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WTO Panel Warned of Protectionism Threat
- Text size
Edward J. Cody
The Washington Post
February 12, 2009
The director-general of the World Trade Organization, Pascal Lamy, called Monday for a freer flow of trade information to help guard against protectionism as governments struggle to overcome the global economic crisis.
- A d v e r t i s e m e n t
Lamy, addressing the WTO’s new Trade Policy Review Body in Geneva, gave voice to rising fears, particularly among poor nations, that governments might succumb to pressure to restrict imports or subsidize home industries in the face of financial instability and economic troubles that have spread around the world since the Wall Street banking turmoil erupted last September.
Lamy said protectionist steps have been noted by the review body, but added that “the situation is, broadly speaking, under control.” He singled out President Obama and his Brazilian counterpart, Luiz Inácio Lula da Silva, for resisting what he described as protectionist pressures from industry and legislators.
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February 12th, 2009 at 11:37 am
As much as I hate the idiot box we all have in our living rooms that demand all our furniture be gathered around, this could be interesting tonight on cnbc
2/12/2009
TUNE IN TONIGHT: CNBC’s ‘House of Cards’ views the origins of the current economic crisis
By Kevin McDonough
United Feature Syndicate
It’s all television’s fault.
When mulling the current economic crisis, one essayist on PBS’ “News Hour” (6 p.m., PBS, check local listings) recently cited “Survivor” (8 p.m., CBS, season premiere).
She saw the show as an example of how viewers buy into obvious fakery in the name of drama. She derided self-deluded viewers for worrying about the starvation of bug-eating contestants when anyone with common sense knew that there were camera crews and caterers just out of view.
Financial catastrophe and willful self-delusion get serious treatment on “House of Cards” (8 p.m. and Midnight, CNBC), an impressive two-hour special report on the origins of the current financial mess, hosted by correspondent David Faber.
“House of Cards” focuses on victims of foreclosure as well as some of the more colorful scoundrels of the overheated credit market, among them Daniel Sadek, a recent immigrant with a third-grade education who sold easy credit on late-night commercials on cable television. He made so much money that he produced his own movie, “Redline,” a car-crash thriller starring Eddie Griffin.
The special does a so-so job of explaining just how these horrible loans were packaged on Wall Street into complex financial instruments and sold to investors all over the world. But even former fed chairman Alan Greenspan, interviewed here, has a tough time explaining the math and logic behind characterizing bad debt as Triple-A and investment-worthy financial instruments.
Faber interviews California brokers and Wall Street bankers who profited during the housing boom and later lost their jobs after the credit market collapsed. He also speaks with a Dallas-based investor who made a fortune creating a hedge fund that bet against the housing bubble.
Every interview subject describes a process in which no person or authority seemed to be able to say “no,” even when common sense dictated that the system was based on lies and the worst kind of wishful thinking.
When Faber asks Greenspan about the obvious problems of a deregulated market, the former oracle of the Fed falls back on a general defense of modern capitalism itself. He seems to be delivering a eulogy for his own era.
Michelle Reply:
February 12th, 2009 at 1:34 pm
Thanks for the post! I’ve set up my PVR to record it.
Michelle in Surrey, BC
Majik-d Reply:
February 12th, 2009 at 4:40 pm
Thanks for the post, I’ll have to check it out.
February 12th, 2009 at 11:40 am
Can’t have that can we. Imagine how the corporate crooks would have to accept less profit if they had to pay a decent wage.
February 12th, 2009 at 11:48 am
Noone mentions that we would be superior if we legitimized business and banking.
February 12th, 2009 at 12:10 pm
No country can survive year-after-year of Trade-Deficits,much less record-high Trade-Deficits. If U.S. companies had any brains at all, they would get 16 times the demand they now get from the U.S. consumer base if they would just ’sell their stuff’ to the Third-World(83% of mankind). You don’t have to be a rocket-sciencist to figure that out. But what does the nwo want, they want 300 million U.S. citizens(5% of mankind) to ‘give them aid’….how stupid.
February 12th, 2009 at 12:10 pm
Screw these poorer countries!
We need to take back our industry.
If every country worried about their own people first then we would not have these problems.
I am sick of these idiot countries that want us to screw our own people to help theirs!
Fuck em all!
2bwise Reply:
February 12th, 2009 at 1:01 pm
Just to make sure we’re on the same brain-wave,the U.S cosumer base is COMPLETELY TAPPED OUT. That’s what happens when a country gets year-after-year of Trade-Deficits. That’s why any ’stimulus package/interest-rate policy is completely not relevant. The ONLY WAY to correct it is with Tariff policy. I guess you didn’t know about what I call market-penetration which means the percentage of a countrys population participating in economic activity. The U.S.(5% of mankind)is at 100% penetration while the Third World(83% of mankind)is at less than 5%.
February 12th, 2009 at 12:40 pm
The propagandist at these global bodies such as the WTO have made it their ethos to call good “evil” and evil “good”. They speak of protectionism, which is a GOOD thing for any nation that seeks an ever rising standard of living, as if it harms “trade”. People have to be become congnizant of the fact that when these globalist speak of “free trade”, they are not talking about freedom in the sense that most people are thinking. IN fact they have taken the FREEDOM our of “free trade” and truth be told it has very little to do with trade. It has more to do with making Asia and Latin America the worlds sweatshops by passing legislation such as NAFTA and CAFTA that forces U.S. manufacturers into exile. Nafta actually rewards companies for going offshore. “Free trade” means removing any and all barriers to their economic hegemony. When they speak of “free trade”, they are speaking of corporations literally usurping soveriegn governments. FOr instance the infamous chpater 11 provision in NAFTA allows corporations to sue the three governments (canada, mexica, U.S.) if they pass legislation that these companies are not fond of. Legislation such as BORDER CONTROL legislation, Land use LEGISLATION, ENVIRONMENTAL laws, and workplace safety laws. If you pass legislation that protects ordinary people from being exploited by the pwer structure, they can sue. ANd they have! In 2004 ETHYL CORPORATION, a chemical company, sued Canada for $213 million for passing legislation that banned a toxic chemical called “EMT”. ETHYL CORP filed a lawsuit at the World trade tribunal, a secretive court designed to rule in favor of corporations in the first place. Rather than risk paying millions to ethyl, canada simply repealed the law protecting its citizens from this hazardous material AND ended up paying ethyl $13 million. THe U.S. was also sued for $35 million dollars by a corporation ( i forget the name). Yes U.S. taxpayers coughed up 35 million bucks to a corporation becuase congress passed legislation they didnt like. SO “free trade” is about removing barriers to their economic exploitation. Once they have removed these barriers the globalists call that “freedom”. No nation can prosper if it doesnt make things. The core economic activity of any country is MANUFACTURING. WHy? Becaue wealth is determined by what you PRODUCE and SELL not what you consume. The U.S. and Europe are consumer co-operatives. Global shopping malls. ITs a lose-lose situation for the workers and consumers around the world. ON the homefrom we get unemployment becuase of outsourcing. THis increases federal and state debt because unemployed people tend to draw UNEMPLOYMENT BENEFITS that you andI pay for. We also get falling wages. WHy? Manufacturing jobs often pay double what retail and service jobs pay. THe U.S. is becoming a completely service economy. ANd the foreigners who end up with the jobs U.S. citizens used to do are exploited and given a meager sustenance. Many of these honest, hardworking folks have no rights in their country. They can’t form unions and organize for better wages because it is illegal for them to do so. THe NWO has colluded with foreign governments to intimidate and harrass and even incarcerate advocates for workers. They often work under deplorable condititons. SO who’s winning? THe corporate marauders thats who.
February 12th, 2009 at 1:15 pm
They are pre-empting! They dont want their plan for control to unravel!
February 12th, 2009 at 4:35 pm
The 2009 GRASSROOTS Infowars Money Bomb is LIVE!! Feb 12-22. GOAL: A small $5 donation from ALL 2 million plus listeners and supporters of the Infowar will inject $10 million to the cause for TRUTH, FREEDOM, JUSTICE and LIBERTY! The enemy has BILLIONS at their disposal so we need to push back en masse!! Please check out this video and Liberate Your Lincolns Today!
http://www.youtube.com/watch?v=Uns4n_Rd1do
February 12th, 2009 at 9:13 pm
Please read the Bible people! If you know how the story will end they can’t beat you with fear tactics.
Plus as smart and well researched as Alex Jones, Ron Paul and Tex Marrs are, do you think it is a coincidence that they are all Christians… Think about it.
http://www.youtube.com/watch?v=CG3Z8bYlvms
February 14th, 2009 at 2:24 pm
They can’t have economic stability through independence from the WTO—–we have to all crash together to insure their control as the outcome.