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Only Jesus Can Save the Eurozone: Deutsche Bank
Financial Post ^ | 13/03/14

Posted on 03/17/2013 1:50:05 PM PDT by nickcarraway

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.

————————————————————-

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.


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS:
There's no such thing as an atheist in a banker...
1 posted on 03/17/2013 1:50:05 PM PDT by nickcarraway
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To: nickcarraway; All

Only Jesus can Save the World!!!!!!


2 posted on 03/17/2013 2:01:58 PM PDT by SandRat (Duty - Honor - Country! What else needs said?)
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To: SandRat

Only Jesus can Save the World!!!!!!

And the world sure needs Jesus!


3 posted on 03/17/2013 2:03:53 PM PDT by Isabel2010
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To: nickcarraway
There's no such thing as an atheist in a banker...

Euro so right on that one...

4 posted on 03/17/2013 2:03:57 PM PDT by trebb (Where in the the hell has my country gone?)
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To: nickcarraway; All

The Islamo - Mohammedans belong to Satan to burn in H***.


5 posted on 03/17/2013 2:06:46 PM PDT by SandRat (Duty - Honor - Country! What else needs said?)
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To: SandRat

Bingo.

Bilal Hafeez is a practicing Muslim:

http://www.indiaincorporated.com/component/k2/item/100.html


6 posted on 03/17/2013 2:39:11 PM PDT by reagandemocrat
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To: reagandemocrat

From the article:

“Q. You are a practising Muslim - is faith and working in the City compatible?

I like to go back to basics when I think about how to practise faith. The meaning of Muslim is one who surrenders attachment to his/her ego and recognises his/her dependence to reality/truth. In fact, in the Quran, which Muslims believe to be the word of God, there are numerous instances where both Christians and Jews are called Muslims or believers. So the essence of being a Muslim is quite different to how it is often viewed today, which is unfortunately more like signalling your membership to a group.”


7 posted on 03/17/2013 2:42:12 PM PDT by reagandemocrat
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To: nickcarraway

I knew a Spanish guy named Jesus once.He was as big a sinner as you’d ever want to meet.This guy couldn’t have been referring to the Son of God....*nobody* believes in God *today* in Europe.


8 posted on 03/17/2013 2:54:49 PM PDT by Gay State Conservative ("Progressives" toss the word "racist" around like chimps toss their feces)
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To: nickcarraway

First things first.

The Euro as a currency was doomed from the start. Much has been said a written about this. The “Euro-crats” will do anything and everything they can to maintain this alliance, as a result nothing they say can be trusted.

There are many among us that have been merely waiting for the triggering event to send this house of cards tumbling. We waited and dealt with the false Greek crisis only to see a market stabilized with promise and commitment.

Now, Cyprus joins a long list of troubled countries in need of cash. But I will say, this time it is different.

Europe Scrambling With Last Minute Revision To Cyprus Deposit Confiscation Plan

http://www.zerohedge.com/news/2013-03-17/europe-scrambling-last-minute-revision-cyprus-deposit-confiscation-plan

All I can do is look to the currency markets and see a fairly big sell-off in the Euro vs. most other majors.

If this sell-off sticks, it will mean a US Dollar rally, lower oil prices, less revenue from oversees for US based Companies, lower US equities and yields on the ten year bonds will be heading back to 1.5%.

For those that have been paying attention, we’ve done this dance before. Only to see another solution or resolution which provides enough confidence until the next round.

Wash, Rinse, Repeat.

It will be different only if a G-7 country pulls out of this currency cycling game.

We are getting closer and closer to the point when someone will fold.


9 posted on 03/17/2013 3:02:26 PM PDT by Zeneta (No eternal reward will forgive us now for wasting the dawn.)
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To: Isabel2010

All due respect for The Son of God, The Prince of Peace, Savior of All Mankind. (and I’m a Catholic) but I think the world is in such terrible shape that this is a job for God, not HIS son.


10 posted on 03/17/2013 4:10:04 PM PDT by jmacusa (Political correctness is cultural Marxism. I'm not a Marxist.)
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To: jmacusa

Sheesh — I guess that your perception of the 2nd Person of the most blessed Trinity is that, starting with the Father, the remaining two Persons are of lesser glory, power and holiness.

Why don’t you prayerfuly read the Athanasian Creed.


11 posted on 03/17/2013 5:00:05 PM PDT by 353FMG ( I refuse to specify whether I am serious or sarcastic -- I respect FReepers too much.)
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To: 353FMG
FRiend, that comment was something I borrowed, somewhat liberally from an account of a young soldier overhearing what his sergeant was praying aloud to himself on June 6th. 1944 at the hour when the landings on Omaha Beach seemed destined to fail. "God,the sergeant prayed, ''you've got to help us. No offense God, but don't send Jesus '', he said, ''this is a job for you''. I think Europes current situation and frankly ours is that serious. I know what the Holy Trinity is my friend and the glorious and wonderful power and love of it and for it. OK? Next time I'll make a note I'm being, ''cheeky''.
12 posted on 03/17/2013 5:18:43 PM PDT by jmacusa (Political correctness is cultural Marxism. I'm not a Marxist.)
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To: jmacusa

>”God,the sergeant prayed, ‘’you’ve got to help us. No offense God, but don’t send Jesus ‘’<

.
Please sergeant, read the Athanesian Creed. Wish I could’ve been there and read it to you and all your questions would’ve been answered.


13 posted on 03/17/2013 5:30:21 PM PDT by 353FMG ( I refuse to specify whether I am serious or sarcastic -- I respect FReepers too much.)
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To: jmacusa

>Next time I’ll make a note I’m being, ‘’cheeky’’<

.
Please don’t do that.


14 posted on 03/17/2013 5:33:32 PM PDT by 353FMG ( I refuse to specify whether I am serious or sarcastic -- I respect FReepers too much.)
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To: 353FMG

‘’Avoid zealots as they are dour and humorless’’. Sound advice I’d say. And so to you zealot, ,good night. This for me has been a weekend of zealots a plenty.


15 posted on 03/17/2013 6:51:07 PM PDT by jmacusa (Political correctness is cultural Marxism. I'm not a Marxist.)
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To: 353FMG

Obviously 2nd is lesser than first. The Trinity puts Jesus in 2nd place.


16 posted on 03/17/2013 6:55:02 PM PDT by Tea Party Terrorist (Those who work for a living are now outnumbered by those who vote for a living.)
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To: Tea Party Terrorist

Indeed. Father, Son and The Holy Spirit. Amen.


17 posted on 03/17/2013 7:09:39 PM PDT by jmacusa (Political correctness is cultural Marxism. I'm not a Marxist.)
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