The UN General Assembly passed a historic resolution to begin treaty negotiations to enact a global bankruptcy process and stop predatory hedge funds. The resolution passed by a super-majority vote of 124-11 with 41 abstentions. The US voted no along with 10 other countries. The bankruptcy process could make it more difficult for hold-out investors to block countries from debt restructuring and could limit future defaults.
A new agreement (TISA, Trade in Services Agreement) could privatize drinking water and health care through the backdoor. The resistance by many non-governmental organizations to the free trade agreement TTIP seems to pick up speed.
The mainstream U.S. media is hazing German Chancellor Merkel and President Obama for sidestepping the “I-word” – invasion – in reference to Russia and Ukraine. But the MSM goes mute on Ukraine’s “N-word” for “Nazi” so as not to disrupt the pro-Kiev “group think,” says Robert Parry.
The UN General Assembly votes Tuesday at 3pm (EDT) on a resolution that could create a global bankruptcy mechanism. Such a process could protect poor countries from predatory funds and limit future defaults. Jubilee USA's leadership, a group of religious leaders and financial experts sent a letter to United States UN Ambassador Samantha Power urging her to support the resolution.