WikiLeaks Publishes Secret International Trade Agreement
schwit1 (797399) writes "The text of a 19-page, international trade agreement being drafted in secret was published by WikiLeaks as the transparency group's editor commemorated his two-year anniversary confined to the Ecuadorian Embassy in London. Fifty countries around the globe have already signed on to the Trade in Service Agreement, or TISA, including the United States, Australia and the European Union. Despite vast international ties, however, details about the deal have been negotiated behind closed-doors and largely ignored by the press. In a statement published by the group alongside the leaked draft this week, WikiLeaks said "proponents of TISA aim to further deregulate global financial services markets," and have participated in "a significant anti-transparency maneuver" by working secretly on a deal that covers more than 68 percent of world trade in services, according to the Swiss National Center for Competence in Research.
So, this agreement is about "Financial Services". In the section called "Transparency", it says:
"The Parties recognize that transparent regulations and policies governing the activities of financial service suppliers are important in facilitating their ability to gain access to and operate in each other’s market. Each Party commits to promote regulatory transparency in trade in financial services."
But then the whole agreement is secret. Great transparency there! It's kind of difficult to take this crap seriously.
All treaties are negotiated in secret. Furthermore, at least in the US, no treaty is in effect until it is ratified by the Senate, at which point all the elements of the treaty will be public and heavily debated down to the last comma.
It's great that Wikileaks is giving the world a heads-up view into what is being negotiated, but I don't understand why every Slashdot story about international treaties harps on "negotiated in secret" like that's unusual, or that a treaty can somehow take effect silently and invisibly.
"95% of all Slashdot
When it comes to corporate ownership, the parties are really no different. Just ask, when did you last see any politician of significent position advocate for less restrictive copyright law, or criticise the high subsidies granted to the agricultural industry?
There seems to be an informal agreement between the parties as to which issues are designated the 'subjects of debate' - ideally things which get the public's emotions running high, but don't actually have a significent impact on those in charge or corporate profits. Gay marriage, abortion, that sort of thing.
I am giving up my modeator opportunity on this just to call you a troll.
Who's talking about surprise!?
This is information coming into the open, that's what it is.
The events of the last five or six years have proven that financial markets and institutions have been over regulated.
Absolute BS. They haven't been over-regulated, they've been mis-regulated.
The Federal government has been blatantly ignoring antitrust laws, for example, while illegally regulating things it has no business or authority to regulate. It has been a combination of under-regulating and over-regulating... adding up to mis-regulation (and often illegal regulation, for that matter... they don't have authority to ignore laws any more than they have to enforce nonexistent laws).
For example, nobody disputes that Obama does not have unilateral authority, for example, to tell the EPA to impose vast new rules without the involvement of Congress. (Much less justified by EPA's "secret science".) Yet he's been doing it.
The behavior of corporations -- artificial persons created by state fiat -- is not a "private matter".
Tom Swiss | the infamous tms | my blog
You cannot wash away blood with blood
Canada was openly ridiculed by the US for not deregulating its financial industry right up until the financial disaster. By an large, Canada escaped disaster that plagued the other G8 countries in the banking meltdown.
So, we have recent proof that strict financial regulation works and yet they want to keep doubling down on deregulation?
---- The above post was generated by the Turing Institute. Maybe.
Nationalise the bank to ensure that investors who allowed such thing to happen lose everything regardless. In other words, make those guilty of taking the risk shoulder the consequences.
Then bail it out to save your taxpayers money.
The problem with current methodology is that government effectively agreed to be a free guarantor for big banks risks. Which in turn caused the crisis because banks, knowing government and its money has their back took insane risks because the profits were equally insane if successful. And for a while, they held. Until risks were realised and the entire thing came down like a house of cards.
The only way to normalise the system is to force those who take the risk shoulder the consequences. Otherwise, what we saw in 2007 was just the beginning of crises to come.
Any treaty binding the businesses of two or more countries would have to be known to all concerned, surely.