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.
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
-------- 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.
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
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