-------- 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 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. 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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