Only Jesus can save the eurozone: Deutsche Bank (2nd Confirmation)

Business Insider | 13/03/14 2:06 PM ET

Deutsche Bank‘s global head of FX strategy, Bilal Hafeez, recently gave a speech at the annual Deutsche Bank Mittelstand (small and medium-sized enterprises) FX conference in Hamburg, Germany.

The bank’s research department transcribed Hafeez’s speech and sent it out to clients in a note.

The speech focuses on the euro area’s economic woes and the need for the currency bloc to move forward with further integration in order to be economically successful.

Hafeez opens the speech with a reflection on parenting and a child’s years as a “terrible teen.”

Then, he makes an interesting comparison to the euro area, complete with a religious allegory.

Hafeez said the euro area needs a role model that people across Europe can respect.

“I can only think of one figure that is respected by most Europeans and has never sinned, Jesus!” said Hafeez.

Read the excerpt from Hafeez’s speech below.

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Europe’s Saviour

Who else has entered the terrible teens? The Euro-Area! It was born in 1999, and so is currently fourteen years old. It has all the hallmarks of teenage angst. It is ridden with internal conflicts, it is groping around for structure, and it is suspicious of authority. So who can be a positive role model for the Euro-Area? Well it cannot be the “fathers”: Germany or France. It has to be an external figure that all Europeans respect, and whose motives and character are beyond dispute. That rules out anyone living as even the most competent person will make missteps or have something from their past dredged up to undermine them. That leaves us with historical figures whose lives have been laid bare by history. I can only think of one figure that is respected by most Europeans and has never sinned, Jesus!

Who’s to blame, and who is blameless

If everyone in the Euro-area would adopt the principle of not casting stones unless they were without sin then the constant accusations would stop. And remember, everyone has breached agreements in one way or another, even the stronger countries like Germany and France. How so? Well, all Euro-area countries were supposed to follow the Stability and Growth Pact (SGP), which amongst other things imposed a limit on of fiscal deficits of 3% and of government debt to GDP of 60%. Both Germany and France breached the SGP in the early 2000s and suffered no penalties. I should add that both Ireland and Spain met the SGP rules before 2008. So blaming “weaker” countries for not following agreements rings hollow.

If everyone held back their accusatory stones and instead focused on the future, then we may have a clearer vision of things to come. The two pressing issues for the Euro-area are the impact of austerity and the survival of the Euro-area in its current form.

http://business.financialpost.com/2013/03/14/only-jesus-can-save-the-eurozone-deutsche-bank/

DEUTSCHE BANK: ‘Only Jesus can save Eurozone’

Sunday, 17 March 2013
Deutsche Bank‘s global head of FX strategy, Bilal Hafeez, recently gave a speech at the annual Deutsche Bank Mittelstand (small and medium-sized enterprises) FX conference in Hamburg, Germany..

.
The bank’s research department transcribed Hafeez’s speech and sent it out to clients in a note..

.
The speech focuses on the euro area’s economic woes and the need for the currency bloc to move forward with further integration in order to be economically successful.

.

Hafeez opens the speech with a reflection on parenting and a child’s years as a “terrible teen.”

.
Then, he makes an interesting comparison to the euro area, complete with a religious allegory.

.
Who else has entered the terrible teens? The Euro-Area! It was born in 1999, and so is currently fourteen years old. It has all the hallmarks of teenage angst. It is ridden with internal conflicts, it is groping around for structure, and it is suspicious of authority. So who can be a positive role model for the Euro-Area? Well it cannot be the “fathers”: Germany or France.

.

It has to be an external figure that all Europeans respect, and whose motives and character are beyond dispute. That rules out anyone living as even the most competent person will make missteps or have something from their past dredged up to undermine them. That leaves us with historical figures whose lives have been laid bare by history. I can only think of one figure that is respected by most Europeans and has never sinned, Jesus!

http://macedoniaonline.eu/content/view/22931/53/

Pig Virus DNA Found in Rotavirus Vaccine : Millions of children worldwide, including 1 million in the U.S. exposed

2010 report posted for filing

FDA: No Problems Seen in 1 Million U.S. Kids Who Got Rotarix Vaccine

WASHINGTON — U.S. health officials urged pediatricians Monday to temporarily stop using one of two vaccines against a leading cause of diarrhea in babies, after discovering that doses of GlaxoSmithKline’s Rotarix were contaminated with bits of an apparently benign pig virus.

Glaxo’s vaccine has been used in millions of children worldwide, including 1 million in the U.S., with no signs of safety problems – and the pig virus isn’t known to cause any kind of illness in people or animals, said Dr. Margaret Hamburg, commissioner of the Food and Drug Administration.

But vaccines are supposed to be sterile, and because there is a competing vaccine against diarrhea-causing rotavirus that has tested clean – Merck’s RotaTeq – the FDA decided to err on the side of caution.

“We don’t want to scare parents,” Hamburg told reporters. “This was a difficult decision for us to make because there is no evidence at this time that there is a risk to patients who have received this vaccine, and we know there are real benefits for children to be vaccinated against rotavirus.”

Rotavirus causes severe diarrhea and is a leading child killer in developing countries. In the U.S., with better health care, about 55,000 children a year were hospitalized for rotavirus infections and several dozen died each year before vaccination began – with Merck’s vaccine in 2006 and Glaxo’s in 2008.

Glaxo said Monday that regulators abroad have decided not to change how Rotarix is used while scientists probe the relevance of the discovery.

A group of scientists testing a new way to detect viruses in a variety of products stumbled onto fragments of genetic material – broken pieces of DNA – from what’s called porcine circovirus-1 in Rotarix and alerted Glaxo, which confirmed the findings and in turn alerted FDA, Hamburg said.

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Rotarix, an oral vaccine, is made from a weakened strain of human rotavirus that has to be grown inside living cells before being purified into a vaccine dose. Glaxo uses a line of monkey kidney cells, or vero cells. Hamburg said the pig virus DNA fragments have been found in Glaxo’s cell bank, meaning they were present from the vaccine’s earliest development. How the original contamination occurred is under investigation.

Merck’s competing rotavirus vaccine RotaTeq is made by a very different process, and FDA’s testing showed no sign of the pig virus in it.

It’s not the first time unwanted viruses have been discovered in vaccines. Best known is a monkey virus that contaminated some polio vaccine in the 1950s; years later, scientists investigated if the SV40 virus might have increased vaccine recipients’ risk of later-in-life cancer but concluded it didn’t.

“We live in a world that’s teeming with microbes,” Hamburg said, but until now this particular pig virus is not one that FDA thought vaccine makers needed to check their products against.

Parents should switch to the Merck vaccine for now – it requires three doses instead of Glaxo’s two – because rotavirus is too serious a disease to ignore, said Dr. William Schaffner, a vaccine specialist at Vanderbilt University who was briefed on FDA’s decision.

He’s bracing for calls from worried parents and will tell them that “this has been an extraordinarily safe vaccine,” and that the discovery is “a consequence of our improved science and ability to detect things that we never could before.”