-------- Original Message --------
| Subject:
|
[Fwd: IBAHRI: Government Debt: Default
Projections
] |
| Date:
|
Thu, 18 Feb 2010 10:31:56 -0800 |
| From:
|
"Stephen M. Apatow"
<s.m.apatow@humanitarian.net> |
| To:
|
International Bar Association Human Rights
Institute
<hri@int-bar.org> |
Dear
Colleagues:
International dialogue continues with OTC derivatives in the spotlight,
as the scope of the debt crisis in the European Union becomes more
transparent. [2] According to the Wall Street Journal, Italy now
projects damage that will
impact municipalities for the next 20-30 years [3]. Economic damage to the
US States/Municipalities and 192 United Nations countries is viewed as
incomprehensible.
Though
Greece has been thrust into the international spotlight, you will note
in
the following CNBC slideshow "Government Debt
Issuers Most Likely to Default" [1] that the country ranks #10 on the
crisis
list:
1. Venezuela, 2. Ukraine, 3. Argentina, 4. Pakistan, 5.
Latvia, 6. Dubai, 7. Iceland, 8. Lithuania, 9. California, 10. Greece.
The intensification of the current economic emergency, impacting every
United Nations member country, has prompted a review of the 2003 paper "IMF: Universal
Bankruptcy Law for Sovereign Debtors." [4] This IMF
focus was most
probably a direct result of research that projected a serious
international
debt crisis associated with OTC derivatives (Randall Dodd, Warren
Buffet).
[5,6] All of these challenges are a direct result of the 1999
repeal
of Glass-Steagall and deregulation of OTC derivatives. [7]
Emergency economic stabilization initiatives are needed for
containment, restructure and debt relief proportional to the damage
caused by these so-called economic "Weapons of Mass Destruction." [6]
Two years into this crisis on the grassroots level in the United States, I
am continuing to advance economic emergency assistance initiatives at a
post-Katrina touchdown level [8], that will extend for
the duration of this downturn. Similar efforts are needed in
every UN member country.
Looking forward to coordinated action,
Stephen Michael Apatow
Founder, Director of Research and Development
Humanitarian Resource Institute
Phone: (203) 668-0282
Url: www.humanitarian.net
Email: s.m.apatow@humanitarian.net
United Nations Arts Initiative
Arts Integration Into Education
Url: www.unarts.org
Twitter: unarts
References:
1. Government
Debt Issuers Most Likely to Default: CNBC. Url: www.cnbc.com/id/34465366/
2. CNBC Greek
Ex-Minister: Other
Euro Countries (Italy, France and Spain) Did Swaps Too: CNBC. Url: www.cnbc.com/id/35438321
3.
Derivative
contracts taken out by Italian municipalities could jeopardize local
public
finances for 20-30 yrs. Wall Street Journal. Url: http://online.wsj.com/article/SB10001424052748703444804575071352329954616.html
4. IMF: Universal
Bankruptcy Law for Sovereign Debtors: CATO Institute.
Url: www.cato.org/pubs/fpbriefs/fpb75.pdf
5. Special Policy
reports: Global
Policy Forum: Derivatives Study Center. Url: www.financialpolicy.org/dscreports.htm
6.
Warren Buffet on Derivatives: Excerpts from
the Berkshire Hathaway annual
report for 2002.
Url: www.fintools.com/docs/Warren%20Buffet%20on%20Derivatives.pdf
7. The Warning,: PBS
Special on CTFC Chair Brooksley Borne. Url: www.pbs.org/wgbh/pages/frontline/warning
8. U.S. Needs Analysis Critical for Strategic Planning and Relief:
Humanitarian
Resource Institute: United Nations Arts Initiative. Url: www.unarts.org/news/aunappeal_182010.html
---------------------------------
UNArts.org: United Nations Arts Initiative targets global landscape of countries and
emergencies (ReliefWeb).
-------- Original Message --------
| Subject:
|
IBAHRI: G-192: Scope of Global Debt Crisis
in Focus |
| Date:
|
Wed, 10 Feb 2010 16:46:01 -0800 |
| From:
|
"Stephen M. Apatow"
<s.m.apatow@humanitarian.net> |
| To:
|
International Bar Association Human Rights
Institute <hri@int-bar.org> |
Dear Colleagues & IBAHRI Country Affiliates:
I would like to extend a special thanks EducationNews.org [1] for
facilitating international peer reviewed discussion of subject matter
associated with the global economic crisis.
As noted in the paper "Financial Market Legitimacy Critical for
Sustainable Global Recovery" [2], containment of the damage caused by
regulatory failures facilitated by the Glass-Steagall repeal and
deregulation of OTC derivatives, is critical.
Today the article "The
Coming Pan-European Sovereign Debt Crisis: What Country Is Next?"
[3] has focused international attention
on non-performing assets (NPA) [4] and their relation to Denmark, Spain, France,
United
Kingdom, Ireland, Italy and Sweden. We are
currently
seeking a NPA statistical analysis for all 192 United Nations member
countries
and would like to focus your attention to the paper "The Global Financial
Crisis: Analysis and Policy Implications" [5] published by the
Congressional Research Service in the United States.
In the article "NASAA President Tells Crisis Investigators To Take
Three Steps," [6] Denise Voigt Crawford, Texas Securities
Commissioner and president of the North American Securities
Administrators Association (NASAA), told the federal investigative
panel in her testimony that three actions should occur to prevent
further potential crisis:
(1) Restore provisions of Glass-Steagall, (2)
reinstate state oversight of Rule 506, and (3) boost state regulation
of advisors.
Retroactive implementation (to 1999) of commercial banking regulatory
standards, for all combined commercial/investment banking and insurance
entities
(including capitol requirements), are vital for containment of the
unregulated
OTC derivatives distortions that caused the global economic collapse.
In
conjunction with these emergency economic response actions, efforts to
conduct
unmet needs analysis on the grassroots level in the United States [7],
would
be constructive to duplicate in every UN country. [8]
In the hope of progress,
Stephen M. Apatow
Founder, Director of Research & Development
Humanitarian Resource Institute
Humanitarian University Consortium Graduate Studies
Center for Medicine, Veterinary Medicine & Law
Phone: 203-668-0282
Email: s.m.apatow@humanitarian.net
Internet: www.humanitarian.net
United Nations Arts Initiative
Arts Integration Into Education
Url: www.unarts.org
Twitter: unarts
References:
1. EducationNews.org: Url: http://www.educationnews.org
2.Financial Market Legitimacy Critical for Sustainable Global Recovery:
Humanitarian Resource Institute. EducationNews.org, 8 January
2010. Url: www.educationnews.org/business/24290.html
3. The Coming
Pan-European Sovereign Debt Crisis: What Country Is Next?:
Seeking Alpha, 10 February 2010 Url: http://seekingalpha.com/article/187778-the-coming-pan-european-sovereign-debt-crisis-what-country-is-next
4. Non-performing assets: Investopedia. Url: http://www.investopedia.com/terms/n/nonperformingasset.asp
5. The Global
Financial Crisis: Analysis and Policy Implications:
Congressional Research Service. 2 October 2009 Url: http://www.fas.org/sgp/crs/misc/RL34742.pdf
6. NASAA President Tells Crisis Investigators To Take Three Steps:
Humanitarian Resource Institute Discussion. EducationNews.org, 16
january 2010. Url: http://www.educationnews.org/business/opinions_on_the_economy/31461.html
7. U.S. Needs Analysis Critical for Strategic Planning and Relief:
Humanitarian Resource Institute. 26 January 2010 Url: http://www.unarts.org/news/aunappeal_182010.html
8. HRI: UNArts: Hope For Humanity Global Campaign: Humanitarian
Resource Institute, 22 January 2010. Url: http://www.unarts.org/news/hopeforhumanity_1202010.html
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