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View Diary: UPDATED 3X: The Peru FTA's Expanded Giant Sucking Sound Just Got Louder - thanks 2 Clinton and Obama (81 comments)

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  •  Yes ask unions! (7+ / 0-)

    If this agreement passes:

    Foreign investors based in Peru will have the right to question our domestic laws and receive compensation if such laws if they undermine corporate profits.

    Incentives are provided for U.S. companies to leave the U.S. under the investment chapter of the agreement.

    The sovereignty of local, state and federal U.S. government bodies will be undermined. Foreign companies will be able to bypass "Buy America" laws.

    Nor does the bill protect workers in Peru. If it passes,

    Nothing will change for the 33,000 slave-laborers cutting down the Amazonian rainforest.

    Subsistence farmers will be forced off their land because cheap U.S. food produced by agribusiness will undercut their prices. The same thing happened with NAFTA, which resulted in millions of poor Mexicans leaving their farms.

    According to some interpretations, Citibank will have the right to sue the Peruvian government if the country tries to reverse its disastrous system of privatized Social Security – thus allowing a powerful multinational to profit at the expense of the elderly, the sick and the poor.

    "While the Peru Free Trade Agreement contains important improvements, it is still nothing more than an expansion of the job-killing NAFTA model," said Teamsters General President Jim Hoffa. "I’m astounded that members of Congress would even consider passing more of these free trade agreements that workers hate.

    "Don’t they understand that average wages are falling largely in part because of these unfair trade agreements?"

    Teamsters: Peru Trade Bill Bad for Workers in Both Countries

    "The truth is the system in Washington is corrupt." John Edwards

    by TomP on Thu Nov 08, 2007 at 09:39:04 AM PST

    [ Parent ]

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