#banking in canada

[sayruq]

[expertbyarea]

Do you want to move to a place that is affordable as well as close to Toronto? Well then, Etobicoke is the right place for you. It has a population of more than 360,000 people, making it a place full of diversified communities.

[allthecanadianpolitics]

Pro-Palestinian supporters are calling for a second real estate event planned north of Toronto to be called down over concerns it involves the selling of land in the occupied West Bank. On Sunday, dozens of people gathered near the Aish Hatorah synagogue in Thornhill, Ont., to protest an event that organizers say was aimed at helping people in the Toronto area buy property in Israel. They were met with pro-Israeli counterprotesters and Jewish leaders took issue with the Sunday protest taking place outside a synagogue. But pro-Palestinian protesters say companies associated with the event market property in the West Bank, where over two million Palestinians live under Israel's military occupation, according to the United Nations (UN). A similar event is expected to take place Thursday at another synagogue in the area. It is unclear whether the two events are connected. "We weren't there because it's a synagogue, we were there because we were protesting against a real estate show," said Ghada Sasa, who was at the protest over the weekend. 

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Tagging @politicsofcanada

[triggerblaze345]

Boycott Banks for Funding Fossil Fuels Song

USA, Canada and UK version

Here is the Singer’s linktree which contains resources for finding better banks

[intersectionalpraxis]

This was posted recently [12/21/23] by @/ spiritual__journey on tiktok. Thousands gathered in a Vancouver mall to protest, and I'm SO proud. Power to the people ❤️🇵🇸

End the occupation, ceasefire permanently and immediately, and free Palestine!

[mostlysignssomeportents]

End of the line for corporate sovereignty

I'm on tour with my new, nationally bestselling novel The Bezzle! Catch me next weekend (Mar 30/31) in ANAHEIM at WONDERCON, then in Boston with Randall "XKCD" Munroe (Apr 11), then Providence (Apr 12), and beyond!

Back in the 1950s, a new, democratically elected Iranian government nationalized foreign oil interests. The UK and the US then backed a coup, deposing the progressive government with one more hospitable to foreign corporations:

https://en.wikipedia.org/wiki/Nationalization_of_the_Iranian_oil_industry

This nasty piece of geopolitical skullduggery led to the mother-of-all-blowbacks: the Anglo-American puppet regime was toppled by the Ayatollah and his cronies, who have led Iran ever since.

For the US and the UK, the lesson was clear: they needed a less kinetic way to ensure that sovereign countries around the world steered clear of policies that undermined the profits of their oil companies and other commercial giants. Thus, the "investor-state dispute settlement" (ISDS) was born.

The modern ISDS was perfected in the 1990s with the Energy Charter Treaty (ECT). The ECT was meant to foam the runway for western corporations seeking to take over ex-Soviet energy facilities, by making those new post-Glasnost governments promise to never pass laws that would undermine foreign companies' profits.

But as Nick Dearden writes for Jacobin, the western companies that pushed the east into the ECT failed to anticipate that ISDSes have their own form of blowback:

https://jacobin.com/2024/03/energy-charter-treaty-climate-change/

When the 2000s rolled around and countries like the Netherlands and Denmark started to pass rules to limit fossil fuels and promote renewables, German coal companies sued the shit out of these governments and forced them to either back off on their democratically negotiated policies, or to pay gigantic settlements to German corporations.

ISDS settlements are truly grotesque: they're not just a matter of buying out existing investments made by foreign companies and refunding them money spent on them. ISDS tribunals routinely order governments to pay foreign corporations all the profits they might have made from those investments.

For example, the UK company Rockhopper went after Italy for limiting offshore drilling in response to mass protests, and took $350m out of the Italian government. Now, Rockhopper only spent $50m on Adriatic oil exploration – the other $300m was to compensate Rockhopper for the profits it might have made if it actually got to pump oil off the Italian coast.

Governments, both left and right, grew steadily more outraged that ISDSes tied the hands of democratically elected lawmakers and subordinated their national sovereignty to corporate sovereignty. By 2023, nine EU countries were ready to pull out of the ECT.

But the ECT had another trick up its sleeve: a 20-year "sunset" clause that bound countries to go on enforcing the ECT's provisions – including ISDS rulings – for two decades after pulling out of the treaty. This prompted European governments to hit on the strategy of a simultaneous, mass withdrawal from the ECT, which would prevent companies registered in any of the ex-ECT countries from suing under the ECT.

It will not surprise you to learn that the UK did not join this pan-European coalition to wriggle out of the ECT. On the one hand, there's the Tories' commitment to markets above all else (as the Trashfuture podcast often points out, the UK government is the only neoliberal state so committed to austerity that it's actually dismantling its own police force). On the other hand, there's Rishi Sunak's planet-immolating promise to "max out North Sea oil."

But as the rest of the world transitions to renewables, different blocs in the UK – from unions to Tory MPs – are realizing that the country's membership in ECT and its fossil fuel commitment is going to make it a world leader in an increasingly irrelevant boondoggle – and so now the UK is also planning to pull out of the ECT.

As Dearden writes, the oil-loving, market-worshipping UK's departure from the ECT means that the whole idea of ISDSes is in danger. After all, some of the world's poorest countries are also fed up to the eyeballs with ISDSes and threatening to leave treaties that impose them.

One country has already pulled out: Honduras. Honduras is home to Prospera, a libertarian autonomous zone on the island of Roatan. Prospera was born after a US-backed drug kingpin named Porfirio Lobo Sosa overthrew the democratic government of Manuel Zelaya in 2009.

The Lobo Sosa regime established a system of special economic zones (known by their Spanish acronym, "ZEDEs"). Foreign investors who established a ZEDE would be exempted from Honduran law, allowing them to create "charter cities" with their own private criminal and civil code and tax system.

This was so extreme that the Honduran supreme court rejected the plan, so Lobo Sosa fired the court and replaced them with cronies who'd back his play.

A group of crypto bros capitalized on this development, using various ruses to establish a ZEDE on the island of Roatan, a largely English-speaking, Afro-Carribean island known for its marine reserve, its SCUBA diving, and its cruise ship port. This "charter city" included every bizarre idea from the long history of doomed "libertarian exit" projects, so ably recounted in Raymond Craib's excellent 2022 book Adventure Capitalism:

https://pluralistic.net/2022/06/14/this-way-to-the-egress/#terra-nullius

Right from the start, Prospera was ill starred. Paul Romer, the Nobel-winning economist most closely associated with the idea of charter cities, disavowed the project. Locals hated it – the tourist shops and restaurants on Roatan all may sport dusty "Bitcoin accepted here" signs, but not one of those shops takes cryptocurrency.

But the real danger to Prospera came from democracy itself. When Xiomara Castro – wife of Manuel Zelaya – was elected president in 2021, she announced an end to the ZEDE program. Prospera countered by suing Honduras under the ISDS provisions of the Central America Free Trade Agreements, seeking $10b, a third of the country's GDP.

In response, President Castro announced her country's departure from CAFTA, and the World Bank's International Centre for Settlement of Investment Disputes:

https://theintercept.com/2024/03/19/honduras-crypto-investors-world-bank-prospera/

An open letter by progressive economists in support of President Castro condemns ISDSes for costing latinamerican countries $30b in corporate compensation, triggered by laws protecting labor rights, vulnerable ecosystems and the climate:

https://progressive.international/wire/2024-03-18-economists-the-era-of-corporate-supremacy-in-the-international-trade-system-is-coming-to-an-end/en

As Ryan Grim writes for The Intercept, the ZEDE law is wildly unpopular with the Honduran people, and Merrick Garland called the Lobo Sosa regime that created it "a narco-state where violent drug traffickers were allowed to operate with virtual impunity":

https://theintercept.com/2024/03/19/honduras-crypto-investors-world-bank-prospera/

The world's worst people are furious and terrified about Honduras's withdrawal from its ISDS. After 60+ years of wrapping democracy in chains to protect corporate profits, the collapse of the corporate kangaroo courts that override democratic laws represents a serious threat to oligarchy.

As Dearden writes, "elsewhere in the world, ISDS cases have been brought specifically on the basis that governments have not done enough to suppress protest movements in the interests of foreign capital."

It's not just poor countries in the global south, either. When Australia passed a plain-packaging law for tobacco, Philip Morris relocated offshore in order to bring an ISDS case against the Australian government in a bid to remove impediments to tobacco sales:

https://isds.bilaterals.org/?philip-morris-vs-australia-isds

And in 2015, the WTO sanctioned the US government for its "dolphin-safe" tuna labeling, arguing that this eroded the profits of corporations that fished for tuna in ways that killed a lot of dolphins:

https://theintercept.com/2015/11/24/wto-ruling-on-dolphin-safe-tuna-labeling-illustrates-supremacy-of-trade-agreements/

In Canada, the Conservative hero Steven Harper entered into the Canada-China Foreign Investment Promotion and Protection Agreement, which banned Canada from passing laws that undermined the profits of Chinese corporations for 31 years (the rule expires in 2045):

https://www.vancouverobserver.com/news/harper-oks-potentially-unconstitutional-china-canada-fipa-deal-coming-force-october-1

Harper's successor, Justin Trudeau, went on to sign the Canada-EU Trade Agreement that Harper negotiated, including its ISDS provisions that let EU corporations override Canadian laws:

https://www.cbc.ca/news/politics/trudeau-eu-parliament-schulz-ceta-1.3415689

There was a time when any challenge to ISDS was a political third rail. Back in 2015, even hinting that ISDSes should be slightly modified would send corporate thinktanks into a frenzy:

https://www.techdirt.com/2015/07/20/eu-proposes-to-reform-corporate-sovereignty-slightly-us-think-tank-goes-into-panic-mode/

But over the years, there's been a growing consensus that nations can only be sovereign if corporations aren't. It's one thing to treat corporations as "persons," but another thing altogether to elevate them above personhood and subordinate entire nations to their whims.

With the world's richest countries pulling out of ISDSes alongside the world's poorest ones, it's feeling like the end of the road for this particularly nasty form of corporate corruption.

And not a moment too soon.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/03/27/korporate-kangaroo-kourts/#corporate-sovereignty

Image: ChrisErbach (modified) https://commons.wikimedia.org/wiki/File:UnitedNations_GeneralAssemblyChamber.jpg

CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0/deed.en

[palestinegenocide]

DAY 152

- Israeli forces block WFP aid convey to north Gaza

- Israel blocks entry of water filters, considers them ‘threat‘

- Canada resumes funding to UNRWA

- Breakthrough in ceasefire talks in Cairo appears thin

- Hamas and Islamic Jihad release videos attacking Israeli forces in Gaza

- Israeli forces arrest 23 Palestinians in West Bank

[abroaddream]

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[vyorei]

Live coverage of the 8th of March 2024 is now closed.

Here is a recap of today's major events.

It is 12am in Ireland now so I have to go to bed.

I'll be back to resume live updates on Sunday as we have a Palestine event to run tomorrow, and in the event I'm burnt tf out completely I'll be back Monday.

For continuous updates while I'm gone, click the link below:

[awkward-teabag]

Love (cannot emphasis how much sarcasm there is in that word) that an official Canadian government response to high cellphone rates is to switch carriers.

Switch it to what? We basically have three companies since one was allowed to eat the forth (with the government saying it wasn't anti-competition and the company eating the other pinky promising they wouldn't jack rates up). Even the smaller companies have to rent infrastructure from the Big Three so there's only so much they can do if that rent costs an arm and a leg.

And that's not touching on how many "small companies" are actually just subsidiaries of the Big Three. You may save $5 but you're still with Telus/Rogers/Bell.

Or that the actual small companies tend to have shit coverage because they don't have the infrastructure available to them and are prevented from getting it. Or their traffic is throttled in favour of the Big Three's customers. Or both.

Or that they're extremely regional thus aren't an option for a huge chunk of Canada's population.

We have no true options and the government has shown time and again that they're fine with monopolies, in multiple industries, and don't care when said monopolies jack up prices to make shareholders and the c-suite more money at the expense of everyone else. At most there will be a verbal slap on the wrist and a giftcard for $25 that people have to register for, for a decade and a half of price gouging.

It's not talked a whole lot about outside the country from what I've seen and heard but Canada is a country of monopolies. A handful of companies own nearly everything, every province has a family or two that owns a hell of a lot (Nova Scotia is basically owned by one family at this point), and our government ignores it. Even the branch that is supposed to be against monopolies is fine with mergers and takeovers in most cases.

Because, you know, the company said it totally wouldn't use consumers' lack of options to increase prices.

[i-am-aprl]

ISRAEL REALTOR SELLS WEST BANK TO NORTH AMERICANS

Fancy buying property in the West Bank in Occupied Palestine?

Events promoting the sale of settler developments in occupied Palestinian territories have been held in synagogues in the United States and Canada, apparently exclusively reserved for Jewish buyers.

This clip shows the public’s outcry in various cities as these events took place. For example, a Muslim man went to an event advertised in Toronto, Canada. On the way there, an online search showed the for-sale property is in a West Bank settlement. Then, a recording showed him being turned away because he’s not Jewish.

Under international law, Jewish settlements in the occupied territories are considered illegal. According to the United Nations, between 2012 and 2022, the population of Israeli settlers in the occupied West Bank, including East Jerusalem, had grown from 520,000 to more than 700,000.

These events have been held regularly throughout the years. But amidst the Israeli bombardments and blockade that have killed more than 31,000 Palestinians in the Gaza Strip since 7 October, protests have not only risen but been amplified by social media users.

Public awareness about the broader 75-year Palestine-Israel conflict has spiked, with the majority of people in the United States telling pollsters they support a comprehensive ceasefire. However, Canadian residents are less likely to support it.

[expertbyarea]

The Crypto interest account lets you gain interest on your lent cryptocurrency and reverts your money with interest. In short, it is an account that lets you donate cryptocurrency and gain interest in that lent cryptocurrency. 

However, like many such investments, the crypto interest account is also volatile, and you may lose money while vice versa may also happen.

[allthecanadianpolitics]

Two MPs currently visiting the West Bank say they're concerned about Israeli settler violence in the territory. Liberal MPs Salma Zahid and Shafqat Ali are touring the West Bank and Jordan with New Democrat MPs Heather McPherson, Matthew Green and Lindsay Mathyssen. The week-long trip is sponsored by Canadian Muslim Vote, a registered non-profit charity. Ali said the MPs have heard from victims of settler violence since arriving in East Jerusalem earlier this week — including Palestinians who say they've been shot or their homes have been burned.

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Tagging @politicsofcanada @allthegeopolitics

[rabbitcruiser]

Shades of Green

What do you think about my pic?  

[ireton]

* WARNING : CRUDE LANGUAGE *

The Toronto Dominion bank (Canadian Bank) is going digital.

[harveyguillensource]

Harvey celebrating Easter with Tynomi Banks of Canada’s Drag Race.