Fast-tracking TiSA: Stealth Block to Monetary Reform by Ellen Brown + Backlash Against #TPP Grows as Leaked Text Reveals Increased Corporate Control of Public Health

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Image by Peg Hunter via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog
June 12, 2015

It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. — Attributed to Henry Ford

In March 2014, the Bank of England let the cat out of the bag: money is just an IOU, and the banks are rolling in it. So wrote David Graeber in The Guardian the same month, referring to a BOE paper called “Money Creation in the Modern Economy.” The paper stated outright that most common assumptions of how banking works are simply wrong. The result, said Graeber, was to throw the entire theoretical basis for austerity out of the window.

The revelation may have done more than that. The entire basis for maintaining our private extractive banking monopoly may have been thrown out the window. And that could help explain the desperate rush to “fast track” not only the Trans-Pacific Partnership (TPP) and the Trans-Atlantic Trade and Investment Partnership (TTIP), but the Trade in Services Agreement (TiSA). TiSA would nip attempts to implement public banking and other monetary reforms in the bud.

The Banking Game Exposed

The BOE report confirmed what money reformers have been saying for decades: that banks do not act simply as intermediaries, taking in the deposits of “savers” and lending them to borrowers, keeping the spread in interest rates. Rather, banks actually create deposits when they make loans. The BOE report said that private banks now create 97 percent of the British money supply. The US money supply is created in the same way.

Graeber underscored the dramatic implications:

. . . [M]oney is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There’s really no limit on how much banks could create, provided they can find someone willing to borrow it.

Politically, said Graeber, revealing these facts is taking an enormous risk:

Just consider what might happen if mortgage holders realised the money the bank lent them is not, really, the life savings of some thrifty pensioner, but something the bank just whisked into existence through its possession of a magic wand which we, the public, handed over to it.

If money is just an IOU, why are we delivering the exclusive power to create it to an unelected, unaccountable, non-transparent private banking monopoly? Why are we buying into the notion that the government is broke – that it must sell off public assets and slash public services in order to pay off its debts? The government could pay its debts in the same way private banks pay them, simply with accounting entries on its books. What will happen when a critical mass of the populace realizes that we’ve been vassals of a parasitic banking system based on a fraud – that we the people could be creating money as credit ourselves, through publicly-owned banks that returned the profits to the people?

Henry Ford predicted that a monetary revolution would follow. There might even be a move to nationalize the whole banking system and turn it into a public utility.

It is not hard to predict that the international bankers and related big-money interests, anticipating this move, would counter with legislation that locked the current system in place, so that there was no way to return money and banking to the service of the people – even if the current private model ended in disaster, as many pundits also predict.

And that is precisely the effect of the Trade in Services Agreement (TiSA), which was slipped into the “fast track” legislation now before Congress. It is also the effect of the bail-in policies currently being railroaded into law in the Eurozone, and of the suspicious “war on cash” seen globally; but those developments will be the subject of another article.

TiSA Exposed

On June 3, 2015, WikiLeaks released 17 key documents related to TiSA, which is considered perhaps the most important of the three deals being negotiated for “fast track” trade authority. The documents were supposed to remain classified for five years after being signed, displaying a level of secrecy that outstrips even the TPP’s four-year classification.

TiSA involves 51 countries, including every advanced economy except the BRICS (Brazil, Russia, India, China, and South Africa). The deal would liberalize global trade in services covering close to 80% of the US economy, including financial services, healthcare, education, engineering, telecommunications, and many more. It would restrict how governments can manage their public laws, and it could dismantle and privatize state-owned enterprises, turning those services over to the private sector.

Recall the secret plan devised by Wall Street and U.S. Treasury officials in the 1990s to open banking to the lucrative derivatives business. To pull this off required the relaxation of banking regulations not just in the US but globally, so that money would not flee to nations with safer banking laws.  The vehicle used was the Financial Services Agreement concluded under the auspices of the World Trade Organization’s General Agreement on Trade in Services (GATS). The plan worked, and most countries were roped into this “liberalization” of their banking rules. The upshot was that the 2008 credit crisis took down not just the US economy but economies globally.

TiSA picks up where the Financial Services Agreement left off, opening yet more doors for private banks and other commercial service industries, and slamming doors on governments that might consider opening their private banking sectors to public ownership.

Blocking the Trend Toward “Remunicipalization”

In a report from Public Services International called “TISA versus Public Services: The Trade in Services Agreement and the Corporate Agenda,” Scott Sinclair and Hadrian Mertins-Kirkwood note that the already formidable challenges to safeguarding public services under GATS will be greatly exasperated by TiSA, which blocks the emerging trend to return privatized services to the public sector. Communities worldwide are reevaluating the privatization approach and “re-municipalizing” these services, following negative experiences with profit-driven models. These reversals typically occur at the municipal level, but they can also occur at the national level.

One cited example is water remunicipalization in Argentina, Canada, France, Tanzania and Malaysia, where an increasing frustration with broken promises, service cutoffs to the poor, and a lack of integrated planning by private water companies led to a public takeover of the service.

Another example is the remunicipalization of electrical services in Germany. Hundreds of German municipalities have remunicipalized private electricity providers or have created new public energy utilities, following dissatisfaction with private providers’ inflated prices and poor record in shifting to renewable energy. Remunicipalization has brought electricity prices down. Other sectors involved in remunicipalization projects include public transit, waste management, and housing.

Sinclair and Mertins-Kirkwood observe:

The TISA would limit and may even prohibit remunicipalization because it would prevent governments from creating or reestablishing public monopolies or similarly “uncompetitive” forms of service delivery. . . .

Like GATS Article XVI, the TISA would prohibit public monopolies and exclusive service suppliers in fully committed sectors, even on a regional or local level. Of particular concern for remunicipalization projects are the proposed “standstill” and “ratchet” provisions in TISA. The standstill clause would lock in current levels of services liberalization in each country, effectively banning any moves from a market-based to a state-based provision of public services. This clause . . . would prohibit the creation of public monopolies in sectors that are currently open to private sector competition.

Similarly, the ratchet clause would automatically lock in any future actions taken to liberalize services in a given country. . . . [I]f a government did decide to privatize a public service, that government would be unable to return to a public model at a later date.

That means we can forget about turning banking and credit services into public utilities. TiSA is a one-way street. Industries once privatized remain privatized.

The disturbing revelations concerning TiSA are yet another reason to try to block these secretive trade agreements. For more information and to get involved, visit:

Flush the TPP

The Citizens Trade Campaign

Public Citizen’s Global Trade Watch

Eyes on Trade


Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books including the best-selling Web of Debt. Her latest book, The Public Bank Solution, explores successful public banking models historically and globally. Her 200+ blog articles are at EllenBrown.com.

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[DS added the video reports.]

Backlash Against TPP Grows as Leaked Text Reveals Increased Corporate Control of Public Health

Democracy Now! on Jun 11, 2015

http://democracynow.org – As the Obama administration praises the benefits of the Trans-Pacific Partnership (TPP), backlash continues to grow against the deal. WikiLeaks has just published another section of the secret text — this one about public healthcare and the pharmaceutical industry. Newly revealed details of the draft show the TPP would give major pharmaceutical companies more power over public access to medicine, and weaken public healthcare programs. The leaked draft also suggests the TPP would prevent Congress from passing reforms to lower drug costs. One of the practices that would be allowed is known as “Evergreening.” It lets drug companies extend the life of a patent by slightly modifying their product and then getting a new patent. We speak to Peter Maybarduk of Public Citizen and John Sifton of Human Rights Watch about their concerns.

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TPP vs. Human Rights: Groups Express Concern Over Record of Member Nations

Democracy Now! on Jun 11, 2015

http://democracynow.org – As the Obama administration praises the benefits of the Trans-Pacific Partnership (TPP), backlash continues to grow against the deal. WikiLeaks has just published another section of the secret text — this one about public healthcare and the pharmaceutical industry. Newly revealed details of the draft show the TPP would give major pharmaceutical companies more power over public access to medicine, and weaken public healthcare programs. The leaked draft also suggests the TPP would prevent Congress from passing reforms to lower drug costs. One of the practices that would be allowed is known as “Evergreening.” It lets drug companies extend the life of a patent by slightly modifying their product and then getting a new patent. We speak to Peter Maybarduk of Public Citizen and John Sifton of Human Rights Watch about their concerns.

from the archives:

WikiLeaks Launches Campaign to Offer $100,000 “Bounty” for Leaked Drafts of Secret #TPP Chapters + Take Action!

Michael Hudson: Fast-Track for Whom? + Julian Assange on the #TPP: Secretive Deal Isn’t About Trade, But Corporate Control

The Trans-Pacific Partnership (#TPP) and the Death of the Republic by Ellen Brown + Obama, Corporate “Free Traitors” and You! by Ralph Nader

Secret Trans-Pacific Partnership Agreement (#TPP) – Investment Chapter

Take Action:

Don’t Revive Title II Of H.R.1314

Write Your Rep Thanking or “Spanking” Them for Their Fast Track Vote – Urge Congress to vote down Fast Track again if it is brought for a re-vote next week.

Tell Congress NO to the Whole Trade Package

Congress: Don’t betray democracy! No “Fast Track” for the TPP!

The Moment of Truth for Fast Track – Write Your Representative to Oppose Fast Track for the Trans-Pacific Partnership (TPP)

Take action right now — it could be your last chance before the House votes on Fast Track

Take Action to Stop the Spread of ISDS (Investor-State Dispute Settlement)!

Tell your Trade Minister: Don’t Censor the Internet

25 thoughts on “Fast-tracking TiSA: Stealth Block to Monetary Reform by Ellen Brown + Backlash Against #TPP Grows as Leaked Text Reveals Increased Corporate Control of Public Health

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  3. Pingback: Ellen Brown: Obama’s Secret Trade Deal Serves Corporations and Banks | Dandelion Salad

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  5. Does Obama really believe the stuff he preaches? Maybe you simply don’t get into that Oval Office unless you have been thoroughly marinated in your own propaganda; and persuasively coached in the refined art of massaging your precious ego with the certain knowledge of the promise of a great reward for perpetuity. How villainous and despicable is that?

    This really gets to grips with the really big problem ~ money, who has access to it, how it is created and what are the implications of immense accumulations of capital being hoarded and restricted to an incestuous circle of mandarin goons ~ sociopathic deviants.

    In theory an infinite supply of “it” (ie credit) for everyone, would be fine; if and only if there were strict limits on what can be done with it and no constraints on what may be achieved without it.

    For example, nobody should be allowed to deploy credit or assets in any way that diminishes the viability of the biosphere to support life; just as a voluntary pauper committed to simplicity, should not be allowed to poison a well…..however independent minded he/she might profess to be….whether acting from malice or through belligerent stupidity. But neither should they be prevented from restoring such a well, or regenerating a landscape, even if they are prefer not to monetize their efforts.

    So that would rule out (outlaw) just about every type of “approved” ecocidal practice that “Western democracies” most revere & promote as just and necessary….when you think about it; our consumer-addicted habits are fundamentally pathogenic and anti-life ~ because every gesture of socio-economic exchange is actually both a political AND a moral act. In the current system, the healthiest actions are condemned.

    It’s OK (but extremely antisocial) for the police as public servants in the US, to demolish someone’s house with a tank in order to pursue a suspected shoplifter (allegedly this occurred recently;) but the grotesque criminality of (an) entire population(s) actually paying for products made with palm oil, extracted from horrendous monoculture plantations that have destroyed the habitats of countless orangutans and that also decimate and pollute human settlements, remains an acceptable and reasonable sacrifice ~ at best only a minor “indiscretion,” since exponential profit is indeed a holy sacrament to the neoliberal messiahs, a grail worth dying for…..providing it is always someone else or some other species that dies, of course.

    So which is worse? A dumb cop or a dead primate….

    Is it any wonder that people are so sick?

  6. Envisaging TPP | TTIP | TiSA as in a sense socioeconomic “nuclear first strikes” by the .001% against the people – locking/setting in concrete control and possession of the immense money creation power – offers a clear understanding of the true nature of what is motivating the creators of these secret trade deals. The legal provisions are engineered for maintaining the actual centuries-old status-quo: virtually silent and invisible power and control by a very small ultra-wealthy group over the 99.99%.

    • Perfectly stated, Jerry. It seems like from what I’ve read about the TPP, is that it makes legal what some corporations are already doing illegally and on a global scale. I also believe that is Pres Obama’s “job”: to make legal what was previously not legal (although still happening) in foreign affairs and domestically.

    • Well, ask yourself the question: how much influence do I have on the financial industry? I would guess not much at all. Most politicians follow directions from those who put them in office (the corporations).

      • Whether you may take a spiritual figure such as Christ in his reply give unto God what is God and give unto Caesar Caesars, in terms of our contemporary life what constitutes God is ambivalent? as a alternative possibility I suggest to follow ones conscience? that is maybe a modern construct of what may also be existentialism, or reductive philosophical possibility? money is ambivalent as to what this substance is? and may have little meaning other than a collusive cultural agreement of what it is? I sold my house in 1972 in London for four and a half thousand pounds, recently I checked the value of this house and this is now valued at one and half million dollars? my point is a lot of money has gone in to London from criminal activity from all over the world inflating the value of London’s houses, this factor and other factors such as the game of monopoly and the success of the Monarchy that is seen as stabilizing.
        Many who are trying to make it rich when they get their are lonely and the riches do not have security on the contrary they do not know for sure who their friends are?
        The financial fraternity aligned often to military for profiteering and the politicians are the go between’s to extract money from taxpayers to foot the bill? simple put it is blood money, such ideology as protecting the public from terrorists are typical statements of propaganda, put another way as the Mafia extract money from clients as protection money?
        We ask ourselves questions such as Bill Gates having 80 billion dollars or so can do little to save wild animal habitats why? because for all his wealth he can do little.
        When I was 18 years I was conscripted into the British army, I hated this two tears of enforced imprisonment having the sanction to kill people who are deemed the enemy? if this scene was replayed today of me being called up is I now know enough about religion and language that would make me a conscientious objector and also those who are all part of the interrogation committee are just humans who are either perverted or corrupt? knowing this makes me a superior human being who is not hiding behind the mask.
        My summary is the individual has to become committed to state resistance and see the state as the enemy of the individual, other than as a individual the power of the word and the moral commitment to be? I am saying the individual where ever they may be has to fight those who are in power and those in power are as a generalization corrupt, it is not possible to fight authority with violence is not the best way to fight establishment, such as terrorism because this empowers establishment, although I sympathize with terrorists and their fight against the 1% rich and their power to control institutes such as MI5 and military, the most effective fight against the financial empire is to persuade others to become non compliant and non collusive with the political doctrines of what we are supposed to believe in? and resist the daily mythology of propaganda we are subject to, the media such as the Murdock ideology.
        I am saying this revolution of thinking in a different way to what we have become accustomed to may take centuries or may happen in such a way few will be prepared for.

        • Hi Don, I hold Bill Gates to be a contemptible ignoramus, filthy rich and anything but powerless to make a difference. He may be impotent, and incompetent, but he is certainly not incapable of initiating change. Only his idea of action is stroking the corporate cat the “right way” ~ pathetic imbecile.

          I have a veterinary friend in S Africa who struggles to raise any money to help protect Cape Mountain Leopards from mindless persecution ~ Gates could solve that problem with one swipe of his plastic card.

          I can think of a zillion causes he could patronise with his obscene wealth, rather than play make-believe philanthropy with corporate bells on. I despise his smug stupidity and complacent “humility;” he exemplifies everything that is wrong with this world, a sad, shameless hypocrite….

        • Great to hear you back again David, either you have been away for a while I seem to remember some project you were on or I have just missed your commentaries, The terror we are confronted by is as you know who read Dandelion Salad is the rich are becoming richer I would have no objection to this stat if it were not for the fact the environment is being so devastated such as our seabirds here say see “Ocean News”who are diminishing at a rate that is a indictment on how we or our managers of power have little or no concern other than profits, the cause is multi dimensional as over fishing, we see hear in Australia factory fishing taking hauls of tonnage of fish by often foreign vessels, our present government welcome foreign investment, the unfortunate aspect of this policy foreign investment is when they profit they split leaving little other than a environment more impoverished.

          A interesting fact I have recently heard is how phosphorous is becoming a rare commodity as this material is running low or more true running out, unless we harvest our urine that contains a high level of this valuable commodity which is doubtful, although it is estimated in the next 100 to two hundred years or so this material will be no longer, the commodity is essential to life, I am somewhat pleased to say that vegetarians do consume less than meat eaters by a substantial amount, of course in our life time is of no worries, but unless we face our conscience on this sort of thing we are all culpable, so the world will as this time becomes more pressing the transition from meat will be inevitable.

          Thanks David all of Dandelion Salad always loves hearing from your posts, keep it up! you keep us all more sane.

        • I’ve been posting a fair bit Don, so much to do, more to say…fact is many folk just do not care, or choose not to. It’s going to be the generation that emerges from the internet age who will figure out the right-and-wrong of it all.

          Abbott comes across as a racist bigot, “Oxford educated” yet! but plain creepy and fork-tongued. He should return to Oxon, so that we can “re-educate” him. The threat to the Great Barrier Reef is enough of a crime to warrant hanging in my opinion.

          So much of career politics is corrupt it’s just appalling. It seems to attract the worst of humanity. They may even start out with “good intentions” & fine “qualifications” but seldom retain their original aspirations or exercise the capacity to practice genuine integrity; that is, if they ever had any or know what it is. (Lord) David Owen calls it the Hubris Syndrome. Frankly I’m disgusted with the cowardice and ignorance of corporate-infested planet plundering scum.

          On a brighter note ~ & we desperately need some mental relief! Monsanto is getting a good kicking these days, well deserved. Several countries are calling them out. In Europe Denmark has responded intelligently to the WHO glyphosate report, so has the Netherlands, & now France has banned Round-up from garden centres. So that’s a brilliant start and a really unexpectedly loud & disturbing pant-sh#tting canary for the St Louis black-magic chemical mobsters, in their sleazy non-biodegradable, Chinese suits.

          This may trigger a tectonic change with massive implications, hence the desperation and false, fast-tracking urgency of the TTIP, TPP, TiSA scam negotiations ~ hoorah! To hell with them and their iniquitous criminal syndicates & shyster tactics…..we shall overcome Don!

        • That’s the best description of Bill Gates I’ve heard yet, David. Thanks!
          With his soft voice, boyish smile and his baby blues, he comes across as Mr. Benevolence to the uninformed, but is a monopolist and capitalist to the nth degree not to mention a proponent for privatizing public schools.

          Yep, a shameless hypocrite!

      • DANDELIONSALAD –

        You may think you have little influence as an individual on the finance system, but ANY revolution starts with ONE mind becoming aware of an injustice, and by sharing this consciousness with others affected as you are, the small snow ball grows to a huge size that will bring the changes needed. It’s the same as a small seed can grow into a tall huge tree.

        The banking mafia obtains their power to coerce our “elected” leaders by using DEBT as the weapon. Since 1696 with the Bank of England establishment, these financial families historically have been allowed to create the Debt-Based money supply using Fractional Reserve Banking. This fraudulent system in fact allows private banks to create the money supply for every country this Cabal controls their central bank, in the process of offering credit to individuals, businesses and governments.

        Banks create this Money Supply out of thin air, mostly digitally and then charge us interest on our “own money” to be able to conduct trade and perform the economy. The fact this creation of money can be done by our own governments Interest-Free, with no debt, exposes the fraudulent nature of the Fractional Reserve System that constantly ads more and more debt every nation has to pay to these crooks. The more the economy grows, the more money we need and therefor, the more Debts we are forced to pay.

        DEBT IS WHAT TURNS PUBLIC SERVANTS INTO THE BANKING CARTEL’S SERVANTS, especially when the Fractional R B System allows them to create money out of nothing, and then use it to corrupt anyone with electoral campaign contributions or straight bribes.

        THE POWER OF CONSCIOUSNESS IS OVERWHELMING, and the main reason these crooks have been instrumental in hiding the scam taking place since before we were born. So YOU can do a lot for society just by first understanding in full how this robbery is happening, in detail, and then forwarding this knowledge to as many others affected as you can.

        We are beings who can’t help but act in our own defense when we see an injustice. In this case the injustice to be solved has to be in conjunction with a whole community affected by the same situation, so let your natural drive to go forward with sharing this information until enough people (about only 10% of the affected community, according to a study http://phys.org/news/2011-07-minority-scientists-ideas.html ) ends up imposing a change in the social narrative others begin to follow and the banksters will not be able to maintain the fraud any more.

        The reason is happening is only because we all are being fooled, and are not conscious of it.

        • Thanks for your long commentary, etniksdotcom. You brought up great points.

          I do believe in the power of the people, or I wouldn’t be the editor for Dandelion Salad for almost 8 years now.

          The original question was from Don, who asked, “Is the finance industry dominating society and politicians? or is the public and politicians controlling finance?”

          I stand by my response that the finance industry is controlling/dominating society and the politicians, not the general public.

          Yes, there are many ways to “opt-out”, including moving what money you do have to a credit union instead of using any of the banks. I recently bought a new “old” house and paid cash for it. This is my second time buying a house paying cash instead of having a mortgage. I have zero debt.

          And the blogging of posts on the economy by authors such as Ellen Brown, Michael Hudson, etc. do help with getting the word out to others.

        • dandelionsalad
          I am very glad you could pay cash for your new home, However, as long as we are still in the Fractional Reserve Banking System, the money we use is still Debt-Based and part of the problem.

          A Canadian friend of mine who I met while she gave me my first line of credit in a Credit Union, once told me “if every one did what I do, we wouldn’t have a debt crisis” so I asked her, “what do you do?” and she told me she has no debts and lives only within the money she gets paid.

          This happened after we had been discussing the Canadian film “Money as Debt”, but her description showed she hadn’t understood the film, because in that case her employer in Portugal where she lives now, couldn’t have any money to pay her salary, because if everyone did what she does, then there would not be any money in circulation at all if none is in debt in the economy.

          This system is so ridiculous, it’s hard to explain it even to someone who lived as a loan officer!!

          We need to produce our own local currencies to escape the sick fraud these psychopaths have hooked us into.

          Rafael

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