You arrogant ass. You've killed us!
It notes that the deregulatory orgy preceding the financial crisis was mandated by the WTO's Financial Services Agreement (FSA).
The FSA prohibits new regulations, and requires the repeal of old regulations.
The repeal of Glass–Steagall wasn't just a stupid move, it was required by the FSA.
And the director of the WTO at the time?
And what is he doing now?
Well, since 2003, he has been Chairman of Citigroup in Switzerland.
It's about whether or not "free trade" is a good thing, it's about the fact that the current multilateral trade regime is mired in delusional philosophy and staffed by pervasively corrupt functionaries.
As such, it must be reworked, because it's a recipe for disaster.
(Specifics on FSA provisions after the flip)
Among the previsions of the FSA, which the US as a signatory is bound to:
- Any new regulations on financial services were prohibited.
- Regulations must be rolled back even if they meet the meet General Agreement on Trade in Services (GATS) rules, if they might "adversely affect the ability of financial service suppliers of any other (WTO) Member to operate, compete, or enter the market."
- You are not allowed to ban financial services or financial products.
- You are not allowed to regulate financial service companies on the basis of size.
- Even if a regulation is fair, and applies equally to incumbents and foreign entrants, it does not matter: If it does not follow the Ayn Rand view of finance, it's banned.