NAFTA vote next week could force privatized Social Security on Peru

[madfloridian]

and set a dangerous precedent here at home.

TA Expansion Vote Next Week: Citibank Vs. Social Security

There may be a vote on the Peru NAFTA Expansion as early as November 5th – next week!

The proposed Bush expansion of NAFTA to Peru contains frightening provisions that could lock Peru into a privatized social security system similar to the Bush proposal that Democrats successfully fought last Congress. The main beneficiary of the provision seems to be Citibank, the largest shareholder in ProFuturo AFP, a company authorized to compete against Peru's national social security system.

If a lot of members of Congress vote for the Peru "free trade agreement" (FTA) containing this outrage, it could set a dangerous precedent for Social Security policies here at home. Congress needs to hear that Social Security has no business in a trade agreement.

Please sign the petition on social security and trade - and forward it to your friends!

Sign the petition

More about the Peru Trade Deal.

The US Chamber of Commerce welcomed the bipartisan deal, saying it would secure support for Congressional approval of the four pending bilateral trade agreements... Said Tom Donohue, president and chief executive of the world's largest business federation. "we are encouraged by assurances that the labor provisions cannot be read to require compliance with ILO Conventions."

Peru trade deal out of committee 18 to 3....looks like it is set for passage.


Like most Americans, you probably don’t trust this administration to have more authority over anything! Well, here’s some good news: President Bush’s grant of Fast Track authority – the un-democratic Nixon-era law that transfers Congress' constitutionally-mandated control over U.S. trade agreements to the White House – expired June 30, 2007.

And then there is the shockingly bad news – Democratic leaders recently struck a "deal" with President Bush that he and his corporate allies are trying to use to pave the way to new “Fast Track” authority – and more of his devastating trade policy.

Fast Tracking: Democrats pave path for Bush to pass more NAFTA expansions

[madfloridian]

1. If Peru tries to fix their Social Securty system...this deal could lock them in.

I found a little more about it. If they attempt to fix the problems in the privatization they did in the 90s, this could hurt them.

http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayFullDocument&orgId=574&topicId=27009&docId=l:689405066&start=2

"Currently the country has both a government pension system and private pension fund accounts. Peru took the path of many Latin American countries in the 1990s in privatizing its Social Security system.

Now the privatized system has run into problems, including complaints about large fees paid to the private providers of pension fund accounts.

Citibank Overseas Investment is the largest single investor in ProFuturo, which is one of the leading pension fund providers in Peru.
The letter warned that ambiguous wording in the financial services and investment chapters in the trade agreement could potentially open the way for Citibank to "claim a large monetary award" in international tribunals.

And Charlie Rangel says it will pass, he is confident of it...even though 30 US activist groups have urged it not pass.

The scary part is that Rangel is the one who said this of trade deals.

Rangel..."bam, seal it and catch hell"

Just pass it and worry about the activists later.

Sounds like what was advocated by a Democratic strategist last year.

Take their money, use their energy, but then distance yourselves from them.

"The bloggers and online donors represent an important resource for the party, but they are not representative of the majority you need to win elections," said Steve Elmendorf, a Democratic lobbyist who advised Kerry's 2004 presidential campaign.

"The trick will be to harness their energy and their money without looking like you are a captive of the activist left."

Why are we even surprised anymore at how hawkish our Democrats sound on TV. They are not even talking to us, they are talking to those "other" folks...that ephemeral "sensible center".