The establishment of a parallel legal system, only available to corporations, that can overrule national courts in trade matters is a scandal. An American international trade expert, asked the reason for the unaccountable parallel legal system set up under recent trade agreements in countries that have had strong legal systems for centuries replied, “We have adequate safeguards”. That is all she would say. “Safeguards”? For whom? One wonders if President Obama, desperate to get a huge US-EU trade deal, has the slightest idea about what he wants to sign. We are all being sandbagged.
Recently a trade agreement was signed between Canada and the EU. It contained the same “investor-state dispute settlement” arrangements as TTIP. It appears that the Canada-EU Trade Agreement is a so-called “mixed agreement”, which means it must be ratified by every one of the 28 member EU States — a much higher hurdle to clear than just EU approval.
One legal opinion states that the establishment of investor-state arbitration tribunals in CETA, allowing for corporate sovereignty over every nation state, violates the judicial monopoly of jurisdiction laid down in EU law (Article 19 TEU [Treaty on European Union] in conjunction with Articles 263ff Treaty on the Functioning of the European Union, and [German] constitutional law (Article 92 BL). Furthermore, the EU does not have the competence to extend such a procedure to portfolio investments and to the field of financial services.
The good news is that the Canada-EU Trade Agreement is not just a trade agreement, but affects many areas of daily life that are normally determined by politicians, not unaccountable negotiators working in secret.
The Germans now lead the objections to the corporate sovereignty clause. Thank heaven for Germany; you cannot rely on the pushover British to stick up for democracy any longer. As for the US, they are doing as master tells them.
One almost feels one is living in a totalitarian state. In Europe huge numbers of peope have been protesting ISDS, and it has been all over the newspapers, even the right- wing ones. Rightly.
In America? Total silence. As far as I know, there has been nothing about this disgraceful innovation in the media, and no debate in Congress. I am fortunate to know several usually well- informed and senior economists, and no one had heard of ISDS. My wife and I have been trying to make as many people as possible aware of it. Of course, it is largely the American corporations that will benefit. Thus, a pall of silence descends. But the intelligent and well-disposed, when it is explained to them, are shocked, and so they should be.
How many free trade agreements will it take for people to learn? This is nothing more than an opportunity for America’s elite to lower European standards to American levels. Wages will fall, unions will lose power, holidays will be reduced and the welfare state diminished because of this. We must force our governments to end this deal, and impose a global wealth tax on the elites to create jobs, pay our debts, and rebuild our infrastructure.
In addition to this, I am sick to death of Labour, the Democrats and the EU pretending they are left wing. They are not, and the secrecy of this deal proves it. What Britain and America need, is a truly left wing party like Die Linke in Germany, Podemos in Spain or Syriza in Greece. They have all promised to renationalise key aspects of industry, impose the wealth tax and control the world finance system. Its time for an end to capitalism and the lie that is social democracy: Viva La Revolution!
How have your generation been sidetracked and bamboozled into a general torpor.?
Throughout history it has been the young who have been out on the streets, on the barricades, rebelling. Put up tuition fees and there is a bit of grumbling, but see the country you have to live in for another 80? years sold off to a rich cabal, you all go out taking silly photos on your cellphones or watch “the match” on the telly. ( it isn’t your personal responsibility, it is a general responsibility). I would love to see the young decide enough is enough.
Haha!! You’re absolutely right, my generation is the most apathetic and complacent generation yet. While your generation was burning draft cards and demanding sexual liberation, ours sits idly by. The UK government is engaging in a massive wealth redistribution plan away from the young and towards the old, by protection things that primarily benefit the elderly such as pensions and the NHS, while subjecting education, science and social services to savage cuts. In America, college can cost more than $60000 a year, especially when living expenses are factored in. Meanwhile housing costs on both sides of the Atlantic are reaching extortionate levels, while wages remain stagnant. Its time we stop pretending that the government is doing its best, and start demanding real action.
Its also worth pointing out that if the Conservatives win the next election, Osborne will reduce the state as a % of the economy to below that of the US. Even without this trade deal, the good life that Epicureans value is under serious threat.
If you go out on the streets, Owen, and lead a revolution, you have one follower. Two, actually. I can’t understand how some people, who claim to be Epicureans, can support these corrupt right- wing governments. Most people tend to grow up. I worked for two Conservative MPs in my youth ( they were very decent people, I have to say), but Mrs. T absolutely redicalised me and I grew up , too . But energy declines, you know.
If you’re looking for me to lead a revolution, you’ll be sorely disappointed. As an Epicurean, I have no desire to get involved in trying to change the political system, as it will probably make me miserable. But if you want to join me for some good food and a friendly, light hearted discussion of philosophy and politics then you’re more than welcome!
Good answer! Perhaps we can do just that sometime!