Just In Case You Missed This... And Thank You dixiegrrrrl !!!

[WillyT]

Many of you may have seen this, it had lots of recs...

But because it was posted in the Economy Forum, and because somebody suggested it be posted here for wider viewing... I will do just that, because I think this is very important info!

Just in case you missed this...

dixiegrrrrl
Sat Feb-13-10 11:30 AM

So THAT's why we are not regulating banks...

<snip>

On March 1, 1999, countries accounting for more than 90 per cent of the global financial services market signed onto the World Trade Organization's Financial Services Agreement (FSA). By signing the FSA, they committed to deregulate their financial markets.

For example, by signing the FSA, the U.S. agreed not to break up too big to fails. The U.S. also promised to repeal Glass-Steagall, and did so 8 months after signing the FSA.

Indeed, in signing the FSA and other WTO agreements, the U.S. has legally bound itself as follows:

• No new regulation: The United States agreed to a “standstill provision” that requires that we not create new regulations (or reverse liberalization) for the list of financial services bound to comply with WTO rules. Given that the United States has made broad WTO financial services commitments – and thus is forbidden by this provision from imposing new regulations in these many areas – this provision seriously limits the policy available to address the current crisis.

• Removal of regulation: The United States even agreed to try to even eliminate domestic financial service regulatory policies that meet GATS rules, but that may still “adversely affect the ability of financial service suppliers of any other (WTO) Member to operate, compete, or enter” the market.

• No bans on new financial service “products”: The United States is also bound to ensure that foreign financial service suppliers are permitted “to offer in its territory any new financial service,” a direct conflict with the various proposals to limit various risky investment instruments, such as certain types of derivatives.

• Certain forms of regulation banned outright: The United States agreed that it would not set limits on the size, corporate form or other characteristics of foreign firms in the broad array of financial services it signed up to WTO strictures ...

for more, at link: http://georgewashington2.blogspot.com/2010/02/other-reason-that-us-is-not-regulating.html

<snip>

Original Thread: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x75715

Thanks again dixiegrrrrl !!!

:yourock:

:kick:

[Rhiannon12866]

1. K&R! Recommended in both forums!

:thumbsup: :kick:

[mike_c]

2. more "free trade" nonsense to damage national economies...

...and benefit transnational bankers and financial corporations.

[Canuckistanian]

3. Saw it, rec'd it

Same old same old.

[dixiegrrrrl]

4. Golly gee...thank you !!!

I know a lot of people find it perhaps dull to read about money.
but darn it, money is exactly the weapon being used against us and the world.

thank god for the internet which allows us to dig up so many pieces of the puzzle.

Very nice of you go the extra mile in reposting this.

:hi:

[WillyT]

5. Anytime... That Really Is Important Information !!!

Again... Thank You!!!

:hi:

:kick:

[valerief]

62. Thank you for posting it on the first mile! nt

[Fire1]

6. Well, well, well!! That sheds a new light on alot of things!!

Guess we can stop blaming PO for stalling!! And toss out those "chess" moves, too!! Although, the signing of the FSA took place back in 1999, obviously not too many recall this event taking place. Seemingly, somebody in the administration, congress, analysists or media should have brought this to the forefront. Krugman! What happened, dude! Surely, he remembers this!

[lonestarnot]

35. Well I do remember how anarchists were doing their best to

tear up the meeting of the WTO in DC, but wasn't 99. Was 2005.

[cameozalaznick]

55. As I recall, the meeting that year was held in Seattle

and protesters did show up.

[lonestarnot]

86. No, unless there were two. They met in D.C. in September.

I was there for a gigantuan peace march that received nary a mention in MSM. Fuckers! Kid and I were nearly caught in rubber bullet cross fire and several places across the city with destruction of public property.

[amborin]

7. Geithner led this effort:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7643798

[Elwood P Dowd]

8. Where are the resident DU free trade worshipers on this?

Come on guys and gals, tell us again about all the wonderful benefits of the WTO, GATT, NAFTA, CAFTA, and all the other corporate fake free trade deals you promote.

[Mithreal]

60. feeding their crickets

[druidity33]

9. Why would we honor this "agreement"?

The US breaks treaties and agreements all the time. Ask the Natives whether they'd ever sign another treaty with the US gov't. WHat power does the WTO have to enforce this? What, are they going to put the country in jail?

Really silly...

[asdjrocky]

13. Because the WTO runs the world.

They are the boss.

[Mojorabbit]

36. That was my first thought

We could loudly break it in light of what has happened and I bet other countries would follow suit.

[defendandprotect]

54. If Bush could tear up nuclear treaties, I'd say we could step on the toes of the WTO --

We are bound only by agreement to keep out government in place --

nothing else!

It is up to our elected officials -- those voted into office -- to make

decisions and to be moved out of office if the decisions are wrong for the nation.

This leaves us open to repeats of corporate fraud and criminal activity just as

we've recently experienced!!

Anyone in the press asking about this? What press?

CIA/Pentagon press --

[dixiegrrrrl]

39. Even more importantly, why would Congress NOT be involved in the agreement?

The agreement was not even brought to Congress.
We have people in DC who commit the USA to policy which has no strictly legal/lawful approval,
yet affects every one in the country.

WTO does not need any power to enforce this, as long as people like Geithner are around to
make it happen.
shadow government indeed.

[Uncle Joe]

82. That's a good question, there does seem to be a double standard between the need to adhere to this

agreement and Kyoto?

If neither were brought to the Senate for two thirds approval, why is the nation required to follow one and not the other?

[Luciferous]

10. Very interesting. Thanks for reposting!

[varelse]

11. This is appalling

among so many other things, it is a huge risk to national security.

[asdjrocky]

12. This says it all.

I remember back in 99 when we were in the middle of the Battle in Seattle, someone would always end up saying, "Yesterday no one even knew there was a WTO."

Someone would always answer, "Now they know there is one, they just don't know what is does." And we'd all laugh.

This is what the WTO does. They are the people who run the world, they have laws beyond and outside of our laws written by and for them.

Our government officials are little more than puppets.

[Fire1]

14. HA!! That puts "Obama bashing" to bed!! n/t

[asdjrocky]

15. What?

I'm sorry, I'm not trying to be rude, but that makes no sense to me. Can you explain what you mean?

[Fire1]

18. Refer to post #6 for further clarification. n/t

[asdjrocky]

20. And?

I've been saying that it looks like this administration may be a tool of big money since I saw the cabinet.

Maybe I'm just dull, but I still don't understand the point you are trying to make.

[Fire1]

24. Not just THIS administration. Who was president in 1999 and

who was president after him?? They've ALL been tools!! THAT'S my point!

[asdjrocky]

28. Sorry I'm so dull.

We agree!:toast:

[Fire1]

30. Glad we cleared that up! lol!!

:toast:

[asdjrocky]

31. What can I say, new harvest.

:smoke:

[Fire1]

32. Puff puff pass! lol!! Two puff rule!!

[Jackpine Radical]

75. Hey, I'm in too.

:toast:

:smoke:

[WillyT]

16. Yep... As Foretold In The 1976 Film, 'Network'...

<snip>

Arthur Jensen: I started as a salesman, Mr. Beale. I sold sewing machines and automobile parts, hair brushes and electronic equipment.(puts arm around Beale's shoulders)

Arthur Jensen: They say I can sell anything. I'd like to try to sell something to *you*.

Arthur Jensen: (bellowing) You have meddled with the primal forces of nature, Mr. Beale, and I won't have it! Is that clear? You think you've merely stopped a business deal. That is not the case! The Arabs have taken billions of dollars out of this country, and now they must put it back! It is ebb and flow, tidal gravity! It is ecological balance! You are an old man who thinks in terms of nations and peoples. There are no nations. There are no peoples. There are no Russians. There are no Arabs. There are no third worlds. There is no West. There is only one holistic system of systems, one vast and immane, interwoven, interacting, multivariate, multinational dominion of dollars. Petro-dollars, electro-dollars, multi-dollars, reichmarks, rins, rubles, pounds, and shekels. It is the international system of currency which determines the totality of life on this planet. That is the natural order of things today. That is the atomic and subatomic and galactic structure of things today! And YOU have meddled with the primal forces of nature, and YOU...WILL...ATONE!

Arthur Jensen: (calmly) Am I getting through to you, Mr. Beale? You get up on your little twenty-one inch screen and howl about America and democracy. There is no America. There is no democracy. There is only IBM, and ITT, and AT&T, and DuPont, Dow, Union Carbide, and Exxon. Those *are* the nations of the world today. What do you think the Russians talk about in their councils of state, Karl Marx? They get out their linear programming charts, statistical decision theories, minimax solutions, and compute the price-cost probabilities of their transactions and investments, just like we do. We no longer live in a world of nations and ideologies, Mr. Beale. The world is a college of corporations, inexorably determined by the immutable bylaws of business. The world is a business, Mr. Beale. It has been since man crawled out of the slime. And our children will live, Mr. Beale, to see that . . . perfect world . . . in which there's no war or famine, oppression or brutality. One vast and ecumenical holding company, for whom all men will work to serve a common profit, in which all men will hold a share of stock. All necessities provided, all anxieties tranquilized, all boredom amused. And I have chosen you, Mr. Beale, to preach this evangel.

Howard Beale: Why me?

Arthur Jensen: Because you're on television, dummy. Sixty million people watch you every night of the week, Monday through Friday.

Howard Beale: I have seen the face of God.

Arthur Jensen: You just might be right, Mr. Beale.

<snip>

Link: http://www.imdb.com/title/tt0074958/quotes

[asdjrocky]

19. As brought plainly into view by this article in The Nation

from over a year ago-

The WTO is called a trade agreement, but it is better understood as a powerful delivery mechanism for a package of neoliberal policies, many unrelated to trade, that provide new rights for capital and new constraints on governments' abilities to ensure their populations' well-being. Signatory countries are obliged to conform their service-sector, investment and development, food, government procurement, intellectual-property, environmental and safety policies to constraints enumerated in the seventeen agreements the WTO enforces. Domestic policies that violate these agreements can be challenged in WTO tribunals, with trade sanctions imposed until countries comply with WTO dictates. Almost 90 percent of challenged policies have been found to violate the rules. Now a mere threat of challenge often results in initiatives being chilled, as occurred earlier this year when provisions in Obama's stimulus package ensuring that our tax dollars created jobs for Americans were weakened to comply with the WTO's ban on procurement policies favoring local workers, goods and services.

<snip>

The Obama administration's default position has been to support the Doha Round's conclusion, with the old Bush policy still standing in as the US position. However, this reflects a lack of attention rather than carefully considered policy. Bush's 2001 Doha Round agenda fundamentally conflicts with the Obama administration's domestic priorities--existing WTO rules must be altered for Obama to deliver on the goals that will determine his success as a president. This includes eliminating WTO limits on how tax dollars may be spent to create US jobs and stimulate the economy, and removing existing financial deregulation requirements that conflict with key proposals now before Congress to stabilize the economy. By highlighting these conflicts--and organizing our demands for change--global justice activists can create an imperative to turn around the WTO.

Indeed, Obama made impressive reform commitments during the 2008 campaign, repeatedly pledging to change the rules of the global economy to work for all Americans, not just special interests, including specific WTO changes. And early attempts by Obama's trade representative, former nuclear industry lobbyist Ron Kirk, to push through Congress Bush's leftover NAFTA expansion agreements with Colombia and Panama were derailed by the White House, which recognized the political consequences of such folly. But corporate interests are putting enormous pressure on Obama to continue the failed model. Newspaper editorials slam him as a protectionist every time he questions the status quo. Plus, there are no high-level reform proponents inside the administration, where Clinton-era personnel involved in creating this mess lead the economic team.

Same as it ever was.

the rest-
http://www.thenation.com/doc/20091221/wallach

[WillyT]

25. Wow... I'm Even More Depressed Now...

Thanks... I think...

LOL!

:banghead:

:silly:

:hi:

[asdjrocky]

29. Sorry, I know it sucks.

It's kind of how I felt after reading People's History the first time.

It gets better, you learn to laugh.

:hi:

This is a super awesome swell thread by the way.

[WillyT]

34. You Ever See This One ??? - Bill Moyers On NAFTA And Chapter 11

Link: http://www.pbs.org/now/politics/tradingdemocracy.html

Transcript: http://www.pbs.org/now/transcript/transcript_tdfull.html

Also depressing, LOL!!!

:shrug:

:hi:

[dixiegrrrrl]

44. Well damn....THAT's why Obama is powerless.

I missed this last night, asdjrocky.

This needs to be posted as a separate thread, more people need to see it.
The New World Order has arrived, apparently.
We have a puppet government.
Sure explains a lot.

[asdjrocky]

47. Pleas post it.

When we were in Seattle no one knew who the WTO was.

Now that some people know who they are, we need to let them know what they do.

WTO = Puppet Masters

You'll notice the usual crowd of boosters will have little to say about this.

[dixiegrrrrl]

43. 1976...my god.

I gotta watch that again.
That should be required viewing every month or so.
Thanks for reminding me of it.

[BrklynLiberal]

58. Was Paddy Chayefsky a genius..or what?????

[WillyT]

74. Yes He Was !!!

:hi:

[dixiegrrrrl]

41. Battle in Seattle had an effect, btw...

check this out:

From a National Intelligence Report I copied off the site:

Prospects for WTO Trade Negotiations After Seattle:
Foreign Strategies and Perspectives
1 May 2000

"the WTO has suffered a substantial loss of credibility,
which will impair efforts to launch a new Round in the near term.
There is no immediate alternative to strong US leadership, and WTO negotiations will be more complicated because developing countries and nongovernmental organizations will be more inclined to resist trade liberalization efforts
that they believe do not advance their interests."

Whoot !!!!!

[asdjrocky]

64. dixiegrrrrl-

I will always look at those few days as just about the biggest win my long years as a protester and activist

We actually shut them down for one day with a human chain blocking the streets.

They haven't tried to do it in the USA again, because they know we are ready.

An amazing time.

[dixiegrrrrl]

85. I am proud to say my son was there.

I worried about him, but told him I would go his bail.
Least I could do.

Good on you, too!!!!

:yourock:

[newspeak]

91. it's the new world order baby!

Poppy mentioned the NWO and Kissenger recently mentioned the NWO. Now, what would the NWO be? My perception of the NWO is corporate rules all. Break down nations until they have less power--corporate rule trumps the will of the people in all nations. And, the WTO is the prime engine for enacting the NWO. Bye-bye democratic states-for corporate will overrides any government.

Now, I think I'll don my hat. :tinfoilhat: I've been reading about this since Poppy first termed the NWO--I'd really hate for my perceptions to be right.

[Subdivisions]

17. ATTENTION! FRONTLINE-PBS is covering the financial crisis going back to

this period when the WTO thing was done. Might be interesting to see if they mention the agreement.

[WillyT]

21. Which Can Also Be Seen Online Here:

Thanks for reminding me, Sub!!!

:hi:

Link: http://www.pbs.org/wgbh/pages/frontline/view/?utm_campaign=homepage&utm_medium=topnav&utm_source=topnav

There are 3 or 4 here on the economy, including tonight's.

WillyT

:kick:

[asdjrocky]

22. Thanks Subdivisions

just set my reminder!

[upi402]

26. Me too. Wonder if Clinton will be discussed.

Kick

[asdjrocky]

27. I hope so, we were sure discussing him in 99. nt

[Subdivisions]

33. He was mentioned and the part of those in his administration that were

involved in deregulation. They are covering Brooksley Born, who warned about the impending crisis and was cold-shouldered by Rubin, Greenspan, Summers, and Geithner.

[upi402]

23. I read dixiegrrrrl posts all the time

:deep bow:
:patriot:

[dixiegrrrrl]

46. ....shucky gee whiz.....

[asdjrocky]

37. This deserves a morning kick.

[mmonk]

38. Amen.

[pleah]

40. K&R

[Odin2005]

42. This is how the Transnational Elites override the will of the people.

[malaise]

45. K& R

That was the Washington Consensus on steroids - deregulate, divest, devalue and die as debt devours the delusional.

[tomp]

48. march, 1999...those damn repubs!...

...oops.

do you get yet that it's one party?

[blm]

61. Fascists and neo-Fascists. Any HONEST Dem gets targeted for takedown or ignored completely

by the corporate controlled media.

[Veruca Salt]

49. k&r, keep it visible!

:kick:

[Vidar]

50. K&R.

[slipslidingaway]

51. Marking for later- thanks. So THAT's why we are not regulating banks... n/t

[defendandprotect]

52. More corporate nonsense moving our Congress out of decision making . . .

If we need anything desperately it is reregulation of capitalism --

renewal of Glass-Steagall --

Are we nuts?

This is absolutely criminal corruption!!

[bobthedrummer]

53. Thanks! K&R

[Lorien]

56. K & R nt

[Mithreal]

57. How did this info take so long to enter the debate? K&R

[BrklynLiberal]

59. K & R # 100!!!

[Mithreal]

63. Any evidence, you know, with the adults in charge, that Dem Leadership

ever tried to explain their hands were tied by these agreements and we just wouldn't listen?

[KansDem]

65. Kay 'n Ray!!!

[SaveOurDemocracy]

66. Thank you dixiegrrrrl and WillyT. I hope Rachel &/or KO

will explore and expose this situation.

I guess that explains the arrogance of the banksters and wall street. They can act with impunity.

[gorfle]

67. Holy shit!

This is a freaking money atomic bomb!

Why have I never heard any of this in the news before?

[RaleighNCDUer]

68. WTO = 'New World Order' nt

[LSK]

69. So is Germany, France, UK etc signatories to the WTO and have they introduced new regs since then???

If they have then this is not a valid excuse.

[Swamp Rat]

70. k&r

[emsimon33]

71. OMG! This means we have no control over our financial future!

[emsimon33]

72. GD Clinton! What a F*CK bastard!!!!!!

[bertman]

73. I guess someone owes all those "tin-foil hatters" and "loonies" an apology. There IS a CONSPIRACY

to subjugate the entire planet. It is not some crazy person's paranoid fantasy.

A quick check of the WTO website reveals that there are 153 nations who are members, plus another group of "observer nations". (Wonder what they're observing? Probably observing all of their resources and cash going bye-bye.) Basically it's a Who's Who of developed and even not-so-developed nations who are in this club.

This is slightly off topic, but does anyone else know who Fritz Thyssen was? Just a quick synopsis: German businessman who bankrolled the Nazis and was allied with many of the folks who plotted to overthrow FDR--including Shrub's grandaddy Prescott Bush. Anyway, is it coincidence that this former Bush Advisory Asshat who accuses President Obama of inviting attacks on the U.S. is also named Thiessen--an anglicized version of Thyssen perhaps? Just wondering.

Recommend.

[Jackpine Radical]

76. Say what?

:tinfoilhat:
:smoke:

[bertman]

88. Nice hat, JR. I've got one too.

[Jackpine Radical]

89. Why, thank you, Bert.

I sold my whole collection of them to a wingnut friend when Obama was elected, but that was a rash move on my part and now I'm having to replace them.

This one was always my favorite for everyday wear:

[bertman]

93. Napoleon would have envied you your hat!

[upi402]

77. James Fallows is curiously secure about USA's future

I read him in Poli-Sci and Int'l Relations classes. I usually agree 100%. He wrote an articel in the Atlantic, where he returned from 3 years in China and thinks folks like me are too deep into the doomsday scenario. Makes me question myself, I havta say.

I've been right since Jimmy Carter about stuff as it turns out, except that I believed Colin Powell before the UN. Fallows has me questioning myself again.

[bertman]

87. I don't see this as "doomsday scenario" so much as the dreaded black helicopter/world gummint

scenario.

Of course, if the world gummint guys don't get on the stick and start dealing effectively with global warming, it could be a doomsday scenario for hundreds of millions of us homo dumbassuses. Or maybe even for ALL of us and most of the other oxygen-dependent species.

Now there's a tin-foil theory for ya.

P.S. In a nutshell what does Fallows say? I've read some of his stuff and thought of him as well-informed.

[asdjrocky]

78. Kicking again.

In my humble opinion this is the most important information on DU.

Beware the WTO.

[proud patriot]

79. K and R

[Little Star]

80. k&r

[Uncle Joe]

81. Kicked and recommended

Thanks for the threads, Willyt & dixiegrrrrl.

[Trillo]

83. When it comes to treaties,

Representatives seem a bit out of the consultation loop.

It seems another constitutional flaw.

[asdjrocky]

84. But as long as we keep looking the other way.

The WTO will continue to rule the world.

[Veruca Salt]

90. Back to the top with you!

:kick:

[grantcart]

92. I am not a WTO basher but the truth is that the WTO is "owned"

by the US

Not in a conspiratorial way but the fact is that the WTO is an extension of American thinking, and American policy.

If we went back to the WTO and said that there needed to be radical changes then they would take it very seriously.