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Follow on Google News | HRI:UNArts: Apatow Moves Economic Crisis Discussion to UN Commission on Human RightsEfforts to address the economic crisis through contingency discussions on the UN and International Bar Association level have failed, prompting the call for legal review of available evidence by the UN Commission on Human Rights and Security Council.
By: HRI: United Nations Arts Initiative Center for Medicine, Veterinary Medicine & Law has referred global economic crisis discussions to the UN Commission on Human Rights - Security Council. The global economy has been devastated, by activities classified as financial crimes, [1] specifically the unregulated shadow banking system [2] and OTC derivatives market. [3] The legislative repeal of Glass-Steagall in 1999 [4] and the Commodities Futures Modernization Act of 2000 [5] are considered to be key vehicles that facilitated global deregulation of the OTC derivatives market and shadow banking system from 1999 through 2008. The Glass-Steagall Act, that was enacted during the Great Depression Era to specifically stop access to the reserve bank window by investment banks, is viewed to be a direct cause of the crisis. In 1999, this legal protection was removed, facilitating geosystemic damage through speculative trading. In 2008, emergency actions associated with the collapse of the global financial system, did not include the restoration of the Glass-Steagall legal protections. The OTC derivatives market and shadow banking system was allowed to remain intact and central banks flooded the global financial system with zero interest rate emergency central bank loans. These emergency loans flowed directly into investment banks that leveraged the stock and commodity markets, facilitating a recovery of the stock market, but a deeper humanitarian emergency associated with with hyperinflation and an oil/food crisis that has destabilized the continent of Africa and the entire Middle East. The PBS documentary entitled "The Warning" [6] outlines the historical events associated with these critical legislative actions in the United States that facilitated global market integration. The Academy Award Winning Documentary "The Inside Job" [7] addresses the scope of this crisis in greater detail, see: * The Inside Job Trailer: Sony Picture Information Site. Url: http://www.sonyclassics.com/ * The Inside Job Study Guide: Developed by professor Frank Partnoy, the George E. Barrett Professor of Law and Finance at the University of San Diego School of Law. PDF. Url: http://www.sonyclassics.com/ Efforts to address this economic crisis through contingency discussions on the UN and International Bar Association level have failed, prompting the call for legal review of available evidence by the UN Commission on Human Rights and Security Council. It is critical that emergency actions are coordinated to stabilize the global financial system and humanitarian emergency that continues to spiral out of control. This includes the development of legal tools to (1) assist restructure under bankruptcy protection for all UN member countries, (2) address market distortions associated with the unregulated global OTC derivatives market and shadow banking system, (3) debt relief proportional to resultant damage and (4) emergency humanitarian assistance for impacted populations. References: 1. Financial Crimes: Mortgage Fraud - OTC Derivatives: 2. Shadow Banking: Federal Reserve Bank of New York Staff Reports, July 2010. Url: www.newyorkfed.org/ 3. The Structure of OTC Derivatives Markets: Randall Dodd, Derivatives Study Center. The Financier • VOL. 9, NOS. 1-4, 2002 Url: www.financialpolicy.org/ 4. The repeal of the Glass-Steagall Act in 1999: Wickpedia: Url: www.en.wikipedia.org/ 5. The Commodity Futures Modernization Act of 2000: Wickpedia: Url: www.en.wikipedia.org/ 6. The Warning - FRONTLINE - PBS: Url: www.pbs.org/ 7. The Inside Job: 2010 Academy Award Film, narrated by Matt Damon. Url: www.theinsidejobfilm.com # # # Humanitarian Resource Institute United Nations Arts Initiative: Promoting the arts as a vehicle for solution oriented strategic planning and development across the globe. End
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