Asian buyers need to be wary of TPP agreement
'Despite President Barack Obama’s charm offensive in the region, Pacific
nations are well-advised to remain wary of the US government’s position
on the Trans-Pacific Partnership agreement (TPP).
If US trade negotiators got their way, the Pacific Rim would reap
surprisingly few gains — but take on big risks. Until the United States
starts to see Asia as a true trading partner, rather than a region to
patronise, it is right to hold out on the TPP.…
In exchange for these small benefits, the US’s partners in Asia and
Latin America have to take on big risks…the US is insisting that TPP
partners surrender their right to regulate global finance.
Through its financial services and investment provisions, the TPP would
allow Wall Street banks to move into TPP countries’ financial services
sectors. To do what? If you can believe it, to push the very financial
products that triggered the biggest global financial crisis since the
Great Depression.
That is not progress. That’s regress, given what the world now knows about these often toxic instruments.
What is more, if US trade negotiators, acting at the behest of US
industry, got their way, the deal would prohibit the ability of these
banks to be regulated to prevent and mitigate a financial crisis. They
would be “free” to recreate the mess all over again….
…the IMF expressed concern that agreements like the TPP “do not provide appropriate safeguards”….
What is perhaps most risky for the US’s TPP partners is that the foreign
banks themselves will be able to directly sue governments for
violations of the agreement….
It is in the well-understood self-interest of Chile, Malaysia and other
TPP countries to continue to push back on Mr Obama’s proposals to
de-regulate financial services and investment. It is also in the
interest of financial prudence and international fairness.
In light of that, it is disconcerting to find a recent study which shows
these nations have been able to safeguard the ability to regulate
finance in treaties with trading blocs such as the EU and Canada and
China, but that it is the US which is pushing back with great
determination.
Thankfully, there are important voices in the US who are pushing
President Obama to act with more prudence than the US financial industry
wants him to do. Americans are also painfully aware that financial
crises hurt US jobs and financial stability.
US Congressman Sander Levin and others have been pressuring the Obama
administration to ensure that trade deals don’t trump regulating global
finance. In 2011, over 250 economists from across the world urged Mr
Obama to make trade deals consistent with financial reform as
well…. ©2014 The Globalist'
Kevin P Gallagher is a professor of international relations at Boston University.
The above article is published in Bangkok Post. It highlights the
dangerous proposals in the TPP and the unusually high risks for
countries to go with the TPP. And an American professor is warning
Asians to be wary of the US. Apparently some Asian govts are soooo happy
with this TPP that they cannot see anything wrong with it. So this
American professor must be crazy right?
Why are there govts so eager to sign this American proposal which is
akin to signing a suicide pact? Is Singapore one of the eager beaver?
This is going to be far more dangerous than signing the CECA. Before out
govt sign this pact, does it have any responsibility to tell the people
the pros and cons of this deal? Or would it be like the CECA and the
AEC, the govt knows best. Trust the govt?
4 comments:
My biggest concern of the TPP is that of PRIVACY.
We live in a world of increasingly cheap and powerful computing machinery which collects and analyses vast amounts of Big Data.
The TPP gives governments too much power without the need to be transparent and accountable to the tax paying voters, many of whom will be summarily SCREWED and totally UNAWARE of what's going on.
The TPP -- first they take your privacy, then they take your money.
The TPP is yet one more nail in the coffin of decreased sovereignty of individual cuntrees.
RB gets mad when I tell him that the idea of "cuntry" is fast diminishing. Well, very soon the TPP will be in force, and I will be vindicated. However, we will all LOSE.
Why Singapore is in the TPP?
The reason is simple. The Singapore Government is a puppet to U.S and it's licking the balls of the Americans real hard.
The TPP is more or less a done deal. Singapore is a bitch of the USA (a.k.a. the West). It will do whatever Uncle Sam demands.
The ultimate goal is a one world government - the wet dream of globalists.
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