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Global financial architecture A perspective from the South We risk entering a new era where the US, and maybe some other developed countries as well, are tempted to promote extreme trade protectionism, whilst retaining or expanding the unpopular non-trade issues in the trade agenda because it is in the interest of their corporations. We might end up with a new type of “America first” agreements, in which a Trump administration ensures that the US can curb imports whilst championing its exports, thus reducing the trade benefits to its partners; while at the same time strengthening the rules in non-trade issues like intellectual property and liberalising financial services that favour US corporations but are against the partners’ interests. That would be the worst of both worlds, at least for developing countries. - Martin Khor, Executive Director of the South Centre Trump and ‘Trade’ • Cacophony? Same old, new networks of representation in configuration. • Big ‘take their’ Oil (EPA), Big Pharma, Silicon Valley, Big Banks: National Security Hawks • Republicans + Obama = TTIP/ TPP fast-track • Bilateral trade agreements: «US-Czech, USKazakhstan, US-Taiwan» • This has already been the policy in LatAm – FTAA failed, so bilateral; missing Mercosur + Ecuador US Empire • Multilateral level – Will exert overt influence and control of international institutions: $ (i.e. UNESCO) • Institutions targeted for economic hegemony: – Financial: IMF, WB-ICSID, FATF, SWIFT, BIS – Technological: WIPO, ITU, ICANN, IEC, ISO • Lat Am experience: Argentina, Nicaragua US Empire • Unilateral level – ‘National security clause’ unilateralism • Infrastructure, procurement and trade measures as national economic security • Global surveillance – Will threaten and use military force • Instruments for unilateral economic hegemony: – OFAC (even cyber), FINCEN, FATCA-IRS – FED ($ swaps) – Lat Am experience: Cuba, Venezuela, … Counter-hegemony • BRICS – New global banks: NDB, ABII, Euroasian – New instruments: swaps, BRICS reserve arrangements, Chiang Mei, UnionPay, Pro100 – Alternative (UN, not ISO) standards • South – Bank of the South, Fund of the South, SUCRE • 5 sovereignties; commons-based financing – UNASUR investment center – [.sur] • Ecuador – Make CB accountable to democracy – Electronic currency Counter-hegemony • Solidarity economy – Cooperatives, communes, collectives, associations, unions, chambers, etc. all over the world. – Create global networks, bypass hegemonic instruments with open standards and innovation (role for blockchain) – Example: accounting software and payment systems, common courrier and transport – Need massive distributed technological upgrading, with economies of scale for political accumulation – Subordinate finance to production and Buen Vivir • Must take over Central Banks and the like 21st century socialism • Lenin: Soviets + electricity • We say: Solidarity + internet • Metric: unidimensional monetary (and labor) • We say: multidimensional (biophysical) rights of Buen Vivir + life-time