UN/NGO Background Discusion
29 April 2010
Dear Colleagues and UN Affiliates:
Earlier this week, Standard and Poors downgraded
Greek's credit rating to junk, while yesterday the 2-year Greek bond briefly
rose to 38%, 8X the level EU plans to lend. [1]. In conjunction with Greece, S&P also lowered its
long-term sovereign credit rating on Spain, a day after dropping Portugal
2 notches. [2] As we all know, the vast majority
of EU countries are in the midst of a sovereign debt crisis and will require
emergency assistance in the near future.
This morning, CNBC reported that in the Greek bailout package,
all EU countries (including those in a current state of emergency) would
be required to contribute to this fund, Portugal: $800 million Euros, Spain:
$4.2 billion Euros (contribution based on size). Such
a concept appears to be beyond comprehension, since the vast majority of
these countries would be next in line for emergency IMF/EU assistance, spiraling
the size and scope of the EU economic emergency into a deeper crisis.
Though Greece has been thrust into the international spotlight, the CNBC
slideshow "Government Debt Issuers Most Likely to Default" [3] notes
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 size and scope of the unregulated OTC derivatives based market distortions,
viewed as the root cause of the 2008 market crash, remain the focus
of our current international economic emergency. [4] These distortions
must be addressed. [5]
The intensification of this crisis, impacting every United Nations member
country, has prompted a review of the 2003 paper "IMF: Universal Bankruptcy
Law for Sovereign Debtors." [6] 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). [7,8] All
of these challenges are a direct result of the 1999 repeal of Glass-Steagall
and deregulation of OTC derivatives. [9]
The size and scope of this international economic emergency, impacting countries
outside of the G-20, has prompted a request for tools to assist restructure
on the country, state and municipal levels.
References:
1. Greek bonds reach all time highs. NASDAQ Url: http://community.nasdaq.com/news/2010-04/greek-bonds-reach-alltime-highs.aspx?storyid=19883
2. Euro Falls Further After Spain Suffers Downgrade: RTT News. Url:
http://www.rttnews.com/ArticleView.aspx?Id=1284446
3. Government Debt Issuers Most Likely to Default: CNBC. Url: http://www.cnbc.com/id/34465366/
4. Davos: World Leaders Called to Emergency Action:
Humanitarian Resource Institute, 20 January 2010. Includes
Nobel Laureates asked to request financial market intervention
by leaders in UN countries: Humanitarian Resource Institute,
13 January 2010. Financial Market Legitimacy Critical
for Sustainable Global Recovery: Humanitarian Resource Institute, 5
January 2010. Url: http://www.unarts.org/news/gsteagall_152010.html
5. Financial Crimes: Mortgage Fraud - OTC Derivatives: G-192 Stabilization
and Recovery. Humanitarian Resource Institute, 27 April
2010. Url: http://www.unarts.org/news/afinc_4282010.html
6. IMF: Universal Bankruptcy Law for Sovereign Debtors: CATO Institute.
Url: http://www.cato.org/pubs/fpbriefs/fpb75.pdf
7. Special Policy reports: Global Policy Forum: Derivatives Study Center.
Url: http://www.financialpolicy.org/dscreports.htm
8. Warren Buffet on Derivatives: Excerpts from the Berkshire
Hathaway annual report for 2002. Url: http://www.fintools.com/docs/Warren%20Buffet%20on%20Derivatives.pdf
9. The Warning,: PBS Special on CTFC Chair Brooksley Borne. Url: http://www.pbs.org/wgbh/pages/frontline/warning
Looking forward to feedback, guidance and immediate assistance for UN
member countries.
S.M.Apatow
-------- Original Message --------
Greetings All:
As many of you know, in 1999, I mediated the development of the International
Disaster Information Network [1] in cooperation with FEMA to accommodate
Year 2000 global infrastructure analysis, contingency planning and
communications capability to the leadership base in 192 UN member countries.[2]
In the early 01-02, these efforts transitioned to challenges
associated with global emerging infectious diseases [3,4] and WHO
International Health Regulations. My 2003 overview "International
Law, Communicable Diseases and the Geopolitical Objective of Minimal
Interference with World Trade and Travel" [5] opened these discussions
on the International Bar Association, OIE,FAO,WHO and leadership level in
every UN member country, contributing to analysis, consensus building and
fast track revisions to the outdated WHO IHR guidelines. [6,7,8]
Today, we need to all be engaged in the geoeconomic interrelationship
with international public health.
References:
1. International Disaster Information Network: Humanitarian Resource
institute. Url: htp://www.humanitarian.net/idin
2. Year 2000: Global Infrastructure Analysis and Contingency Planning:
Humanitarian Resource Institute. Url: htp://www.humanitarian.net/contingency.html
3. EHPNET: Humanitarian Resource Institute Emerging
Infectious Disease Network: Environmental Health Perspectives
(EHP), an online publication by the Public Health Service,
U.S. Department of Health and Human Services, National Institutes
of Health, National Institute of Environmental Health Sciences
(NIEHS), Volume 112, Number 1, January 2004. Url: http://ehis.niehs.nih.gov/docs/2004/112-1/forum.html
4. Biodefense Threat Analysis & Communications Center: Pathobiologics
International. Url: http://www.pathobiologics.org/btac/
5. International Law, Communicable Diseases and the Geopolitical Objective
of Minimal Interference with World Trade and Travel: Stephen M. Apatow,
Humanitarian Resource Institute Legal Resource Center, 5 May 2003. Url:
http://www.humanitarian.net/law/sars_travel.html
6. Pandemic Influenza:
Contingency Planning Discussion: Pathobiologics International http://www.pathobiologics.org/ivphc/pi102004.html
7. International Health Regulations (Revisions Approved): ProMED 22
May 2005. Url: http://www.pathobiologics.org/ivphc/ref/promed_ihr_52205.html
8. Proposed new International Health Regulations, Agreement
must be reached to protect the global village from pandemic influenza,
BMJ 2005;330:321-322 (12 February),
doi:10.1136/bmj.330.7487.321. Url: http://www.pathobiologics.org/ivphc/ref/ihr_21105.html
Looking forward to feedback as I offer my resources to coordinated policy
initiatives.
S.M.Apatow
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