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Economy
In reply to the discussion: Weekend Economists Debate: Which Came First? The Incredible, Edible Egg November 27-29, 2015 [View all]Demeter
(85,373 posts)32. TPP Financial Stability Threats Unveiled: It’s Worse than We Thought
http://citizen.typepad.com/eyesontrade/2015/11/tpp-financial-stability-threats-unveiled-its-worse-than-we-thought.html
Public Citizens Global Trade Watch has carefully analyzed the Financial Services Chapter of the recently released Trans-Pacific Partnership. One story that has not been told about the TPP is how this first U.S. trade agreement negotiated since the global financial crisis would impose the same model of financial deregulation that is widely understood to have fueled the crisis.
For the first time in any U.S. trade agreement, the TPP empowers some of the worlds largest financial firms to challenge U.S. financial regulatory policies in extrajudicial investor-state dispute settlement (ISDS) tribunals using the broadest minimum standard of treatment claim.
And, the TPP would be the first U.S. pact to empower some of the worlds largest financial firms to launch ISDS claims against U.S. financial policies. Now none of the worlds 30 largest banks may bypass domestic courts, go before extrajudicial investor-state tribunals of three private lawyers, and demand taxpayer compensation for U.S. financial policies. Among the top banks in TPP countries that could newly do so: Mitsubishi UFJ, Mizuho, ANZ, Commonwealth Australia, West Pac, National Australia Bank, Bank of Tokyo, Sumutomo, Royal Bank of Canada.
Despite the pivotal role that new financial products, such as toxic derivatives, played in the financial crisis, the TPP would require all TPP countries to allow new financial products and services to enter their economies if permitted in any other TPP countries...
WELL, ISN'T THAT JUST LOVELY!
Public Citizens Global Trade Watch has carefully analyzed the Financial Services Chapter of the recently released Trans-Pacific Partnership. One story that has not been told about the TPP is how this first U.S. trade agreement negotiated since the global financial crisis would impose the same model of financial deregulation that is widely understood to have fueled the crisis.
For the first time in any U.S. trade agreement, the TPP empowers some of the worlds largest financial firms to challenge U.S. financial regulatory policies in extrajudicial investor-state dispute settlement (ISDS) tribunals using the broadest minimum standard of treatment claim.
And, the TPP would be the first U.S. pact to empower some of the worlds largest financial firms to launch ISDS claims against U.S. financial policies. Now none of the worlds 30 largest banks may bypass domestic courts, go before extrajudicial investor-state tribunals of three private lawyers, and demand taxpayer compensation for U.S. financial policies. Among the top banks in TPP countries that could newly do so: Mitsubishi UFJ, Mizuho, ANZ, Commonwealth Australia, West Pac, National Australia Bank, Bank of Tokyo, Sumutomo, Royal Bank of Canada.
Despite the pivotal role that new financial products, such as toxic derivatives, played in the financial crisis, the TPP would require all TPP countries to allow new financial products and services to enter their economies if permitted in any other TPP countries...
WELL, ISN'T THAT JUST LOVELY!
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