Large Corporations Seek U.S.–European 'Free Trade Agreement' to Further Global Dominance
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A corporate world order is emerging, and like any parasite, it is slowly killing off its host. Unfortunately, the "host" happens to be the planet, and all life upon and within it. So, while the extinction of the species will be the end result of passively accepting a corporate-driven world, on the other hand, it’s very profitable for those corporations and their shareholders.
The Transatlantic Trade and Investment Partnership (TTIP) is the latest corporate-driven agenda in what is commonly called a “free trade agreement,” but which really amounts to ‘cosmopolitical corporate consolidation’: large corporations dictating and directing the policies of states – both nationally and internationally – into constructing structures which facilitate regional and global consolidation of financial, economic, and political power into the hands of relatively few large corporations.
Such agreements have little to do with actual ‘trade,’ and everything to do with expanding the rights and powers of large corporations. Corporations have become powerful economic and political entities – competing in size and wealth with the world’s largest national economies – and thus have taken on a distinctly ‘cosmopolitical’ nature. Acting through industry associations, lobby groups, think tanks and foundations, cosmopolitical corporations are engineering large projects aimed at transnational economic and political consolidation of power... into their hands. With the construction of “a European-American free-trade zone” as “an ambitious project,” we are witnessing the advancement of a new and unprecedented global project of transatlantic corporate colonization.
The Atlantic Fortress as “Grand Strategy”
In a 2006 article for Der Spiegel, Gabor Steingart suggested that, “to combat the rise of China and Asia,” the “role NATO played in an age of military threat could be played by a trans-Atlantic free-trade zone in today’s age of economic confrontation.” With the possible “addition of Canada,” the US and EU “could stem the dwindling of Western market power by joining forces... [which] would inevitably lead to a convergence of the two economic systems.” In a process that would likely take decades, “a mega-merger of markets” would send a “new message” to the East, to “serve as a fortress.”
During the worst of the initial financial and economic crisis in January of 2009, Henry Kissinger wrote an article for the New York Times in which he noted that America’s “prescription for a world financial order has generally been unchallenged,” though the crisis had changed this, as “disillusionment” became “widespread.” Nations now wanted to protect themselves from the global markets and thus, become more independent. Kissinger warned against this, proclaiming: “An international order will emerge if a system of compatible priorities comes into being. It will fragment disastrously if the various priorities cannot be reconciled... The alternative to a new international order is chaos.”
Kissinger noted that the economic world was “globalized,” yet the political world was not, and in the midst of “political crises around the world” accelerated by “instantaneous communication,” the political and economic systems had to become “harmonized in only one of two ways: by creating an international political regulatory system with the same reach as that of the economic world; or by shrinking the economic units to a size manageable by existing political structures, which is likely to lead to a new mercantilism, perhaps of regional units.” President Obama’s election victory was an “opportunity” in “shaping a new world order.” But that opportunity had to become “a policy” as manifested through “a grand strategy.” A central facet to that grand strategy would include the strengthening of the “Atlantic partnership,” which “will depend much more on common policies.”
Some four years later, former U.S. National Security Advisor Zbigniew Brzezinski praised the “enormous promise” in the new transatlantic agreement, “It can shape a new balance between the Pacific and the Atlantic oceanic regions, while at the same time generating in the West a new vitality, more security and greater cohesion.” Not worth mentioning, apparently, was that this was all about “cohesion” of power interests. In the same speech where Brzezinski endorsed “greater cohesion” between the U.S. and the European Union, he criticized the EU for being “a Europe more of banks than of people, more of commercial convenience than an emotional commitment of the European peoples.”
It’s the type of “cohesion” that only bankers, corporations, and “grand strategists” like Kissinger and Brzezinski could like. So naturally, such an agreement has a great deal of support, encouragement, and organized planning. While the idea of ‘transatlantic integration’ has long been on the lips and in the documents of grand strategists and corporate-financed think tanks, it kept its distance from formal policy. In 2007, the EU-US summit meeting of leaders – US President Bush, German Chancellor Angela Merkel, and European Commission President José Manuel Barroso – established the Transatlantic Economic Council (TEC) to promote economic cooperation between the two regions.
The economic crisis itself delayed any progress from taking place, as countries focused on rescuing their banks and imposing austerity measures in order to punish their populations into poverty, privatize society, and create the conditions ripe for unhindered plundering of resources and exploitation of labour. This is called “structural reform.” But structural reforms only show “success” when corporations begin profiting from them. That’s called an “economic recovery.” There is an entire language to the European debt crisis – and to political economy in general – which, when translated, helps to elucidate the rationality of policy choices.
Political Language: Words or Weapons?
As George Orwell once wrote: “Political language… is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind.”
In a world undergoing radical transformations in political, economic, and social structures and relations – from the Arab Spring, the global economic crisis, food crisis and land grabs, to the global spread of protest movements – political language becomes weaponized. Hiding behind seemingly meaningless words, obscured by over-used rhetoric and abstract, undefined terms and concepts, political and economic language function by preventing the population from understanding the true meaning and implications of the policies pursued.
Take, for example, the word ‘austerity.’ It has been used endlessly – in rhetoric and policies – as the ‘solution’ to the economic, financial, and debt crises, but it’s meaning is obscured as an abstract notion of cutting public spending in order to decrease the debt, and thus, increase investor confidence in the country. This is supposed to lead to an economic “recovery.” The problem is that it doesn’t: it leads to a very deep depression. Yet, the policies continue to be promoted and pursued.
What can one deduct from this? If the rhetoric promotes specific policies for a desired effect, and the desired effect is never met, yet the rhetoric and policies continue to be promoted, we can assume one of two things: either, as Einstein defined it, the world’s decision-makers are all insane (“doing the same thing over again, expecting different results”); or, they are simply speaking a different language, and we lack an understanding of it. In such circumstances, it is helpful to attempt translating this language.
The policies of ‘austerity’ include firing public sector workers, cutting spending on health care, education, welfare, social services, pensions, increasing the retirement age, increasing taxes and decreasing wages. The results, inevitably, is impoverishment of the general population, increased unemployment, the elimination of health and social services when needed most, increased cost of living and decreased standards of living. Thus, we can loosely translate ‘austerity’ as impoverishment, since that is what the actual effects of the policies have.
In March 2010, the OECD (Organisation for Economic Co-operation and Development) suggested Europe undertake a program of austerity lasting for no less than six years from 2011 to 2017, which the Financial Times referred to as “highly sensible.” In April of 2010, the Bank for International Settlements (BIS) – the central bank to the world’s central banks – called for European nations to begin implementing austerity measures. In June of 2010, the G20 finance ministers agreed: it was time to enter the age of austerity! German Chancellor Angela Merkel, the European midwife of austerity, set an example for the EU by imposing austerity measures at home in Germany. The G20 leaders met and agreed that the time for stimulus had come to an end, and the time for austerity poverty was at hand. This was of course endorsed by the unelected technocratic president of the European Commission, José Manuel Barroso.
The unelected president of the European Council, Herman Van Rompuy, also agreed, explaining in his unrelenting economic wisdom that austerity “has no real effect on economic growth.” Jean-Claude Trichet, president of the European Central Bank (ECB), also hopped on the austerity train, writing in the Financial Times that, “now is the time to restore fiscal sustainability.” Jaime Caruana, General Manager of the Bank for International Settlements (BIS) stated in June of 2011 that the need for austerity was “more urgent” than ever, while BIS chairman, Christian Noyer, also the governor of the Bank of France (and board member of the ECB), stated that apart from austerity, “there’s no solution possible” for Greece.
But of course, austerity is not complete without its sister-program of ‘structural reform’ (or ‘structural adjustment’), which includes policies aimed at privatizing all state-owned assets, resources, and services, the dismantling of labour and environmental protections and regulations, the opening of new ‘markets,’ and enormous subsidies and protections for multinational banks and corporations.
Why is this done? To promote investment, competition, and growth. Privatizing everything in sight – including airports, land, water management, roads and resources – encourages investment because corporations can come in and purchase national assets for pennies on the dollars. Indeed, most privatization programs include enormous subsidies and protections for corporations in order to provide an incentive for them to invest. And competition is best promoted by allowing just a handful of transnational conglomerates to cheaply acquire a nation’s wealth and resources, and then by promoting what’s called “labour flexibility.” These ‘reforms’ mean that workers’ rights are to be dismantled, cutting wages, benefits, protections, the ability to unionize and make demands, to make the labour force flexible to the demand of big business, who demand little more than a cheap labour force (as well as absolute control of the global economy). Thus, across markets – Europe for the EU, North America for NAFTA – and indeed, across the world, labour forces are put into competition with one another in a race to the bottom of who can be the best, and therefore, cheapest labour available – in order to attract investment and jobs.
Thus, the effect of ‘structural reforms’ is to facilitate the exploitation of resources and people and to consolidate economic and political power into corporate hands. Austerity thus serves the purpose of impoverishing the population to make them ready and willing to accept the structural reforms (or “adjustment”) which adjust them to a situation of social devastation by making them into an employable – and cheap – labour force. Unhindered corporate plundering is facilitated by dismantling all “barriers” to investment, and thus, control of the entire economy. Austerity and structural reform create the conditions for investment, competition, and growth. Investment essentially means subsidized acquisition/control over the economy by corporations, competition implies protection for corporate interests, and growth means that corporations are making massive profits. The effect of all these policies and programs is to consolidate regional and global economic and political power into the hands of cosmopolitical corporations.
Austerity is impoverishment for populations.
Structural reform is exploitation of people/resources, and consolidation of political power in corporate hands.
Investment is corporate control of the economy.
Competition is protectionism for corporations.
Growth is corporate profits.
Mario Draghi is the president of the European Central Bank (ECB) – one of the three institutions of the ‘Troika’ with the European Commission and IMF – imposing austerity and structural reform measures across Europe in return for bailing out bankers. In February of 2012, he gave an interview with the Wall Street Journalin which he explained that, “there was no alternative to fiscal consolidation,” meaning austerity, and that Europe’s social contract was “obsolete” and the social model was “already gone.” However, Draghi explained, it was now necessary to promote “growth,” adding, “and that’s why structural reforms are so important.”
In addition to austerity and structural reforms, new markets are required, and thus, “free trade” must be promoted. This is all part of the road to ‘recovery.’ Free trade also has a technical definition: its policies dismantle environmental, labour, and other social protections, increase privatization, deregulation, and include large subsidies and protections for corporations. And today’s ‘free trade’ agreements grant unprecedented rights to corporations to sue governments directly for having laws or regulations which corporations view as “barriers to investment.” Free trade thus promotes competition between populations – in a race to the bottom – and protection for the powerful, for corporations and banks. What we call free trade agreements essentially function as a process of corporate colonialism: the regional and global consolidation of financial, economic, political and social power into relatively few corporate hands.
With the onset of the global economic crisis in 2008, countries turned to bailouts to rescue the large banks that destroyed their economies. In doing this, they accumulated large debts, handing the bill to the populations. The people pay for the debts through austerity, and thus, poverty, which in turn necessitates structural reform, and thus, exploitation. Free trade agreements like the Trans-Pacific Partnership (TPP), being negotiated between 12 Pacific-rim countries, facilitate transnational corporate colonialism.
A new corporate world is emerging, and the transatlantic partnership is a centerpiece in constructing this ‘new world order.’ While the crisis had initially stalled the process, it was revived at the EU-US summit meeting in November of 2011, when political leaders ordered the Transatlantic Economic Council (TEC) to create a High-Level Working Group on Jobs and Growth, led by U.S. Trade Representative Ron Kirk and EU Trade Commissioner Karel De Gucht, “tasked to identify policies and measures to increase U.S.-E.U. trade and investment to support mutually beneficial job creation, economic growth, and international competitiveness,” by working closely with both public and private sector/corporate groups.
The Transatlantic Corporate Complex
The impetus for the Transatlantic Trade and Investment Partnership was provided by a plethora of corporate-dominated think tanks and big business organizations, including the Atlantic Council, Brookings Institution, the German Marshall Fund, BusinessEurope, the Business Roundtable, the U.S. Chamber of Commerce, and the European Round Table of Industrialists, among several others. These institutions collectively form a transatlantic corporate complex, uniting elites from major corporations, banks, think tanks, foundations, academia and policy circles in order to establish consensus on elite agendas and to provide the strategies and objectives to be implemented.
The Atlantic Council was founded in 1961 by former U.S. Secretary of State Dean Acheson and several other prominent citizens in the United States in order to help consolidate support for the ‘Atlantic Alliance.’ The Atlantic Council’s first published volume, Building the American-European Market: Planning for the 1970s, was published in 1967, and the Council continued to publish policy papers, books, monographs and other reports throughout the 1970s.
The Atlantic Council’s leadership and direction is provided by the members of its boards, consisting of the foreign policy elite of the United States as well as major cosmopolitical corporations, including the likes of Henry Kissinger, Zbigniew Brzezinski and Madeleine Albright along with executives from corporations such as Deutsche Bank, BAE, and Lockheed Martin. [For a look at some of the other names of directors and advisors, see Appendix 1]
The Atlantic Council thus represents the interests of trans-Atlantic corporate and financial interests and the foreign policy elite within the United States. Thus, what issues and agendas they promote tend to wield significant influence behind them, with extensive access to policy-makers and processes. Back in 2004, the Atlantic Council published a report, The Transatlantic Economy in 2020: A Partnership for the Future? in which they recommended increasing integration between the two economies and regions, the joint management of the world economy, and more “transgovernmental cooperation.”
The German Marshall Fund of the United States was founded in 1972 with a donation from the German government to Harvard University, where 25-years prior U.S. Secretary of State George Marshall announced the Marshall Plan for Europe’s economic recovery after World War II. The German Marshall Fund (GMF) “is dedicated to the promotion of greater understanding and common action between Europe and the United States,” and includes a number of corporate executives, news commentators and other elites on its leadership boards [See Appendix 2].
The Business Roundtable (BRT) is an organization of CEOs from major U.S. corporations “with more than $7.3 trillion in annual revenues,” according to its website. The BRT was founded in 1972 “on the belief that... businesses should play an active and effective role in the formation of public policy.” The Chairman of the Executive Committee of the BRT is W. James McNerney, the president and CEO of Boeing. The Executive Committee includes the CEOs of a number of other major cosmopolitical corporations [see Appendix 3].
The European Round Table of Industrialists (ERT), founded in 1983, is an organization of several dozens CEOs of major European corporations. As Bastiaan van Apeldoorn wrote in the journal New Political Economy(Vol. 5, No. 2, 2000), the ERT “developed into an elite platform for an emergent European transnational capitalist class from which it can formulate a common strategy and – on the basis of that strategy – seek to shape European socioeconomic governance through its privileged access to the European institutions.” Wisse Dekker, former Chairman of the ERT, once stated: “I would consider the Round Table to be more than a lobby group as it helps to shape policies. The Round Table’s relationship with Brussels [the EU] is one of strong co-operation. It is a dialogue which often begins at a very early stage in the development of policies and directives.”
The ERT was a central institution in the re-launching of European integration from the 1980s onward, and as former European Commissioner (and former ERT member) Peter Sutherland stated, “one can argue that the whole completion of the internal market project was initiated not by governments but by the Round Table, and by members of it... And I think it played a fairly consistent role subsequently in dialoguing with the Commission on practical steps to implement market liberalization.” Sutherland also explained that the ERT and its members “have to be at the highest levels of companies and virtually all of them have unimpeded access to government leaders because of the position of their companies... So, by definition, each member of the ERT has access at the highest level to government.” [For a list of other corporations represented on the board of the ERT, see Appendix 4]
BusinessEurope is Europe’s main business group, representing 41 business federations in 35 countries with its “main task” – according to its website – being “to ensure that companies’ interests are represented and defended vis-à-vis the European institutions with the principal aim of preserving and strengthening corporate competitiveness.” [For a look at some of the companies that made up the Corporate Advisory and Support Group, see Appendix 5]
The U.S. Chamber of Commerce was founded in 1912 as an umbrella organization representing the voice of business throughout the United States. According to its website, the Chamber “works with more than 1,500 volunteers from member corporations, organizations, and the academic community who serve on committees, subcommittees, task forces, and councils to develop and implement policy on major issues affecting business.” Their “overarching mission” is “to strengthen the competitiveness of the U.S. economy.” [For a look at some of the companies represented on the board of directors of the Chamber, see Appendix 6]
The Transatlantic Business Dialogue (TABD) was formed in 1995 by the U.S. Department of Commerce and the European Commission in an effort to “serve as the official dialogue between American and European business leaders and U.S. cabinet secretaries and EU commissioners,” composed of CEOs of U.S. and European transnational corporations.
Transatlantic Corporate Colonialism in Action: Shaping the Agenda
As with any “free trade” agreement (read: cosmopolitical corporate consolidation agreement), corporations must be consulted throughout the entire process to allow them to shape the agenda and encourage specific policies, to ensure that their interests are met. Think tanks employ academics and foreign policy elites to undertake studies and produce reports which advocate policies beneficial to western political and economic domination of the world. Big business groups organize the corporate community around agendas and provide a direct “voice” to the corporate world. The boards of think tanks are dominated by political and corporate elites, and once think tanks begin to establish consensus on agendas, academics and other officials from the organizations write articles or are interviewed frequently in the media (which is owned by the same corporations), to ensure that what little is said in public about such agreements is indeed, positive and encouraging.
When the Transatlantic Economic Council (TEC) created the High-Level Working Group on Jobs and Growth in November of 2011, it announced its intent to ‘consult’ with private sector organizations on the process of transatlantic integration.
The Transatlantic Business Dialogue (TABD) was one of the first major corporate organizations to support the announcement of the High-Level Working Group. In January of 2012, the TABD met with high level EU and US officials at the annual World Economic Forum meeting in Davos, Switzerland. They released a report, Vision for the Future of EU-US Economic Relations, which established a consensus “to press for urgent action on an visionary and ambitious agenda,” as well as for the creation of a “CEO Task Force” which would “provide direct input and support the High Level Working Group.”
The meeting was attended not only by the 21 members of the executive board of the TABD (all corporate executives), but officials representing the Atlantic Council, the Canadian Council of Chief Executives (CCCE), the US Chamber of Commerce, World Trade Organization Director-General Pascal Lamy, US Trade Representative Ron Kirk, European Commissioner for Trade Karel De Gucht, European Commissioner for Competition, Joaquin Almunia; Jon Leibowitz, chairman of the Federal Trade Commission, and Michael Froman, Obama’s Deputy National Security Advisor for International Economic Affairs.
That same month, the TABD and the Business Roundtable (BRT) released a joint statement outlining their “vision” of a Transatlantic Partnership (TAP) – modeled along similar lines as the Trans-Pacific Partnership (TPP) – which would require a further “opening” of the trans-Atlantic market, being able to “compete” with other major economies (such as China), and “deepening the multilateral commitment to open markets.” As major CEOs and executives, the statement wrote, “we need nothing less” than a “strategic vision and structure [which] will need to serve as a global template.”
In February of 2012, the German Marshall Fund released a report from the Transatlantic Task Force on Trade and Investment entitled, A New Era for Transatlantic Trade Leadership. The task force was co-chaired by Ewa Bjorling, the Swedish Minister for Trade, and Jim Kolbe, a former U.S. Congressman and Senior Transatlantic Fellow at the GMF. [For other members of the Task Force, see Appendix 7] The Task Force was launched as a cooperative effort between the German Marshall Fund and the European Centre for International Political Economy (ECIPE) in May of 2011.
The report called for the EU and US to pursue “deeper transatlantic economic integration” as “essential for recovery from the current economic crisis.” The report called for “high-level commitment from political leaders on both sides of the Atlantic” and “it will require active involvement of private sector stakeholders,” or in other words, corporations.
In March of 2012, BusinessEurope released a report to contribute to the EU-US High Level Working Group entitled, Jobs and Growth: Through a Transatlantic Economic and Trade Partnership, in which it was recommended to eliminate tariffs and barriers, to trade in services, ensure access and protection for investments, “opening markets,” to establish “global standards” for intellectual property rights, and to build on the Transatlantic Economic Council (TEC) for regulatory cooperation.That same month, the U.S. Chamber of Commerce sent a letter to Congress in which the U.S. Chamber, BusinessEurope, American Chamber of Commerce to the European Union, the Business Roundtable, European-American Business Council, the Trans-Atlantic Business Dialogue, and several other big business associations called upon political leaders “to move swiftly to deepen the transatlantic economic and commercial relationship through ambitious trade, investment, and regulatory policy initiatives.” Thus, in the midst of an economic and social crisis created by the very corporations and banks these associations represent, and with the emergence of new economic giants like China and India, “we believe now is the time to create a barrier-free transatlantic market to drive the job creation and growth” that Europe and America “urgently need.”
The High Level Working Group – chaired by USTR Ron Kirk and EU Trade Commissioner Karel De Gucht – should have a “far-reaching” agenda, the statement wrote, which would cover: “tariff and non-tariff barriers to trade in goods and services, investment, regulatory cooperation, intellectual property protection and innovation, public procurement, cross-border data flows, and business mobility.” The statement noted that they had received “support” from Angela Merkel, David Cameron, and then-President of France Nicolas Sarkozy, as well as from the European Council (presided over by Herman van Rompuy). From the American side, support was given by Hillary Clinton.
In May of 2012, the Business Roundtable, European Round Table of Industrialists and the Trans Atlantic Business Dialogue sent a joint letter to President Obama, French President Francois Hollande, German Chancellor Merkel, Italian PM Mario Monti, UK prime minister David Cameron, European Commission president José Manuel Barroso, European Council president Herman Van Rompuy, EU Trade Commissioner De Gucht and USTR Ron Kirk. The letter noted that the three organizations of corporate executives from across the Atlantic “have come together to lay out a strategic vision for a new Transatlantic Partnership (TAP),” and they together produced the report, Forging a Transatlantic Partnership for the 21st Century, to do just that. The report called for US and EU officials to launch “ambitious and comprehensive transatlantic trade, investment and regulatory negotiations by the end of this year.”
That same month, just to press the message, the presidents of the US Chamber of Commerce, the Business Roundtable, and the National Association of Manufacturers sent a joint letter to Obama urging him to launch negotiations to “trail blaze a true 21st century trade, investment, and regulatory cooperation initiative,” which apart from further integrating the economies, would also “have important benefits for defense and military cooperation as well.”
In June of 2012, Obama’s Export Council sent him a letter applauding the president for establishing the High Level Working Group the previous year, but urged him to “take the critical next step, in consultation with the private sector, to move forward quickly to define and launch a comprehensive and ambitious Transatlantic Partnership (TAP) negotiation.” They recommended the usual protections for intellectual property rights, liberalization of services, “elimination of industrial and agricultural goods tariffs,” among many things. The letter was signed by Export Council chairman Jim McNerney, the president and CEO of the Boeing Company.
The U.S. President’s Export Council (PEC) “is the principal national advisory committee on international trade,” founded in 1973, consisting of 28 private sector members, as well as Congress members and cabinet secretaries. The PEC reports to the president through the U.S. Secretary of Commerce. [For a list of corporations represented by the PEC, see Appendix 8]
Not wasting any time, the High Level Working Group on Jobs and Growth released their interim report to their leaders in June of 2012 from the co-chairs, De Gucht and Kirk. Among other things, they recommended the “elimination” of “barriers to trade” in goods, services, and investment. They recommended a “comprehensive agreement” which “could promote a forward-looking agenda for multilateral trade liberalization.” The “aim” of the negotiations, they wrote, would be to “bind” the EU and US “at the highest level of liberalization” and “achieve new market access.” They were taking the recommendations from corporate groups seriously, and pushing those words into policies.
Paula Dobriansky, a prominent academic at the Atlantic Institute, co-authored an article for the Wall Street Journal in which she called for “a trans-Atlantic free-trade agreement” between the EU and US in order to “strengthen American and European leadership for decades to come.” Frances Burwell, Atlantic Council vice president and director of the Program on Transatlantic Relations published an article for US News & World Report in November of 2012 in which she wrote that “creating a single transatlantic market... makes a great deal of sense.”
In November of 2012, then-Secretary of State Hillary Clinton gave a speech to the Brookings Institution entitled, U.S. and Europe: A Revitalized Global Partnership, in which she noted: “we have to realize the untapped potential of the transatlantic market... is as much a strategic imperative as an economic one.” Informing the audience that the Obama administration was “discussing possible negotiations” with the EU on such an agreement, Clinton said it “would shore up our global competitiveness for the next century.”
Also in November, Atlantic Council board member James L. Jones (former U.S. National Security Advisor to Barack Obama) and Thomas J. Donohue (President and CEO of the US Chamber of Commerce) co-authored an article for Investor’s Business Dailyin which they suggested that the simultaneous economic crises in Europe and the U.S. – which they defined as “flagging competitiveness, unsustainable entitlement spending, and the ticking time bomb of oversize sovereign debt” – were a threat to the future of NATO’s ability to “tackle urgent security threats” and that this poses “the greatest challenge to the future of the trans-Atlantic community since the Cold War.”
Sustainable growth, they wrote, “only comes from one place – the private sector.” Governments have a “responsibility... to create conditions in which the private sector can drive economic expansion, investment and job creation.” An “ambitious trans-Atlantic economic and trade pact” would certainly fit this prescription of increasing “growth” and “competitiveness.” It was time, they wrote, “to move decisively to the next level of trans-Atlantic economic integration.”
Within days of Obama winning his re-election, European leaders such as David Cameron and Angela Merkel urged him to move forward with the agreement, and the New York Times even noted that “corporations and business groups on both sides of the Atlantic are also pushing hard for a pact.” Former deputy U.S. trade representative and current vice president at General Electric, Karan Bhatia, noted: “This could be the biggest, most valuable free-trade agreement by far, even if it produces only a marginal increase in trade.”
The Financial Times said that a “transatlantic partnership” would yield “geostrategic benefits,” since the EU and US account for half the world’s economy, and thus, they will “possess the leverage to set the global standards that others, including China, are likely to follow.” Since “both the EU and US are desperate for new growth,” wrote Edward Luce, the “only realistic route is via higher productivity,” implying cheaper costs and larger profits for corporations. It would be “an ambitious agenda for transatlantic market integration” including harmonizing regulations and product standards. In other words, wrote Luce: “if a drug were approved by the European Medicines Agency, the Food and Drug Administration would accept it too.” The same would apply for “financial regulation” (or lack thereof), as well as agricultural (GMO) standards, a key issue, since the EU has a ban on such products. The EU had recently shown its enthusiasm for change when it “dropped its objections to imports of US meat from abattoirs [slaughterhouses] decontaminated with lactic acid.” In the EU, “the climate of austerity ought to work in their favour” for reducing protections to do with agriculture.
In January of 2013, the Brookings Institution sent a ‘memorandum to the president’ to Barack Obama entitled, Free Trade Game Changer, in which the authors recommended pursuing both the Trans Pacific Partnership (TPP) and the Trans-Atlantic Free Trade Agreement (TAFTA) as “the most realistic way to reclaim U.S. economic leadership.” The agreements have “deep strategic implications” since they would provide the US with a leading “role in setting the global rules of the road.” While the TPP “would help define the standard for economic integration in Asia,” the TAFTA “would give American and European businesses an edge in setting industrial standards for tomorrow’s global economy.” While “the erosion of support for FTAs [free trade agreements] in Congress and among the public is likely to hamper this effort,” the memo reminded Obama that public opinion must be disregarded in the corporate interest: “the time has come to launch new initiatives in these spheres.”
In early 2013, the Trans-Atlantic Business Dialogue merged with the European-American Business Council to become the Transatlantic Business Council (TBC), a group consisting of corporate executives who hold “semi-annual meetings with U.S. Cabinet Secretaries and European Commissioners (in Davos and elsewhere),” acting as the “business advisor to the Transatlantic Economic Council (TEC).” It represents some 70 major corporations, including: AIG, AT&T, BASF, BP, Deutsche Bank, EADS, ENI, Ford, GE, IBM, Intel, Merck, Pfizer, Siemens, TOTAL, Verizon, and Xerox, among others.
In January of 2013, the Transatlantic Business Council (TBC) met in Davos, Switzerland during the annual World Economic Forum, holding a meeting with high level officials in the U.S. and E.U. Michael Froman, President Obama’s Deputy National Security Advisor for International Economic Affairs, spoke at the TBC meeting, declaring that “the transatlantic economy is to become the global benchmark for standards in a globalized world.” Froman and the leaders of the TBC “agreed that support from corporations operating on both sides of the Atlantic is crucial to advance transatlantic trade.”
Tim Bennett, the Director General of the TBC, stated that the structure of the TBC “allows for a combination of strong business message to policy makers as well as substantive input through working groups,” referring to high level meetings in Washington and Brussels. Other participants at the TBC meeting included the Secretary General of the OECD, Angel Gurria, Irish Prime Minister Enda Kenny, European Commission Director-General for Trade, Jean-Luc Demarty, European Commission for Trade official, Marc Vanheukelen, and a former Citigroup executive.
On the Transnational Business Council (TBC)’s website, they promote specific think tanks as providing “resources”: the Atlantic Council, Bertelsmann Foundation, Brookings Institution, Center for Transatlantic Relations, Chatham House, the German Marshall Fund, and the Peterson Institute for International Relations.
The Final Report: Time to Do What the Corporations Demand!
On February 11, 2013, the U.S.-EU High Level Working Group (HLWG) on Jobs and Growth released their final report in which they predictably recommended harmonizing standards and regulations in “a comprehensive trade and investment agreement.” The report recommended “a further deepening of economic integration... to achieve a market access package that goes beyond what the United States and the EU have achieve in previous agreements.” The report further recommended increasing “government procurement,” a euphemism for privatization and state subsidies for corporations, noting: “the goal of negotiations should be to enhance business opportunities through substantially improved access to government procurement opportunities at all levels of government.”
Two days following the publication of this report, on 13 February 2013, a joint statement was issued by Barack Obama, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso, stating: “We, the Leaders of the United States and the European Union, are pleased to announce that... the United States and the European Union will each initiate the internal procedures necessary to launch negotiations on a Transatlantic Trade and Investment Partnership.”
With the announcement of the TTIP in February, then-U.S. Trade representative Ron Kirk stated that, “[f]or us, everything is on the table, across all sectors, including across the agricultural sector, whether it is GMOs or other issues.” He explained that “we should be ambitious and we should deal with all of these issues.” João Vale de Almeida, the European Union ambassador to the United States, wrote in an article that “an ambitious economic agreement between us would send a powerful message to the rest of the world about our leadership in shaping global economic governance in line with our values,” which is to say, corporate “values.”
The German media – and government officials – erupted in admiration of the potential for this “economic NATO” in creating “the world’s largest free trade zone.” One German publication noted that “a new economic alliance” between NATO powers was appropriate, since “the old industrialized nations fear they are falling behind the emerging economic power of China.” Another German publication noted that not only would a “trans-Atlantic free-trade zone” have major economic “benefits” and implications, “but it also makes clear that only an ever-closer West can succeed in decisively helping to determine global policy.”
The corporate world expressed immediate admiration for the announced negotiations, with the chairman and CEO of Caterpillar “commending” US and EU leaders and the High-Level Working Group “for promoting much needed economic growth and job creation.” The president of the Business Roundtable (BRT), John Engler, noted that the Roundtable itself “was an early advocate” for such an agreement, and that “negotiations should launch as soon as possible.”
C. Boyden Gray, a member of the Atlantic Council’s board of directors and former U.S. ambassador to the European Union, published a report for the Atlantic Council in February of 2013 entitled, An Economic NATO: A New Alliance for a New Global Order. Gray warned that unless the Atlantic powers “rise to the challenge... of the post-recession era together... they risk ceding to rising powers their economic and political influence.” This must not be simply a “free trade agreement,” but rather, the US and EU “must put economic cooperation on the same robust footing as military security... we need to create an ‘economic NATO’.”
The Wall Street Journal noted that the announcement “represents a nod to business interests by Mr. Obama,” noting that it was less about ‘trade’ and more about establishing global standards. European Commission president Barroso expressed as much when he said, “this is going to be the biggest free-trade agreement ever done, [and] it will certainly have an impact on global standards.” Obama’s international economic policy adviser Michael Froman noted that the agreement would “further integrate our economies and help set global rules.” EU trade commissioner Karel de Gucht added: “What we want to do is make an internal market between the US and EU.”
The Financial Times noted that while it was “commonplace” to imagine that the future belonged to the emerging economies, “the old economic powers can still pack a punch.” The agreement “promises a prize whose political value is even greater than its considerable economic benefits.” Hence, we must understand these “free trade agreements” as, in actuality, cosmopolitical corporate consolidation agreements.
While U.S. Secretary of State John Kerry traveled to Berlin in late February, he endorsed the agreement, suggesting that it “can lift the economy of Europe, strengthen our economy, create jobs for Americans, for Germans, for all Europeans and create one of the largest allied markets in the world.”
The German press warned that Internet activists, environmental, labour and consumer groups were “preparing to fight the treaty with all means at their disposal,” as they feared that “bad compromises will be made at the expense of consumers in secret negotiations between the European Commission and the Obama administration.” Enforcing equal standards for food products worries many in the EU regarding American-produced genetically engineered food products, such as corn, soybeans and beets; while intellectual property rights issues increasingly threaten the freedom of the Internet for the benefit of corporate and financial interests, such as through the failed Anti-Counterfeiting Trade Agreement (ACTA), which was overcome by a large Internet campaign and protests against it. One of the organizers for the anti-ACTA movement, Jérémie Zimmermann, stated: “Millions of citizens can be mobilized if their freedoms are threatened.” Still, despite the growing unease and opposition to such an agreement, which would be based primarily around these highly contentious issues as opposed to actual “trade” or tariffs, German Chancellor Angela Merkel declared the deal as “by far our most important project for the future.”
Max Baucus, the chairman of the U.S. Senate finance committee, wrote an article for the Financial Times in which he stated that the agreement was “a deal that must be done, it must be done now, and it must be done right... As chairman of the committee overseeing US trade, I will support a deal only if it gives America’s producers the opportunity to compete in the world’s biggest market.”
Speaking at Harvard in early March, Karel de Gucht referred to the agreement as “the cheapest stimulus package you can imagine,” adding that it was “a policy laboratory for the new trade rules we need – on issues like regulatory barriers, competition policy, localization requirements, raw materials and energy.”
Barack Obama stated that he was “modestly optimistic” about the agreement, as the US was moving “aggressively” while the EU was “hungrier for a deal than they have been in the past.” Speaking to the President’s Export Council, composed of executives from major corporations acting as ‘advisors,’ Obama reaffirmed that, “we want our Fortune 500 companies to be selling as much as possible.” John Kerry told a group of French business leaders that, “if we move rapidly... [the agreement] can have a profound impact on the rest of the world.”
Robert Zoellick, former president of the World Bank, strongly endorsed the agreement, noting that it could “set a precedent” in setting standards for the global economy, adding: “We need to create a new structure for the global system.” However, he warned, agriculture was “going to be one of the most difficult issues,” due to the concern over genetically modified organisms. Barroso warned that, “the EU will only go so far.” Lori Wallach, the director of Public Citizen’s Global Trade Watch observed: “This whole negotiation is about eliminating ‘trade irritants’ but in the US consumer movement we envy and admire and seek to emulate the European food safety standards, while industry is seeking to kill them.”
In April of 2013, a “coalition” was launched to promote the Transatlantic Trade and Investment Partnership called the Business Coalition for Transatlantic Trade (BCTT), which “seeks to promote growth, jobs, and competitiveness on both sides of the Atlantic through an ambitious, comprehensive and high-standard trade and investment agreement.” The Steering Committee for the BCTT consists of a number of multinational corporations and business associations, and the secretariat is the U.S. Chamber of Commerce. The corporate co-chairs for the coalition include Amway, Chrysler, Citi, Dow, FedEx, Ford, GE, IBM, Intel, Johnson & Johnson, Lilly, MetLife, UPS, and JPMorgan Chase. Partner associations of the BCTT include the Business Roundtable, Coalition of Service Industries, the Emergency Committee for American Trade, the National Association of Manufacturers, the National Foreign Trade Council, the Transatlantic Business Council (TBC), the U.S. Chamber of Commerce and the U.S. Council for International Business. The initial objective of the BCTT was to urge the formal launching of negotiations by June or July of 2013, as well as “sustaining broad bipartisan support and on providing detailed inputs once negotiations are underway.”
At the launch of the BCTT, the U.S. Chamber of Commerce’s vice president and head of international affairs, Myron Brilliant, noted that there was “vast support” for the agreement “both in the government and the private sector.” The business community, he explained, “is committed to assisting with the negotiation of a transatlantic agreement... and we will continue our efforts to encourage both governments to get this deal done quickly.” The Business Roundtable, a member of the BCTT, endorsed the new coalition in a statement from John Engler, who explained, “we look forward to working with Congress and the Administration to ensure a comprehensive and ambitious agreement.” While speaking to an American business group, the British ambassador to the United States said that financial services would also be “covered by these negotiations,” noting that the U.S. and U.K. are home to “the two most significant international financial centres, on either side of the Atlantic,” on Wall Street and the City of London.
According to an Obama administration official involved in the talks, the agreement “would grant corporations new political power to challenge an array of regulations both at home and abroad.” Environmental, consumer, and other interest groups fear that the agreement “will lead to a rollback of important rules and put multinational companies on the same political plane as sovereign nations.” This would be facilitated by an “investor-state dispute resolution” mechanism, which means that corporations could directly sue governments over what they perceive as “barriers to investment” – possibly through an international tribunal (perhaps even through the World Bank). Such a tribunal “would be given authority to impose economic sanctions against any country that violated its verdict.”
Such provisions, noted a trade specialist with the Sierra Club, “elevate corporations to the level of nation states and allow them to sue governments over nearly any law or policy which reduces their future profits.” These mechanisms are “terribly risky for communities, the environment, and our climate.” The “dirty little secret,” noted Public Citizen’s Lori Wallach, “is that it is not mainly about trade, but rather would target for elimination the strongest consumer, health, safety, privacy, environmental and other public interest policies on either side of the Atlantic.”
Thomas Donohue, the president of the US Chamber of Commerce, couldn’t be happier. “If they made a deal tomorrow,” he said in April of 2013, “US and European companies are sitting on a boatload of cash and they’d be moving this thing up as fast as they can move.” Corporations would be able to make a profit faster than anticipated, he noted: “You open a door and say there’s money on the other side, there’s opportunity to expand, to export, to sell their products, to make partnerships... You think they’re going to wait around till 2027? They’ll be through the door before you know it.” Donohue encouraged negotiations to begin as soon as possible, “they must, they need to,” adding: “We don’t need to take our time.”
A Transatlantic Agenda for Austerity, Exploitation and Corporate Consolidation
On April 22, 2013, there was a conference hosted at the Federal Reserve Bank of New York in co-operation with the European Commission’s Directorate General for Economic and Financial Affairs, “bring[ing] together US-and Europe-based policy makers, regulators, market analysts and academics.” The aim of the conference was to “evaluate the prospects for sustainable economic growth and financial stability, and discuss challenges to transatlantic economic relations posed by the recent episodes of the economic crisis.” Speakers included New York Fed president William Dudley and Vice President of the European Commission, Olli Rehn. [For a list of other participants, see Appendix 9]
William Dudley has been president of the New York Fed since 2009, when the previous president – Timothy Geithner – became Obama’s Treasury Secretary. Prior to his new position, Dudley was a partner and managing director at Goldman Sachs; and currently he also serves as chairman of the Committee on the Global Financial System at the Bank for International Settlements (BIS), and is vice chairman of the Economic Club of New York.
Dudley opened the ‘invitation only’ event by suggesting, “in a global economy with a global financial system... regulation and supervision have a decidedly national orientation.” Thus, he explained, “we [must] seek to balance our domestic needs against the benefits from having a harmonized and integrated global system.” What is needed, said Dudley, is “growth.” But there was “good news” in the U.S., the housing sector was re-inflating – what’s called “recovering,” the middle class “household sector” was struggling under a heavy debt burden (called “deleveraging”), but the banking sector was “healthier” (meaning more profitable), and “the corporate sector is highly profitable and awash in cash.” That’s the “good news.”
A Bloomberg article from 2010 referred to the Federal Reserve Bank of New York as “a black-ops outfit for the nation’s central bank,” noting that it was in fact a “quasi-governmental institution,” whose leadership is appointed by the major banks of Wall Street to represent their interests, and was “the preferred vehicle for many of the Fed’s bailout programs.” The New York Fed is actually a private bank with a great deal of public authority, and is subject to a “culture of secrecy” which was described as “pervasive.” On the board of directors of the New York Fed is Jamie Dimon, the CEO of JPMorgan Chase, as well as several other bankers.
In his speech, Dudley explained that he has guided the New York Fed to purchase long-term U.S. Treasuries (U.S. government debt) and mortgage-backed securities (the same purchases which helped create the previous housing bubble) to the tune of $85 billion “each month.” Noting that the United States has begun down the path of national austerity – “fiscal consolidation” – and must continue deeper, there was a “tug of war” between having a good economy and having austerity, which is a delicate way of saying that the austerity measures will destroy the economy (something the Europeans already know very well). Thus, as Dudley explained, with immense corporate and bank profits, an asset bubble, and a coming austerity-driven economic nose-dive, “the level of uncertainty about the near-term outlook in the United States remains quite high.” But the United States was not geared “toward a growth path” based upon “business investment” and “trade,” instead having only focused on debt-based consumption.
In Europe, however, the outlook was “less bright.” But again, there was “good news,” since the “peripheral countries” such as Greece, Spain, Italy, Portugal, Ireland, and others, were successfully imposing harsh austerity measures, despite resistance from the population being impoverished. This, Dudley calls, “substantial efforts to bring down their structural budget deficits.” There was also progress on improving their “international competitiveness,” which is to say they are opening up to exploitation and plundering, though there was still “an opportunity for further structural reforms in labor and product markets.” Though of course this shouldn’t be done “just in the periphery,” that type of “opportunity” exists everywhere, in order to bring efficiency in exploitation, and thus, more profits: “to increase productivity and strengthen long term growth prospects.”
Sadly, noted Dudley, there was also “bad news” in the EU, since the economy was “still in a recession” – or what could more accurately be described as a deep depression in the so-called “periphery” countries – where it was becoming harder to impose austerity measures and impoverish populations: “the political support for further rounds of budget-tightening has clearly lessened.” Without “growth” – meaning, without corporate and financial profits – “then the political support for continued fiscal and structural adjustment could further erode.” Europe also needed to pursue “deeper integration” at the governance level, and the development of a “pan-European banking union with the ECB [European Central Bank] as the primary overseer” was a “critically important next step.” This will of course demand each country in the EU “to give up a small amount of sovereignty with respect to banking oversight,” and hand it to the ECB, which is unaccountable and remains a driving force behind the austerity and adjustment programs. Dudley referred to this as the “one money, one market” concept.
Olli Rehn, European Commission Vice President and Commissioner for Economic and Monetary Affairs – a major driving force behind the austerity and adjustment programs – gave the keynote speech at the New York Fed conference. He began by welcoming the newly announced Transatlantic Trade and Investment Partnership, explaining that they must work hard to make it “a reality.” Europe, however, is “deleveraging” – which is to say the continent is being crushed by a heavy debt burden whose owners demand ‘austerity’ and ‘adjustment’ in addition to bailouts – and this “deleveraging process is going to take time, and we need to find new sources of growth to ease the burden of adjustment.” Thus, Rehn explained, “opening up global trade opportunities is so very important.” While many EU countries were continuing with harsh austerity measures, “structural reforms” – which facilitate exploitation of labour and resources – “are the key to raising the growth potential of the European economy.”
He finished his speech, stating: “we must stay the reform course. We need to deliver in terms of free trade, financial sector reform, structural reforms that boost growth potential, and consistent consolidation of public finances. We must do so in order to create the foundations for sustainable growth and job creation. Facing these challenges, we are indeed partners on both sides of the Atlantic.”
A Call for Trans-Atlantic Resistance to Corporate Tyranny
Europe is eating itself through austerity, plunging its population into poverty while simultaneously undertaking “structural reforms” designed to facilitate the unhindered exploitation of resources, markets and labour by transnational corporations. The United States has also been implementing austerity measures, though opting instead to create fallacious ‘debt dramas’ involving the pompous parading of meaningless words – ‘fiscal cliff’ and ‘sequester’ – to avoid the blatant promotion of ‘austerity,’ which might encourage people to correctly think of Greece as an example.
So-called “free trade” agreements function as transnational austerity and ‘structural reform’ treaties: they grant corporations unlimited access to markets, protect them from competition, heavily subsidize them, privatize anything and everything, deregulate as much as possible, destroy the environment, and facilitate the unimpeded plundering of resources and exploitation of labour.
Make no mistake: the Transatlantic Trade and Investment Partnership (TTIP) is little more than a transatlantic corporate coup. Corporations created the demand for the agreement, lobbied and promoted the agenda with political elites, and direct the entire process, ensuring that their interests are met.
It would seem, then, that it is time for activists, intellectuals, and communities and organizations of people to reach out across the Atlantic in an effort to create an organized resistance to transatlantic corporate tyranny, consolidation and colonization.
Corporations are undertaking unprecedented drives for the accumulation of profit and power, promoting agendas and projects which re-shape the world in their image, treating governments as toys, the environment as an enemy, and impoverishing populations around the world. We are witnessing a transnational social engineering project, driven by large corporations, aimed at facilitating economic, financial, political and social consolidation into their hands.
Welcome to the era of Cosmopolitical Corporate Consolidation and Colonization.
Will you accept that as legitimate? Will you accept such an agreement? Who agreed to it? Did you? Were you consulted? Have you even heard of it before?
The real question is: will we sit passively as we are led to Extinction Inc., or will we actually stand up, organize, and do something about it?
Appendix 1: Leadership of the Atlantic Council
Among the leadership on the board of directors of the Atlantic Council are Brent Scowcroft, former U.S. National Security Adviser (to presidents Ford and Bush, Sr.), Richard Armitage, James E. Cartwright, Wesley Clark, Paula Dobriansky, Christopher Dodd, Stephen Hadley, Michael Hayden, James L. Jones, Henry Kissinger, Thomas Pickering, Anne-Marie Slaughter, James Steinberg, John C. Whitehead, and with a group of honorary directors including: Madeleine Albright, James Baker, Harold Brown, Frank Carlucci, Robert Gates, Michael Mullen, William Perry, Colin Powell, Condoleezza Rice, James Schlesinger, George Shultz, and John Warner, among others.
On the Business and Economics Advisors Group to the Atlantic Council, there are executives and management from the following companies and institutions: Deutsche Bank, Institute of International Finance, Center for Global Development, AIG, BNP-Paribas, Rock Creek Global Advisors, the Stern Group, Harvard, and the Peterson Institute for International Economics. The International Advisory Board of the Atlantic Council includes Josef Ackermann (Chairman of Zurich Insurance), Shaukat Aziz (former prime minister of Pakistan), Jose Maria Aznar (former PM of Spain), Zbigniew Brzezinski (former US National Security Advisor), and with top executives from: Occidental Petroleum, SAIC, the Coca-Cola Company, PwC, News Corporation, Royal Bank of Canada, BAE Systems, the Blackstone Group, Thomson Reuters, Lockheed Martin, Bertelsmann, Novartis, and Investor AB, among others.
Appendix 2: Leadership of the German Marshall Fund
The board of trustees of the GMF includes a host of corporate executives and news commentators, and their funding also comes from a coterie of governments, major foundations, and multinational corporations including: Bank of America Foundation, BP, Daimler, Eli Lilly & Company, General Dynamics, IBM, NATO, Rockefeller Brothers Fund, and USAID, among many others.
Appendix 3: Leadership of the Business Roundtable
Other members of the executive committee include the CEOs of Honeywell, Dow Chemical, Procter & Gamble, MasterCard, Xerox, American Express, Eaton, JPMorgan Chase, Wal-Mart, General Electric, Caesars Entertainment, Caterpillar, McGraw-Hill, State Farm Insurance, AT&T, Frontier Communications, and ExxonMobil.
Appendix 4: Leadership of the ERT
As of 2013, members of the ERT included the CEOs of Ericsson, Siemens, Telecom Italia, BASF, Nestlé, Repsol, ThyssenKrupp, TOTAL, Rio Tinto, Fiat, Nokia, EADS, ABB, Lafarge, GDF SUEZ, BMW, Eni, BP, Royal Dutch Shell and Investor AB, among many others.
Appendix 5: Corporate Partners of BusinessEurope
BusinessEurope counts among its “partner companies,” notable multinational conglomerates that make up the Corporate Advisory and Support Group who “enjoy an important status within BUSINESSEUROPE,” including: Accenture, Alcoa, BASF, Bayer, BMW, BP, Caterpillar, Diamler, DuPont, ExxonMobil, GDF Suez, GE, IBM, Microsoft, Pfizer, Shell, Siemens, Total, and Unilever, among many others.
Appendix 6: Companies Represented on the Board of the US Chamber of Commerce
The board of directors of the Chamber includes top executives and representatives from the following institutions and corporations: Accenture, Allianz of America, AT&T, Pfizer, FedEx, The Charles Schwab Corporation, Xerox, Rolls-Royce North America, Dow Chemical, Alcoa, UPS, Caterpillar, New York Life Insurance Company, Deloitte, the Carlyle Group, 3M, Duke Energy, Siemens, Verizon, IBM, and Allstate Insurance, among many others.
Appendix 7: Task Force Members
Other task force members represented such institutions as: Tufts University, Foreign Policy magazine, Standard Chartered Bank, the Business and Industry Advisory Committee to the OECD, Facebook, a former EU Ambassador to the US, a former senior VP of the World Bank, Deloitte Touche, and Susan Schwab, a former United States Trade Representative.
Appendix 8: Corporate Representatives on the PEC
Obama’s PEC includes CEOs and executives from Boeing, Xerox, Dow Chemical, UPS, Walt Disney Company, Warburg Pincus, Caesars Entertainment, Ford, Verizon, JPMorgan Chase, Ernst & Young, and Archer Daniels Midland, among others.
Appendix 9: Participants in New York Fed Conference
The program for the event was to include opening remarks from the president of the New York Fed, William Dudley, and would also include the EU’s ambassador to the United States, Joao Vale de Almdeida; the European Commission’s director-general for Economic and Financial Affairs, Marco Buti; and individuals from Columbia University, Johns Hopkins School of Advanced International Studies, MIT, the Brookings Institution, University of Cambridge, the EU-based think tank Bruegel, Morgan Stanley, European Banking Authority, former Federal Reserve Chairman Paul Volcker was chair of the panel on ‘Transatlantic Dimensions of Financial Reform,’ and with Olli Rehn, Vice President of the European Commission and Commissioner for Economic and Monetary Affairs (a central figure of the ‘austerity’ hierarchy) as the ‘keynote’ speaker.