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Jane Kelsey: Secret talks bring threat of financial crises

"They also want to make light-handed regulation the global norm. A standstill rule aims to freeze the existing level of regulation as the new bottom line. What Wikileaks posted was the draft chapter on financial services. We can assume it will be very similar to the TPP's financial services chapter. This is especially scary, because it aims to extend the model of liberalised and deregulated financial markets that brought us the global financial crisis. The International Monetary Fund has criticised the US and EU for being in denial over the risks this model poses to themselves and the world. Yet they are pushing a more extreme version in Tisa, and, presumably, in the TPP. The Wikileaks expose caused a flurry across the Tasman. Journalists realised that Tisa could threaten the four pillars policy that prevents mergers and takeovers among the Australian banks, who own most of ours. Limiting competition means less reckless behaviour. Removing those restraints means pressure for even higher returns and temptations to play Russian roulette in the shadow banking system."