Deutsche Bank: Only Jesus Can Save Euro-Zone

Remember when Lord Blankfein said his firm was “doing God’s work”? Well, here comes some more of that. Deutsche Bank’s global head of FX strategy, Bilal Hafeez, spoke as the annual Deutsche Bank Mittelstand FX conference in Hamburg, Germany, where he focused on the euro zone’s economics woes and the need for the currency bloc to move forward with further integration in order to be economically sound. Hafeez begin his speech with some thoughts on parenting and a child’s years as a “terrible teen.” He argues that the European Union has entered into its “terrible teens.”  Born in 1999, the Euro Zone is currently fourteen years old.

It’s internal conflicts and suspicion of authority are the hallmark of a teenager.  Hafeez suggests that the “Fathers” can get the Euro-Area back in line; that is, Germany and France, which of course the rest of Europe will despise hearing.

“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!”

Hafeez says that the reason all the countries, even Germany and France, have breached agreements. For instance, the Euro-area countries were supposed to follow the Stability and Growth Pact (SGP), which alongside other things imposed a limit on fiscal deficits of 3% and of government debt to GDP of 60%.  He notes Germany, France and Spain have broken these rules, without mentioning that each eurozone nations has “cooked” books served up by Wall Street firms like Goldman Sachs.

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