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pa28

(6,145 posts) Fri Jun 20, 2014, 03:44 PM Jun 2014

A Plan Only Banksters Will Love: WikiLeaks Reveals Trade Deal Pushing Global Financial Deregulation

Democracy Now talks to Lori Wallach about the newly leaked text of TISA. Similar in concept to the TPP, TISA is not a trade deal but instead more like a de-regulatory power tool benefiting the global financial industry.

LORI WALLACH: Well, we’ve known these negotiations have been ongoing, but no one knew exactly what they were up to until this leaked. And effectively, the text, if it were enacted, would roll back a lot of the re-regulation that followed the global financial crisis and basically handcuff us into the 1990s extreme deregulation model that we all recognize was the cause of the crisis. And the perverse nature of it is, of course, because of the extreme secrecy, you have the Obama administration in public working to "re-regulate" the Dodd-Frank bill and its regulations, but then, behind closed doors in these negotiations in Geneva, sort of on the sidelines of the World Trade Organization, the U.S. and the European Union—the leaked text shows, because there are brackets that say who has what proposal—are pushing amongst the most retrograde anti-regulation provisions.

Much much more at the link:

http://www.democracynow.org/2014/6/20/a_plan_only_banksters_will_love

12 replies

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Highlight:

A Plan Only Banksters Will Love: WikiLeaks Reveals Trade Deal Pushing Global Financial Deregulation (Original Post) pa28 Jun 2014 OP

TISA: It's like the ENRONization of the planet. Octafish Jun 2014 #1

Seems like they are coming in from new angles daily. pa28 Jun 2014 #2

Money must represent the most effective form of crowd control yet devised. Octafish Jun 2014 #3

Aw fuck BrotherIvan Jun 2014 #4

Kicked and recommended. Uncle Joe Jun 2014 #5

Does TISA (and TPP) explain Obama's recent image polishing tour for Progressives? cadaverdog Jun 2014 #6

Lori Wallach alludes to that same point in the interview. pa28 Jun 2014 #7

Uhm please note Wikileaks is now officially de-legitimized. Assange or something.... riderinthestorm Jun 2014 #8

Oh yeah I forgot! navarth Jun 2014 #9

that photo.... navarth Jun 2014 #10

I enjoyed the explanation & even Googled Joe Louis statue at Cobo Hall. CrispyQ Jun 2014 #11

thanks. nt navarth Jun 2014 #12

Octafish

(55,745 posts)

1. TISA: It's like the ENRONization of the planet.

Reply to pa28 (Original post)

Fri Jun 20, 2014, 04:27 PM

Jun 2014

Trade in Services Agreement. Nice. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. Bankster love. And austerity for the rest.

pa28

(6,145 posts)

2. Seems like they are coming in from new angles daily.

Reply to Octafish (Reply #1)

Fri Jun 20, 2014, 04:43 PM

Jun 2014

Bankers want ALL of it.

Octafish

(55,745 posts)

3. Money must represent the most effective form of crowd control yet devised.

Reply to pa28 (Reply #2)

Fri Jun 20, 2014, 04:59 PM

Jun 2014

Truly important stuff, what you found.

WikiLeaked Doc Reveals Wall Street Plan for Global Financial Deregulation

WikiLeaks releases draft text of trade deal exposing efforts to increase stranglehold over global economy

Published on Thursday, June 19, 2014 by Common Dreams
- Common Dreams staff

WikiLeaks published a previously tightly-held and secretive draft of a trade document on Thursday that, if enacted, would give the world's financial powers an even more dominant position to control the global economy by avoiding regulations and public accountability.

Known as a Trade in Services Agreement (TISA), the draft represents the negotiating positions of the U.S. and E.U. and lays out the deregulatory strategies championed by some of the world's largest banks and investment firms.

According to WikiLeaks:

Despite the failures in financial regulation evident during the 2007-2008 Global Financial Crisis and calls for improvement of relevant regulatory structures, proponents of TISA aim to further deregulate global financial services markets. The draft Financial Services Annex sets rules which would assist the expansion of financial multi-nationals – mainly headquartered in New York, London, Paris and Frankfurt – into other nations by preventing regulatory barriers. The leaked draft also shows that the US is particularly keen on boosting cross-border data flow, which would allow uninhibited exchange of personal and financial data.

TISA negotiations are currently taking place outside of the General Agreement on Trade in Services (GATS) and the World Trade Organization (WTO) framework. However, the Agreement is being crafted to be compatible with GATS so that a critical mass of participants will be able to pressure remaining WTO members to sign on in the future. Conspicuously absent from the 50 countries covered by the negotiations are the BRICS countries of Brazil, Russia, India and China. The exclusive nature of TISA will weaken their position in future services negotiations.

Lori Wallach, director of Public Citizen's Global Trade Watch, said the deal described in the draft, if approved by national governments, would be a disaster for any regulatory efforts designed to put a check on global finance.

In a statement responding to the TISA draft released by WikiLeaks on Thursday, Wallach said:

“If the text that was leaked today went into force, it would roll back the improvements made after the global financial crisis to safeguard consumers and financial stability and cement us into the extreme deregulatory model of the 1990s that led to the crisis in the first place and the billions in losses to consumers and governments.

"This is a text that big banks and financial speculators may love but that could do real damage to the rest of us. It includes a provision that is literally called ‘standstill’ that would forbid countries from improving financial regulation and would lock them into whatever policies they had on the books in the past.”

_______________________________________

This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.

SOURCE: http://www.commondreams.org/headline/2014/06/19-2

Thank you for a very important OP, pa28! As it stands to further shuffle wealth from the middle classes into the pockets of the rich and super-rich, TISA represents another, major nail in the coffin of democracy.

BrotherIvan

(9,126 posts)

4. Aw fuck

Reply to pa28 (Original post)

Fri Jun 20, 2014, 06:03 PM

Jun 2014

That billion dollars they spend on campaigns? Worth every penny.

Uncle Joe

(58,338 posts)

5. Kicked and recommended.

Reply to pa28 (Original post)

Fri Jun 20, 2014, 06:40 PM

Jun 2014

Thanks for the thread, pa.

cadaverdog

(228 posts)

6. Does TISA (and TPP) explain Obama's recent image polishing tour for Progressives?

Reply to pa28 (Original post)

Fri Jun 20, 2014, 07:23 PM

Jun 2014

Suddenly Obama is discovering all sorts of things he can do by simple Presidential fiat that will make us feel warm and fuzzy about the President "we wish we had" rather than the one who has disappointed so many of us for the past four plus years. Why do I feel a "Keep your eyes on the bright shiny object I hold in my hand...(and ignore what's going on behind my back)" moment coming on? If Obama feels TPP, and now TISA, are so important to the future of our Country, then why doesn't he make the case to the American public and respond to the criticism of their detractors, rather than trying to covertly "fast track" legislation through the Congress?

As for me, I hope to hear from the likes of Paul Krugman, Elizabeth Warren, Bernie Sanders, and others who have proven their bona fides for the American middle class.

And thank our lucky stars for Amy Goodman.

pa28

(6,145 posts)

7. Lori Wallach alludes to that same point in the interview.

Reply to cadaverdog (Reply #6)

Fri Jun 20, 2014, 08:55 PM

Jun 2014

Showcasing financial regulation in public while secretly negotiating international deregulation that will gut those very same laws speaks to how corrupt our system has become.

riderinthestorm

(23,272 posts)

8. Uhm please note Wikileaks is now officially de-legitimized. Assange or something....

Reply to pa28 (Original post)

Fri Jun 20, 2014, 08:58 PM

Jun 2014

BIG K&R!

navarth

(5,927 posts)

9. Oh yeah I forgot!

Reply to riderinthestorm (Reply #8)

Mon Jun 23, 2014, 11:07 PM

Jun 2014

....but I'm sure a swarm will come along and tell me why I shouldn't pay attention because Assange.

kicking this for visibility.

navarth

(5,927 posts)

10. that photo....

Reply to pa28 (Original post)

Mon Jun 23, 2014, 11:13 PM

Jun 2014

I've never like that statue. This is the first time I saw something positive come out of it; some biting humor.

Sports Illustrated Magazine donated the money for this 'statue' to the City Of Detroit as a way of 'honoring' Joe Louis.

Yeah, that's right, visiting White Folks. Welcome and help yourself to a big black fist in your face. And on top of that, it reduces Joe Louis to a usage of one of his body parts. FUCK that.

There's a really nice statue of Joe Louis at Cobo Hall. That would be a much more fitting tribute and wouldn't act like tourists were being punched in the face.

My city will get justice eventually.

Sorry for the diversion.

CrispyQ

(36,446 posts)

11. I enjoyed the explanation & even Googled Joe Louis statue at Cobo Hall.

Reply to navarth (Reply #10)

Tue Jun 24, 2014, 03:50 PM

Jun 2014

You're right - it would have been a much better tribute.

navarth

(5,927 posts)

12. thanks. nt

Reply to CrispyQ (Reply #11)

Tue Jun 24, 2014, 04:03 PM

Jun 2014

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