A newly leaked document has just revealed that the President has been working on measures that would hand over US sovereignty to foreign corporations, ruled by an ‘international tribunal’. The Huffington Post has critical words for the President’s recent efforts. The article goes on to talk about what the President has been busy doing behind the backs of the American people. Zach Carter writes: A critical document from President Barack Obama’s free trade negotiations with eight Pacific nations was leaked online early Wednesday morning, revealing that the administration intends to bestow radical new political powers upon multinational corporations, contradicting prior promises.”
To sum up the worst part of this trade agreement, the article explains:
Under the agreement currently being advocated by the Obama administration, American corporations would continue to be subject to domestic laws and regulations on the environment, banking and other issues. But foreign corporations operating within the U.S. would be permitted to appeal key American legal or regulatory rulings to an international tribunal. That international tribunal would be granted the power to overrule American law and impose trade sanctions on the United States for failing to abide by its rulings.”
Essentially, this measure would give multinational corporations the power to sue governments in order to repeal a law. The way it is described in the leaked document, the tribunal would be run by ‘private sector attorneys’ (most likely on corporate payrolls). So, in essence, it is a world-government-style ruling body that is of, by, and for the Corporate Powers-That-Be.
The Huffington Post article describes an instance of how this tribunal would become more powerful than sovereign national laws: In early June, a tribunal at the World Bank agreed to hear a case involving similar foreign investment standards, in which El Salvador banned cyanide-based gold mining on the basis of objections from the Catholic Church and environmental activists. If the World Bank rules against El Salvador, it could overturn the nation’s domestic laws at the behest of a foreign corporation.”
“We will not negotiate bilateral trade agreements that stop the government from protecting the environment, food safety, or the health of its citizens; give greater rights to foreign investors than to U.S. investors; require the privatization of our vital public services; or prevent developing country governments from adopting humanitarian licensing policies to improve access to life-saving medications.”
Yet nearly all of those vows are violated by the leaked Trans-Pacific document. His actions have indicated over and over that he is a corporatist.