TTIP and the crisis of financialized capitalism; or, cornucopia for some instead of prosperity for all
What the bourgeoisie therefore produces, above all, are its own grave-diggers.
Its fall and the victory of the proletariat are equally inevitable.
– Karl Marx & Friedrich Engels, Communist Manifest, 1848
The 11th round of negotiations has ended, the 12th is due somewhere early 2016. If formal announcements are anything to go by, ‘jobs and growth’ is no longer the slogan with which the European Commission tries to sell an increasing skeptical audience its push for a new trade treaty with the US, better known as the Transatlantic Trade and Investment Pact (or TTIP for short). The assumed benefits have of recent become predominantly geopolitical, while the feared costs in the form of lower standards and loss of sovereignty through secret arbitrage courts are increasingly addressed by European negotiators. Under the reign of viceroy Malmström, which began in October last year, transparency has become the key word. In a desperate attempt to regain the trust of the European electorate, Malmström has insured that her claims that TTIP will not lead to deteriorating consumer protection (gmo, chloride-cleaned chickens, Round-up, etc.) nor to loss of sovereignty can actually be checked on her website where most of the relevant documents (though not all and not in full) are regularly (albeit with a delay) published.