By Nancy Thomson

Those of us who thought that the WTO (World Trade Organization) brought us the worst of all trade arrangements should be informed something to surpass this loss of independence is on the way.

This new treaty, General Agreement on Trade in Services (GAIS) is the prodigy of the WTO. Its debut this December in Geneva was two years in the making. The first phase of GATS is the Multinational Agreement on Investment (MAI) which will, according to Peter Beinart (New Republic) "lock in the liberalization of international investment just as GATT codified the liberalization of trade."

The global accord opens multi-trillion-dollar insurance and banking areas to foreign competition. Foreign ownership of banks in the 50 states has already taken place. Since 1995, interstate banking by acquisition has allowed ownership by foreign financial institutions in any state.

One hundred countries have already agreed to this commitment of open banking insurance and securities to foreign firms. In essence this covers more than 95% of all insurance premiums in the world.

Surprise! Our Federal Reserve will have oversight of new foreign banks' applications in our country. Do you suppose there will be any favoritism shown here? Another monopoly on top of monopolies.

There are three basic principles concerning GATS. It covers ALL services except those under governmental control, (no problem here because the bankers control the governments anyway) no discretion is to be shown for national providers, and shades of MFN, there shall be no discrimination between other members of this agreement.

GATS provides the first multilateral agreement which will entail legal ENFORCEABLE rights to trade in all services. This covers all areas of supplying financial and economic issues, which are necessary to produce the global economy. Countries violating any principals of this GAT'S agreement will face disciplinary action. The NWO will act as the enforcer.

Many of the European Union nations, with a total of 82 nations in all, have previously made adjustments in their monetary policies to fit with GAT'S. Its doubtful the European populace knows any more about what is transpiring in their financial world then we do.

-American business is one of the strongest backers of GAIS because they have the most to gain. We find the same assortment of bankers, politicians, and multinational companies who have been the catalysts for globalization is included in this group. Two prominent delegates from the US (unelected and Clinton appointees) were Secretary of the Treasury, Robert Rubin, a la Goldman Sachs, and Charlene Barshefsky, US Trade Representative. Some of the largest investment firm praising the agreement include Goldman Sachs, Aetna Insurance, Citibank (Rockefeller) American International Group (AIG), and Merrill Lynch. These companies not only had lobbyists at the meeting in Geneva, they took up residence as close to the meeting quarters as possible. Complaints from other delegates concerning this deliberate placing of American lobbyists included undue pressure and attempts to influence.

One of the biggest boosters for GAT'S is the AIG. Its longtime Chairman, Maurice Greenberg just terminated his position as Chairman of the NY Federal Reserve Bank. Greenberg advocates the Singapore global economic system for the US. Until recently, the AIG was the only US insurance company operating in China.

A short article in the Los Angeles Times 12/23/97 would probably go unnoticed by most readers because they know nothing about the new additions to the WTO. The article states that AIG has paid $2.2 billion for American Bankers Insurance Group. "It makes a lot of sense," according to a money manager in Boston. AIG will not only be diversifying into other fields but will be bolstered internationally. This "cross-selling" of course leads to fewer and fewer owners. Too bad this money manager fails to realize the conglomerate bankers and corporations are purchasing his freedom with every billion-dollar takeover.

Are there any countries opposed to MAI and GAT'S?

Yes there are, and this is where the recent destabilization of the Asian markets, Intentional Monetary Fund (IMF) and World Bank loans converge with MAI and GAT'S.

September 1999