democratic platform fight over TPP will show what democracy we really have by Mark Weisbrot for The Hill.

The Silence of the Left: Brexit, Euro-Austerity and the T-TIP by Michael Hudson for Counterpunch.

Regulation of Financial Services Industry Is History If Trade in Services Agreement Passes by Joyce Nelson for Counterpunch.

Post-Brexit, Is the EU Flaunting Its Anti-Democratic Tendencies? by Joyce Nelson for Counterpunch.

Is EU Preparing for Another Stealth Coup? by Don Quijones for Wolf Street.

Desperately Trying to Salvage Canada-EU Trade Pact After Brexit, EU Escalates Attack on Democracy by Don Quijones for Wolf Street.

CETA will be voted on by EU member states after all, perhaps due to Brexit by Glyn Moody for Ars Technica UK (via naked capitalism)  [added later]

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