Under the cover of night President Obama announced a new NAFTA-style “free trade” deal with Korea — but it’s not all that new. It’s got all the same provisions in it that he vigorously opposed on the campaign trail when George W. Bush originally negotiated the deal. 1,
With 15.1 million people currently unemployed in the United States, it is insane to extend the same labor force.privileges to Korea that have already ransacked America’s manufacturing sector and decimated our
President Obama is going to send this NAFTA-style to Congress very soon. We need to put a stop to this new NAFTA immediately, so Congress needs to hear from you now.
President Obama says he’s doing this to create jobs.2 As Paul Krugman points out today, it won’t. 3 But killing jobs is just the beginning of what’s wrong with the NAFTA-style Korea Free Trade deal.
Like its job-killing cousins NAFTA and CAFTA, this Korean trade deal would:
- Allow foreign corporations to operate inside the United States under privileged international trade agreements, rather than having to obey our laws that apply to our businesses. 4
- Prohibit us from limiting the size of banks, making us give up the right to decide what “too big to fail” is on our own shores
- Ban the government’s ability to adopt “buy American” policies
- Prohibit us from banning risky financial goods and services (like derivatives trading), otherwise US taxpayers will have to pay compensation to international companies for the profits they won’t be able to reap from engaging in such transactions
- Force the United States to submit to the judgment of foreign tribunals
- Elevate foreign corporations to equal status with the sovereign United States, empowering foreign companies with new rights to sue the U.S. government before the UN and World Bank tribunals, skirting US courts.
Think that can’t happen? To date, US taxpayers have paid out over $400 million in compensation to foreign corporations from such cases under NAFTA. And we spent million in legal costs even on cases we won, with billions more outstanding in unsettled cases. 5
This is a giveaway of American jobs and American sovereignty to foreign corporations. We need Congress to stop the Korea “free trade” deal in its tracks.
Make no mistake – the Korea Free Trade deal is as dangerous to America as NAFTA, CAFTA, and the rest of the “free trade” deals. Thanks so much for standing up to this new NAFTA.
– Jane Hamsher