Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Economists condemn restriction of capital controls in TPP

250 economists condemn restriction of capital controls in Trans Pacific Partnership

More than 250 international economists, including some of the best-known commentators on the global financial crisis, have signed an open letter calling on the US government to remove of capital controls from the ambit of its free trade agreements, including the Trans-Pacific Partnership Agreement.

“When such prominent economists and Joseph Stiglitz and Dani Rodrik speak, New Zealand should listen”, said Professor Jane Kelsey, a strong critic of the TPPA.

Unrestricted capital flows is a standard requirement of US free trade agreements, with no right even to take emergency measures in a balance of payments emergency, she said.

Both the Labour Party and the Greens have been proposing a financial transaction tax that would become impossible to institute under such an agreement.

“Even the International Monetary Fund, once a leading champion of full capital account liberalisation, now says that capital controls have a legitimate role to play in restraining speculative financial flows and maintaining financial instability.”

A number of countries, including Brazil, Indonesia, Taiwan and South Korea have adopted such controls in the past two years. Korea’s measures would have raised conflicts with its FTAs with both the US and the European Union; however, neither of these agreements is yet in effect.

"The New Zealand government needs to guarantee New Zealanders that it will demand a carveout of capital controls from any financial services and investment negotiation in the TPPA and make that position clear in the next round of negotiations in Chile in February”, said Professor Kelsey.

“The Labour Party also needs to take a public position on the issue.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Greek Riddles:
Gordon Campbell On The Recent Smackdown Over Greece

There had been a fortnight of fevered buildup. Yet here we are in the aftermath of the February 28 showdown between the new Syriza government in Greece and the European Union “troika” and… no-one seems entirely sure what happened. Did the asteroid miss Earth?

It seems to have. The EU still exists. Syriza is now claiming a victory of sorts. It doesn’t help that the only people who do appear to be sure (the Greeks buckled) are claiming the exact opposite to what the other group (the Greeks won!) are saying. Plus, there are bets either way e.g. Bloomberg News: “Its too early to say who caved in to whom.” More>>

 

PARLIAMENT TODAY:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Gordon Campbell: On Whether NZ Troops Are The Least Of Islamic State’s Problems

Given that it has been politically packaged and sold as a training mission, the Iraq deployment announced yesterday by Prime Minister John Key seemed to be mysteriously short of actual trainers... The other wing of the argument is whether a troop deployment is (a) the only effective way and (b) the appropriate time to combat Islamic State. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news