Risk Center Commentary - H-II: Apatow Mediates UN Economic Crisis Contingency Discussions

The view that human lives are expendable, in a profit at any cost world view, is reflected by the global humanitarian emergency, oil shock and food crisis that continues to spiral out of control.
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June 21, 2011 - PRLog -- UN Economic Crisis Contingency Discussions [1] mediated by Humanitarian Resource Institute have been referred to UN Human Rights Commission and International Criminal Court with a request for jurisdictional guidance for UN member countries.

In conjunction with these discussions, it is with great appreciation that the IRA Staff of Risk Center has provided the "Commentary - The World Held Hostage by Credit Default Swaps" (CDS) overview: [2]

"The net increase in financial exposures due to the existence of the CDS market in sovereign credit risk has not made the real economy safer, but instead multiplies the dollar amount of the basis risk in all markets, real or imagined. You cannot get rid of systemic risk and "too big to fail" until you limit credit derivative products to holders of actual debt. Instead we have hedge funds and banks gambling on the end of the world."

The 2009 60 minutes documentary "Financial WMD's" also helped leaders focus on the critical CDS discussion:


Today, the unregulated market activities that facilitated the global market crash in 2008, remain unregulated.  The view that human lives are expendable, in a profit at any cost world view,  is reflected by the global humanitarian emergency, oil shock and food crisis that continues to spiral out of control:

"The U.S. Commodity Futures Trading Commission (CFTC) unanimously voted 5-0 on Tuesday to delay so-called "self-executing" reforms until as late as December 31, or until the agency has finalized corresponding rules."  --  CFTC moves to delay some swaps rules past July 16: Reuters, 14 June 2011. [3]

The starting point for recent economic crisis contingency discussions [1] was capitol legitimacy of the unregulated CDS market, a focus of the recent NY Times article "Banking’s Moment of Truth:" [4]

"If investment banks like Merrill Lynch had had adequate capital requirements, they would not have been able to pile on so much disastrous debt. If A.I.G. had been required to put up enough capital against its credit default swaps, it’s quite likely that the government would not have had to take over the company. If the big banks had not been able to so easily game their capital requirements, they might not have needed taxpayer bailouts. A real capital cushion would have allowed the banks to absorb the losses instead of the taxpayers. That’s the role capital serves."

On the global geosystemic risk front:

"The Basel committee has already agreed, somewhat absurdly, to delay the implementation of the requirements until 2019."

Instead of compensation to victims of financial crimes and efforts to contain the damage and suffering caused by unregulated market activities, countries continue to place the cost on the victims through austerity measures.

Contact: 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

HRI:UNArts: Humanitarian Intervention Initiative
Url: www.unarts.org/H-II


   1. UN Economic Crisis Contingency Discussions:  Release Url:  www.unarts.org/H-II/ref/6142011IBAHRI.html
   2. Commentary - The World Held Hostage by Credit Default Swaps: IRA Staff, Risk Center, 21 June 2011. Url: www.riskcenter.com/story.php?id=99912829
   3. CFTC moves to delay some swaps rules past July 16: Reuters, 14 June 2011. Url: www.reuters.com/article/2011/06/14/us-financial-regulation-deadline-idUSTRE75D35U20110614
   4. Banking’s Moment of Truth: New York Times, 20 June 2011.  Url: www.nytimes.com/2011/06/21/opinion/21nocera.html

Related Discussions:

   * Apatow Appeal to International Bar Association - Tools for Restructure: HRI:UNArts Humanitarian Intervention Initiative, 26 May 2011. Url: www.unarts.org/H-II/ref/5262011IBAHRI.html
   * Too Big To Fail - HBO Docudrama -  Film Arts Integration Into Education: HRI:UNArts Humanitarian Intervention Initiative, 18 May 2011. Url: www.unarts.org/H-II/ref/5182011OHCHR.html
   * UN Security Council Appeal - Counterterrorism - Geoeconomic Security: HRI:UNArts Humanitarian Intervention Initiative, 3 May 2011. Url: www.unarts.org/H-II/ref/532011UNSC.html
   * Financial Crimes Referred to UN Commission on Human Rights - Security Council: HRI:UNArts Humanitarian Intervention Initiative, 13 April 2011. Url: www.unarts.org/H-II/ref/4132011OHCHR.html

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