Global Authorities Seek to Usurp More of America’s Sovereignty

Head of the World Trade Organization, Pascal Lamy, urged governments around the world to accept tougher financial regulations in order to stave off a deep and prolonged recession or worse.

"There are world organizations for trade, health, the environment, telecoms, food. There are two black holes in world governance: finance, with its bursting bubbles, and migration," Lamy was quoted as saying by French newspaper Le Monde.

Lamy stated that although some nations, namely the U.S., may have ideological differences with increased cooperation and international oversight in the financial markets, it would be necessary to avoid a financial catastrophe and prevent a further spreading of market vulnerability and toxic assets.

"We need international regulation of finance with binding rules and a mechanism of surveillance and sanctions. A sick cow or a defective lighter don’t cross borders, whereas at present a toxic financial instrument can," he said.

Lamy also warned against protectionism, blaming it for the Wall Street crash of 1929 and the subsequent Depression. (EIC editor's note: Lamy was definitely wrong on this statement). He said that although some may be wary of Democratic President-elect Barack Obama’s more left-leaning trade policies, he believes that social programs instituted by his administration will provide a robust safety net that will eventually spread consumer confidence again.

"If the Democrats apply their social program, that can reassure Americans and help international trade talks. Obviously they have to have the resources to match their ambitions. But in any case I think it would be wrong to equate Republicans to liberalism and Democrats to protectionism," he said.

The WTO Agreement proved to be a disaster for America, it prevents us from acting in our own best interest. Although America has by far the world’s largest and most robust economy, we have no more influence in the organization than the tiny island nation of Antigua. We have lost most of the disputes that have come before their court, and these decisions are non-transparent and not contestable. The WTO should not be tasked with regulating world finances, nor should the U.S. continue to allow it to usurp its constitutional rights as a sovereign nation.

We were so gullible to accept the WTO in the first place, now it wants to invade our financial dealings for their approval “behind closed doors,” where their decisions are final and cannot be contested.

Front Page Photo by World Economic Forum - Flickr © Some rights reserved

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