Free Trade




I know. I’m just as shocked as you are. No doubt Mitt Romney will be quick to turn this into an anti-Obama attack ad. Writes Zach Carter at the Huffington Post:

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.

The leaked document has been posted on the website of Public Citizen, a long-time critic of the administration’s trade objectives. The new leak follows substantial controversy surrounding the secrecy of the talks, in which some members of Congress have complained they are not being given the same access to trade documents that corporate officials receive.

“The outrageous stuff in this leaked text may well be why U.S. trade officials have been so extremely secretive about these past two years of [trade] negotiations,” said Lori Wallach, director of Public Citizen’s Global Trade Watch in a written statement…


Now, why would a member of parliament in South Korea object so strongly to a free trade deal with the United States? Haroon Siddique reports in the Guardian:

An opposition MP set off a teargas canister in the South Korean parliament in a failed attempt to prevent the ruling party passing a free trade deal with the US.

Proponents said the deal, the largest US trade pact since the 1994 North America Free Trade Agreement (Nafta), could increase commerce between the two countries by up to a quarter. But the opposition claims it will harm South Korean interests, putting jobs at risk …


The Crime of Our TimeI came across this topic while working on the Disinformation-published The Crime Of Our Time, written by Plunder filmmaker Danny Schechter. To me, this is one of those topics, the media should be more concerned about, (60 Minutes did report on this last night), but I wonder if the fear of massive manipulation destroying confidence in the entire system is causing many to look the other way. 60 Minutes reports:

It may surprise you to learn that most of the stock trades in the U.S. are no longer being made by human beings, but by robot computers capable of buying and selling thousands of different securities in the time it takes you to blink an eye. These supercomputers — which actually decide which stocks to buy and sell — are operating on highly secret instructions programmed into them by math wizards who may or may not know anything about the value of the companies that are being traded.

It’s known as “high frequency trading,” a phenomenon that’s swept over much of Wall Street in the past few years and played a supporting role in the mini market crash last spring that saw the Dow Jones Industrial Average plunge 600 points in 15 minutes. Most people outside of the industry know very little, if anything, about it. But the Securities and Exchange Commission and members of Congress have begun asking some tough questions about its usefulness, potential dangers, and suspicions that some people may be using computers to manipulate the market.