Have you heard of the Trans-Pacific Partnership (TPP)? Then something has gone wrong for the wheelers and dealers. You aren’t supposed to know about it. The TPP is, in theory, a free trade deal to foster economic cooperation between the United States and allied countries in the Asia-Pacific region. In truth it is “NAFTA on steroids.”
The real agenda is less about trade and more about weakening sovereign power in favor of corporate power. Under TPP, national regulations will be overruled by corporate structures and governance. Nation-states will become junior partners with transnational corporations becoming the decision making authorities for global laws and rules.
TPP is also heavily focused on “intellectual property” rights. It could also be called “SOPA on steroids.” All of the restrictions on the internet and then some, plus no democratic oversight.
And what “trade” deal would be complete without a nice dose of financial deregulation – though it seems the US Congress is eager to recrash the economy on its own. The TPP will also reportedly include rollbacks to financial regulations including a ban on capital controls, taxing financial speculation, and allows banksters to use supranational organizations to overrule democratic governments.
The TPP would ban capital controls, an essential policy tool to counter destabilizing flows of speculative money. Even the International Monetary Fund has recently endorsed capital controls as legitimate for mitigating or preventing financial crises.
The TPP would prohibit taxes on Wall Street speculation. That means that there would be no hope of passing proposals like the Robin Hood Tax, which would impose a tiny tax on Wall Street transactions to tamp down speculation-fueled volatility while generating hundreds of billions of dollars’ worth of revenue for social, health, or environmental causes.
The TPP would empower financial firms to directly attack these government policies in foreign tribunals, and demand taxpayer compensation for policies they claim undermine their expected future profits.
In America, Wall Street has to bribe the president and Congress to be above from the law – under TPP they would be the law.
Suddenly it’s not so hard to see the secrecy behind this agreement. The cover story is that this deal has designs to offer a united front against Chinese economic supremacy in Asia. But even if that is the primary motivation – which it clearly isn’t – how does destroying the sovereignty of the TPP countries benefit anyone other than the corporate oligarchs? It doesn’t. This is a bad deal for 99% of everyone in the countries involved who will have all democratic ability drained from their countries, becoming nothing more than corporate slaves.
TPP must be stopped at all costs.