New reporting this week further exposes how Investor State Dispute Settlement, or ISDS—a legal system enshrined in thousands of global treaties, including the pending Trans Pacific Partnership (TPP)—empowers corporations and rich investors at the expense of citizens and democracy.
It’s too bad that the oligarchy has chosen to fight the transition from Capitalism to Socialism by capturing as much wealth for themselves as they can get away with.
“And the lack of transparency means that lawyers acting as arbitrators or advocates in one case could be unnamed investors in other cases, and nobody would ever know.” Kinda like Superdelegates picking our choses for Prez, or not being allowd to know what politicians, who are public citizens, what companies they have invested in, especially vompanies part of this issue and the TPP.
"The fact that TTIP has failed is testament to the hundreds of thousands of people who took to the streets to protest against it, the three million people who signed a petition calling for it to be scrapped, and the huge coalition of civil society groups, trade unions, progressive politicians and activists who came together to stop it,” writes Kevin Smith of Global Justice Now, an organization that has worked to fight TTIP in the United Kingdom.
While the TPP has become a lightning rod for labor and other progressive organizations in the United States, the TTIP has slipped mostly under the radar stateside. That’s partially because talks over it, which began in 2013, have taken place almost entirely behind closed doors. Among the proposals unearthed are provisions to open European public services to U.S. businesses and to scale back online privacy protections. European groups have also raised the concern that the deal could send jobs from their continent to the United States, where trade unions and labor protections are weaker than in the EU.
Like the TPP, the TTIP would dismantle regulations in areas like banking and the environment by limiting governments’ ability to impose rules on transnational corporations. Both trade deals would further allow the investor-state dispute settlement system, which permits corporations to sue states. (TransCanada Corp.—the Canadian company behind the now-defunct Keystone XL oil pipeline—is currently seeking $15 billion from Washington under a similar NAFTA provision for rejecting the controversial project.)
Here’s an idea. Wall Street could buy ISD lawsuits, bundle them up as derivatives, generate lawsuit-default swaps, and sell them as AAA-rated assets to people to whom Wall Street would lend the money to buy them, bundle up the resultant debts as AAA-rated assets, generate credit-default swaps and sell them as assets, lending the buyers money to buy them and … .A perpetual money machine. Isn’t capitalism wonderful? Indeed, Wall Street could create the very ISD lawsuits they want to sell! Think of the commissions to be earned!
The interesting thing about the Al Capone issue is that it gave legal precident for Americans to be charged with tax evasion because there is no law to force payment to the IRS. Taxation without representaion is what its called. Look at your pay stub. Look for the itemization of taxes, oh wait, there aren’t any. Thats what taxation without representation is. But I digress.