Posted May 12, 2016 by Martin Armstrong
The TTIP proposal is bought and paid for by the banks. Pick up the rug and you will always find the dirt. The USA has been fining European banks for vast amounts of money. The New York banks, especially Goldman Sachs, is shaking like a leaf at the thought that they could be hauled into European courts to pay for the collapse of Greek debt (for starters). The main stumbling block with TTIP is how, at the request of the bankers, the agreement prohibits any foreign country from suing New York banks anywhere outside of New York City — where they own all the judges today just as the mafia did during the Prohibition days.
Back in 1999, ex-Goldman Sachs U.S. Treasury Secretary Robert Rubin said that crafting a deal to allow China into the World Trade Organization (WTO) was “eminently doable.” Yes, it was Robert Rubin who orchestrated the repeal of Glass-Steagall, and few people realize that he also opened the door so that Goldman Sachs could sell derivative time bombs outside the USA. Rubin managed to stuff the financial services portion into the World Trade Organization Agreement and placed the world at Goldman Sachs’ doorstep.
“This deal covers 95% of the global financial services market as measured in revenue. With this deal, 102 WTO members now have market-opening commitments in the financial services sector, including 70 improved offers in this round of negotiations. The commitments before us now encompass $17.8 trillion in global securities assets; $38 trillion in global (domestic) bank lending; and $22.2 trillion in worldwide insurance premiums. In insurance alone, US companies now have more than $200 billion in foreign premiums.” (Statement by Secretary Rubin and Ambassador Barshefsky Regarding the Successful Conclusion of the WTO Financial Services Negotiations 12/13/1997)
TTIP is now all about protecting the banks from lawsuits because they blew up the world and seriously damaged the global economy. Under Ronald Reagan, the annual GDP growth was 3.5%. Obama will pray for 1.5%. Trading volume in the S&P 500 and the velocity of money crashed and burned after Rubin connived to repeal Glass-Steagall and gave birth to transactional banking. TTIP is by no means a real trade deal. It is one-sided and intended primarily to protect the New York bankers.