Tag: Trans Pacific Partnership

Wall Street biggest friend in the Senate Charles Schumer doesn’t like the Trans-Pacific Partnership agreement, not so much for what’s in it but what isn’t, currency controls. Because the secret agreement being negotiated by the Obama administration doesn’t contain a clause that would protect currencies from being manipulated, Sen. Schumer is free to discuss it and why it’s important. In an interview and article at Huffington Post, he goes into the details about his concern and how currency manipulation hurts international trade and manufacturing.

A decade ago, or perhaps a little longer, New York Democratic Sen. Chuck Schumer had an epiphany during a visit to a Crucible Industries steel plant in Syracuse.

His realization has proved enduring, and a decade later, it threatens to derail the grand trade agenda of his fellow Democrat, President Barack Obama.

The lightning bolt that lit up Schumer’s imagination that day was delivered by managers at the specialty steel factory, who complained of a surprisingly simple and profound fact that few people ever consider if they don’t deal in international commodities. Steel fabricators in Schumer’s state were losing sales not because of any failing on their part, but because the government of China was using a trick of the international currency market to keep Chinese manufacturers’ goods as much as one-third cheaper.

The label for the practice is currency manipulation, and Schumer has harped on it ever since — in meetings with business leaders, on the Senate floor, in hearings, and with legislative offerings.

But what exactly is it, and why does does it matter? And why is it so important to many Democrats that if it’s not addressed in the ongoing push for massive new trade pacts, they’re willing to torpedo their own president’s agenda? [..]

The numbers of jobs lost from manipulation, and the flip-side potential gains from ending it, are what make it so important for many lawmakers, on both sides of the aisle. Republicans, such as Sens. Lindsey Graham (S.C.), Susan Collins (Maine) and Jeff Sessions (Ala.), have been strong proponents for legislation that would crack down on currency manipulation.

But for Democrats, many of whom support the goals Obama is striving for in his pursuit of the Trans-Pacific Partnership agreement with 11 Pacific Rim nations, and the Transatlantic Trade and Investment Partnership with Europe, currency manipulation is especially important because many suspect Obama will be unable to enforce the stronger labor and environmental standards called for in those trade deals. [..]

But in a sign of just how important currency manipulation is to several countries that would be included Trans-Pacific Partnership, Obama administration officials who testified on Capitol Hill last month almost universally warned that passing currency measures would be a trade-deal killer.

President Barack Obama has asked congress to abrogate its constitutional responsibility to pass the Trans-Pacific Partnership Agreement (TPP) with little to no debate and no changes or amendments. At this time, the House does not have the votes to pass the fast track bill. He has met with resistance from his own party, going so far as to say that Senator Elizabeth Warren (D-MA) was spreading misinformation and didn’t know what she was talking about, in other words, lying. In reality, it is the president who is lying to the American public to push a free trade bill, that appears to be worse than NAFTA which has nearly destroyed American manufacturing. Thanks to Wikileaks you can read some of the draft provisions here.

Sen. Warren has been a leader in the fight to stop the fast tracking of TPP, she is now joined by Representative Alan Grayson (D-FL) to stop the TPP.

Watch This Democrat Make The Case For Why Obama’s New Free Trade Deal Would Be Awful For America

By Sam Levine, Huffington Post

After President Barack Obama accused critics of his proposed trade deal of being wrong on the facts, one member of Congress released a lengthy video explaining point-by-point why he believes free trade has hurt the United States and why a new deal would be even worse.

After facing vocal criticism from Sen. Elizabeth Warren (D-Mass.) and other Democrats on his trade deal, called the Trans-Pacific Partnership, Obama accused the members of his own party of spreading misinformation. In a town hall last week, Obama challenged his critics, saying that he would be happy to debate them on the facts of the deal.

In a nine-minute video, which will be sent out to 1 million members of the Progressive Change Campaign Committee on Thursday morning, Rep. Alan Grayson (D-Fla.) seems to try to meet that challenge.

Free Trade More Like Fake Trade

Americans are creating tens of millions of jobs in other countries with our purchasing power, and we are losing tens of millions of jobs in our country, because foreigners are not buying as much of our goods and services.

What are they doing? They’re buying our assets. So we lose twice. We lose the jobs, and we are moving further toward national bankruptcy. That is the end game.

Sign the petition to Stop the TPP at Treachery.com