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While in my cases that might not be a problem, there are certain commitments that an investor should know a state cannot make, even if some transitory government coalition happens to make such promises.

Specifically, sovereign default must always remain outside the jurisdiction of any ISDS system. Likewise, regulation in pursuit of macroeconomic stability, environmental protection, consumer protection, protection of the right to organize and bargain collectively, and a number of other core state functions and core human rights must be categorically exempt from becoming the subject of such disputes.

Governments cannot sign away their citizens' right to strike, nor their right to breathe unpolluted air. Full stop. Any government promise to the contrary is prima facie nonsense, and any investor who relies on it deserves to lose his shirt.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Jul 4th, 2014 at 01:47:01 AM EST
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