In 2005, New Zealand, Chile, Brunei and Singapore created the Trans-Pacific Partnership. The partnership was a mutual trade agreement.
In 2008, the United States decided to take over the TPP and the Obama administration sponsored lobbyists to transform the TPP into an agreement designed to block the public regulation of health, the environment, or other public interest problems that might interfere with corporate profits – namely American corporate profits. Obama protected the big international companies and the bankers and punished the people who had been foolish enough to vote for him.
Obama’s bailouts made the crooks ever richer and impoverished still further the poor and the middle classes. The destruction of the middle classes and the poor is a deliberate neoliberal policy, in the same way that the destruction of Third World economies is a deliberate policy.
The American version of the TPP gave power to a new court (an Investor State Dispute Settlement court) which could stop governments from suing companies and investors who had caused damage. Worse still, ISDS tribunals could order governments to pay fines to foreign companies which felt that public regulations had impaired their profits. The tribunals could order a government to pay a company any amount it liked, without limit. And so the new court made it possible for bankers and companies to do what they liked to a country without any penalty. And if a bank or company felt that a country’s labour or safety regulations might damage its profits, it could sue the Government for loss of profits.
Full Article: https://earthnewspaper.com/the-shocking-story-of-the-trans-pacific-partnership-by-dr-vernon-coleman
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