Debt is an efficient tool. It ensures access to other peoples raw materials and infrastructure on the cheapest possible terms. Dozens of countries must compete for shrinking export markets and can export only a limited range of products because of Northern protectionism and their lack of cash to invest in diversification. Market saturation ensues; reducing exporters income to a bare minimum while the north enjoys huge savings. The IMF cannot seem to understand that investing in … a healthy, well-fed, literate population…is the most intelligent economic choice a country can make.
You would all most think that the IMF does not know what it is doing to hear others who have been affected by their antics. The issues that are not understood to well be that poverty of the nations is the only way to gain mass control of the nations. The IMF knows exactly what it is doing.
For countries seeking financial assistance, the IMF and World Bank provide it but apply a neoliberal economic ideology or agenda as the preconditions to receiving the money. Prescribed cut backs, “liberalization” of the economy and resources extraction/export-oriented open markets as part of their structural adjustments. Thereby reducing the role of the state and privatization of protected domestic industries, institute policies to include currency devaluation, increase interest rates, produce a more flexible labour market, and the elimination of subsidies.
1.14.2011
Free Trade & The World Trade Organization
"Free" Trade & the World Trade Organization
the average European cow receives $2.50 in daily agricultural subsidies --that's more money than half the world's humans have to live on
WEBSITES ON GLOBALIZATION AND INTERNATIONAL TRADEBank Information Center http://www.bicusa.org/Bretton Woods Project http://www.brettonwoodsproject.org/Corporate Economic Globalization http://www.panix.com/~jimcook/globalization/Council of Canadians http://www.web.net/coc/Export Credit Agencies ECA-Watch http://www.eca-watch.org/Focus on the Global South http://www.focusweb.org/International Business Forum http://www.ibf.com/ Provides information about business opportunities in the international marketplace. It is intended for companies wishing to export or expand into foreign markets as well as for those interested to acquire products and services from other countries.International Business Research http://www.libraries.rutgers.edu/rulib/socsci/busi/intbus.html In their efforts to help you expand your worldwide business, Rutgers University Library also leads the activist to GATT and other trade treaties, the U.S. International Trade Commission, and the agencies which subsidize international trade.International Forum on Globalization http://www.ifg.org/International Trade Web Resources websites and agencies related to trade http://www.fita.org/webindex.htmlMAI-Not! http://www.flora.org/mai-not/Mobilization for Global Justice http://www.a16.org/People Centered Development Forum http://iisd1.iisd.ca/pcdf/ founded by David Korten, author of When Corporations Rule the World.Public Citizen's Global Trade Watch http://www.tradewatch.org/publications/gtwpubs.htmThird World Resurgence on Trade and the WTO http://www.southbound.com.my/souths/twn/trade.htmThird World Network http://www.twnside.org.sg/Transnational Insitute (TNI) http://www.worldcom.nl/tniU.S. Trade Representative http://www.ustr.gov.html/World Trade Organization http://www.wto.org/WTO Watch on trade, and sustainable development from the Institute for Agriculture and Trade Policy http://www.wtowatch.org/
News and views on the WTO protests in Seattle in November/December 1999World Trade Observer news and links http://www.worldtradeobserver.org/Independent Media news and links http://www.indymedia.org/Direct Action http://damn.tao.ca/wtopage/wto.htmGlobalize This http://www.globalizethis.org/Globalize This (footage of Seattle WTO events) http://www.globalizethis.org/live-cams.htmlSeattle WTO (citizens site) http://www.seattlewto.org/Democracy NOW! radio http://www.democracynow.org/Seattle Times WTO archive http://www.seattletimes.com/wto/Seattle Post-Intelligencer WTO archive http://www.seattle-pi.com/wto/World Trade Organization http://www.wto.org/index.htmWTO Ministerial in Seattle http://www.wto.org/wto/minist/seatmin.htmSeattle Business Welcomes the WTO http://www.wtoseattle.org/
QUESTIONS on CORPORATE INFLUENCE and RESEARCH
How do corporations and industry associations support the World Trade Organization?
The U.S. Trade Representative has a cozy relationship with its seventeen Industry Sector Advisory Committees (ISACs), which are made up of executives from corporations and industry associations. If you are concerned with a particular industry, you should get that ISAC list.
To see which U.S. corporations and industry lobbying groups are on these ISACs which formally advise the U.S. Trade Representative (USTR), go to the USTR web site http://www.ita.doc.gov/icp/ and look at the 17 ISACs listed at http://www.ita.doc.gov/icp/isac.html and the Industry Functional Advisory Committees (IFACs) listed at http://www.ita.doc.gov/icp/ifac.html
Corporate associations and lobby groups pushing the WTO's free trade agenda include:
U.S. Alliance for Trade Expansion http://www.us-trade.org/ Members include Seattle locals like Boeing and Paccar, as well as others such as General Electric and IBM).
U.S. Trade. Its chairman is Procter & Gamble lobbyist Scott Miller.
The Seattle Host Committee http://www.wtoseattle.org/ is directed by Boeing executive Ray Waldmann. It is chaired by Microsoft Chairman and Chief Executive Bill Gates and Boeing CEO Phil Condit. It is financed by Boeing, Weyerhaeuser, and other corporations.
What are the key issues on the WTO Ministerial agenda that might impact a corporation?
Thw WTO is trying to reach agreements on cutting tariffs on forest and paper products, fisheries, chemicals, energy, minerals, environmental technology, medical equipment, and toys. The big fight is over what will be up for negotiation in the next round of free trade negotiations. Agricultural products, intellectual propoerty rights, and phytosanitary regulations for preventing the spread of exotic pests are contentious issues.
World Trade Organization web site http://www.wto.org/index.htm
WTO Ministerial in Seattle http://www.wto.org/wto/minist/seatmin.htm
Seattle Business Welcomes the WTO http://www.wtoseattle.org/
Public Citizen http://www.tradewatch.org/
Adbusters' Big Question http://adbusters.org/campaigns/economic/index.html
Although globalisation has successfully generated unprecedented wealth for the United States, the "impact on the rest of the world has been more ambiguous."
-- Henry Kissinger, Herald, Dec. 27, 1999
No kidding, Henry.
the average European cow receives $2.50 in daily agricultural subsidies --that's more money than half the world's humans have to live on
WEBSITES ON GLOBALIZATION AND INTERNATIONAL TRADEBank Information Center http://www.bicusa.org/Bretton Woods Project http://www.brettonwoodsproject.org/Corporate Economic Globalization http://www.panix.com/~jimcook/globalization/Council of Canadians http://www.web.net/coc/Export Credit Agencies ECA-Watch http://www.eca-watch.org/Focus on the Global South http://www.focusweb.org/International Business Forum http://www.ibf.com/ Provides information about business opportunities in the international marketplace. It is intended for companies wishing to export or expand into foreign markets as well as for those interested to acquire products and services from other countries.International Business Research http://www.libraries.rutgers.edu/rulib/socsci/busi/intbus.html In their efforts to help you expand your worldwide business, Rutgers University Library also leads the activist to GATT and other trade treaties, the U.S. International Trade Commission, and the agencies which subsidize international trade.International Forum on Globalization http://www.ifg.org/International Trade Web Resources websites and agencies related to trade http://www.fita.org/webindex.htmlMAI-Not! http://www.flora.org/mai-not/Mobilization for Global Justice http://www.a16.org/People Centered Development Forum http://iisd1.iisd.ca/pcdf/ founded by David Korten, author of When Corporations Rule the World.Public Citizen's Global Trade Watch http://www.tradewatch.org/publications/gtwpubs.htmThird World Resurgence on Trade and the WTO http://www.southbound.com.my/souths/twn/trade.htmThird World Network http://www.twnside.org.sg/Transnational Insitute (TNI) http://www.worldcom.nl/tniU.S. Trade Representative http://www.ustr.gov.html/World Trade Organization http://www.wto.org/WTO Watch on trade, and sustainable development from the Institute for Agriculture and Trade Policy http://www.wtowatch.org/
News and views on the WTO protests in Seattle in November/December 1999World Trade Observer news and links http://www.worldtradeobserver.org/Independent Media news and links http://www.indymedia.org/Direct Action http://damn.tao.ca/wtopage/wto.htmGlobalize This http://www.globalizethis.org/Globalize This (footage of Seattle WTO events) http://www.globalizethis.org/live-cams.htmlSeattle WTO (citizens site) http://www.seattlewto.org/Democracy NOW! radio http://www.democracynow.org/Seattle Times WTO archive http://www.seattletimes.com/wto/Seattle Post-Intelligencer WTO archive http://www.seattle-pi.com/wto/World Trade Organization http://www.wto.org/index.htmWTO Ministerial in Seattle http://www.wto.org/wto/minist/seatmin.htmSeattle Business Welcomes the WTO http://www.wtoseattle.org/
QUESTIONS on CORPORATE INFLUENCE and RESEARCH
How do corporations and industry associations support the World Trade Organization?
The U.S. Trade Representative has a cozy relationship with its seventeen Industry Sector Advisory Committees (ISACs), which are made up of executives from corporations and industry associations. If you are concerned with a particular industry, you should get that ISAC list.
To see which U.S. corporations and industry lobbying groups are on these ISACs which formally advise the U.S. Trade Representative (USTR), go to the USTR web site http://www.ita.doc.gov/icp/ and look at the 17 ISACs listed at http://www.ita.doc.gov/icp/isac.html and the Industry Functional Advisory Committees (IFACs) listed at http://www.ita.doc.gov/icp/ifac.html
Corporate associations and lobby groups pushing the WTO's free trade agenda include:
U.S. Alliance for Trade Expansion http://www.us-trade.org/ Members include Seattle locals like Boeing and Paccar, as well as others such as General Electric and IBM).
U.S. Trade. Its chairman is Procter & Gamble lobbyist Scott Miller.
The Seattle Host Committee http://www.wtoseattle.org/ is directed by Boeing executive Ray Waldmann. It is chaired by Microsoft Chairman and Chief Executive Bill Gates and Boeing CEO Phil Condit. It is financed by Boeing, Weyerhaeuser, and other corporations.
What are the key issues on the WTO Ministerial agenda that might impact a corporation?
Thw WTO is trying to reach agreements on cutting tariffs on forest and paper products, fisheries, chemicals, energy, minerals, environmental technology, medical equipment, and toys. The big fight is over what will be up for negotiation in the next round of free trade negotiations. Agricultural products, intellectual propoerty rights, and phytosanitary regulations for preventing the spread of exotic pests are contentious issues.
World Trade Organization web site http://www.wto.org/index.htm
WTO Ministerial in Seattle http://www.wto.org/wto/minist/seatmin.htm
Seattle Business Welcomes the WTO http://www.wtoseattle.org/
Public Citizen http://www.tradewatch.org/
Adbusters' Big Question http://adbusters.org/campaigns/economic/index.html
Although globalisation has successfully generated unprecedented wealth for the United States, the "impact on the rest of the world has been more ambiguous."
-- Henry Kissinger, Herald, Dec. 27, 1999
No kidding, Henry.
Legal Tender Status
Legal Tender Status
I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 102. This is now found in section 392 of Title 31 of the United States Code. The law says that: "All coins and currencies of the United States, regardless of when coined or issued, shall be legal-tender for all debts, public and private, public charges, taxes, duties and dues." This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy. --------------------------------------------------------------------------------What are Federal Reserve notes and how are they different from United States notes?Federal Reserve notes are legal tender currency notes. The twelve Federal Reserve Banks issue them into circulation pursuant to the Federal Reserve Act of 1913. A commercial bank belonging to the Federal Reserve System can obtain Federal Reserve notes from the Federal Reserve Bank in its district whenever it wishes. It must pay for them in full, dollar for dollar, by drawing down its account with its district Federal Reserve Bank.Federal Reserve Banks obtain the notes from our Bureau of Engraving and Printing (BEP). It pays the BEP for the cost of producing the notes, which then become liabilities of the Federal Reserve Banks, and obligations of the United States Government.Congress has specified that a Federal Reserve Bank must hold collateral equal in value to the Federal Reserve notes that the Bank receives. This collateral is chiefly gold certificates and United States securities. This provides backing for the note issue. The idea was that if the Congress dissolved the Federal Reserve System, the United States would take over the notes (liabilities). This would meet the requirements of Section 411, but the government would also take over the assets, which would be of equal value. Federal Reserve notes represent a first lien on all the assets of the Federal Reserve Banks, and on the collateral specifically held against them.Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy. --------------------------------------------------------------------------------What are United States Notes and how are they different from Federal Reserve notes?United States Notes (characterized by a red seal and serial number) were the first national currency, authorized by the Legal Tender Act of 1862 and began circulating during the Civil War. The Treasury Department issued these notes directly into circulation, and they are obligations of the United States Government. The issuance of United States Notes is subject to limitations established by Congress. It established a statutory limitation of $300 million on the amount of United States Notes authorized to be outstanding and in circulation. While this was a significant figure in Civil War days, it is now a very small fraction of the total currency in circulation in the United States.Both United States Notes and Federal Reserve Notes are parts of our national currency and both are legal tender. They circulate as money in the same way. However, the issuing authority for them comes from different statutes. United States Notes were redeemable in gold until 1933, when the United States abandoned the gold standard. Since then, both currencies have served essentially the same purpose, and have had the same value. Because United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have been placed in to circulation since January 21, 1971.The Federal Reserve Act of 1913 authorized the production and circulation of Federal Reserve notes. Although the Bureau of Engraving and Printing (BEP) prints these notes, they move into circulation through the Federal Reserve System. They are obligations of both the Federal Reserve System and the United States Government. On Federal Reserve notes, the seals and serial numbers appear in green. United States notes serve no function that is not already adequately served by Federal Reserve notes. As a result, the Treasury Department stopped issuing United States notes, and none have been placed into circulation since January 21, 1971.
I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 102. This is now found in section 392 of Title 31 of the United States Code. The law says that: "All coins and currencies of the United States, regardless of when coined or issued, shall be legal-tender for all debts, public and private, public charges, taxes, duties and dues." This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy. --------------------------------------------------------------------------------What are Federal Reserve notes and how are they different from United States notes?Federal Reserve notes are legal tender currency notes. The twelve Federal Reserve Banks issue them into circulation pursuant to the Federal Reserve Act of 1913. A commercial bank belonging to the Federal Reserve System can obtain Federal Reserve notes from the Federal Reserve Bank in its district whenever it wishes. It must pay for them in full, dollar for dollar, by drawing down its account with its district Federal Reserve Bank.Federal Reserve Banks obtain the notes from our Bureau of Engraving and Printing (BEP). It pays the BEP for the cost of producing the notes, which then become liabilities of the Federal Reserve Banks, and obligations of the United States Government.Congress has specified that a Federal Reserve Bank must hold collateral equal in value to the Federal Reserve notes that the Bank receives. This collateral is chiefly gold certificates and United States securities. This provides backing for the note issue. The idea was that if the Congress dissolved the Federal Reserve System, the United States would take over the notes (liabilities). This would meet the requirements of Section 411, but the government would also take over the assets, which would be of equal value. Federal Reserve notes represent a first lien on all the assets of the Federal Reserve Banks, and on the collateral specifically held against them.Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy. --------------------------------------------------------------------------------What are United States Notes and how are they different from Federal Reserve notes?United States Notes (characterized by a red seal and serial number) were the first national currency, authorized by the Legal Tender Act of 1862 and began circulating during the Civil War. The Treasury Department issued these notes directly into circulation, and they are obligations of the United States Government. The issuance of United States Notes is subject to limitations established by Congress. It established a statutory limitation of $300 million on the amount of United States Notes authorized to be outstanding and in circulation. While this was a significant figure in Civil War days, it is now a very small fraction of the total currency in circulation in the United States.Both United States Notes and Federal Reserve Notes are parts of our national currency and both are legal tender. They circulate as money in the same way. However, the issuing authority for them comes from different statutes. United States Notes were redeemable in gold until 1933, when the United States abandoned the gold standard. Since then, both currencies have served essentially the same purpose, and have had the same value. Because United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have been placed in to circulation since January 21, 1971.The Federal Reserve Act of 1913 authorized the production and circulation of Federal Reserve notes. Although the Bureau of Engraving and Printing (BEP) prints these notes, they move into circulation through the Federal Reserve System. They are obligations of both the Federal Reserve System and the United States Government. On Federal Reserve notes, the seals and serial numbers appear in green. United States notes serve no function that is not already adequately served by Federal Reserve notes. As a result, the Treasury Department stopped issuing United States notes, and none have been placed into circulation since January 21, 1971.
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