Thursday 16 October 2008

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McCain, Obama Square Off in Season's Last Debate

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Debate produced heated discussion of slumping US economy, some testy exchanges about conduct of candidates' campaigns
The third and final American presidential debate produced heated discussion of the slumping U.S. economy and some testy exchanges about the conduct of the candidates' two campaigns. VOA's Michael Bowman reports from Hofstra University in New York, which hosted the event between Republican Senator John McCain and Democratic Senator Barack Obama. Senator Barack Obama (left) greets Senator John McCain at beginning of debate in New York, 15 Oct 2008In their last joint appearance before the November 4 election, senators McCain and Obama clashed on how best to revive the U.S. economy and spare Americans from pain and dislocation stemming from the continuing financial crisis. McCain took a strong stand against any new federal taxes and said Obama's plan to raise taxes for high-income earners would harm small businesses and ordinary Americans. "Why would you want to increase anybody's taxes right now? Why would you want to do that [to] anyone, anyone in America, when we have such a tough time, when these small business people, like Joe the plumber, are going to create jobs, unless you take that money from him and spread the wealth around," said John McCain. Senator Barack Obama speaks during presidential debate, 15 Oct 2008Obama stressed he wants to cut taxes for middle-income Americans and said McCain represents a continuation of President Bush's economic policies. "On the core economic issues that matter to the American people - on tax policy, on energy, on spending priorities - you have been a vigorous supporter of President Bush," said Barack Obama. "Essentially what you are proposing is eight more years of the same thing, and it hasn't worked, and I think the American people understand it hasn't worked and we need to move in a new direction." Unlike previous debate encounters where McCain and Obama spoke from podiums or took turns standing in front of a town hall audience, this debate had the two men seated close to each other at a single table. The proximity was intended to foster direct, spontaneous exchanges between the candidates, and to make it harder for either to give a series of pre-rehearsed mini-speeches. The formula seemed to have worked. Senator John McCain at presidential debate in New York, 15 Oct 2008McCain, who repeatedly went on the offensive to challenge Obama's positions and statements, pressed his rival on his connection to a 1960's radical, William Ayers. He also mentioned Obama's ties to a civic organization, Acorn, that has been accused of voter registration fraud. "Mr. Ayers - I do not care about an old, washed-up terrorist, but as Senator [Hillary] Clinton said in her debates with you, we need to know the full extent of that relationship," he said. "We need to know the full extent of Senator Obama's relationship with Acorn, which is now on the verge of maybe perpetrating the greatest fraud in voter history." Obama, who seemed determined to project calm and an even temper, took the opportunity to speak on the Ayers matter, which has been the focus of much media attention in recent days. Senators Barack Obama (l) and John McCain debating at Hofstra University in New York, 15 Oct 2008"Forty years ago, when I was eight years old, he [Ayers] engaged in despicable acts with a radical domestic group," he said. "I have roundly condemned those acts. Ten years ago, he served and I served on a school reform board that was funded by one of Ronald Reagan's former ambassadors and close friends. Mr. Ayers is not involved in my campaign." The wide-ranging debate also explored health care reform, trade policy, the negative tone of political advertising, judicial nominations, abortion and education.During the debate, both campaigns issued statements rebutting their opponent's arguments. Both campaigns claimed victory moments after the event ended. Post-debate polls will explore the American public's verdict on the debate, in coming days.


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US Investors Hopeful as Inflation Unchanged

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Stock futures move higher as Labor Department report shows inflation flat, claims for unemployment benefits decline
Sale signs in a Pasadena, California store front (Oct 2008 file photo)U.S. stock futures are moving higher, investors encouraged by government reports showing that inflation remained flat in September and that initial claims for unemployment benefits fell.The U.S. Labor Department said Thursday that consumer prices were unchanged in September due in large part to falling energy costs.  Officials say, excluding food and energy, prices gained just one-tenth of one percent.A second Labor Department report said the number of Americans filing jobless claims dropped last week.  But officials say the total number of Americans continuing to ask for unemployment benefits rose to more than 3.7 million, the highest it has been in five years.Europe's key markets in London, Frankfurt and France had been down more than five percent at the start of their trading sessions, but pared their losses after the U.S. reports were released.Other recent economic data, combined with ongoing concerns about the global financial crisis, has many investors worried that a global recession may be inevitable.Earlier, those fears sent Japan's Nikkei down more than 11 percent, the worst loss for the index in two decades. Share prices in South Korea were nearly 10 percent lower , while the Hang Seng in Hong Kong lost nearly five percent at the close.  White House officials said Wednesday that leaders of the Group of Eight industrialized nations (including the United States, Japan, Germany, France, Britain, Italy, Canada, and Russia) would work to strengthen financial institutions and restore confidence.

 

Some information for this report was provided by AFP, AP, Bloomberg and Reuters.


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Asian Markets Drop Sharply on Lower US Spending, Recession Fears

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US stocks fell sharply in Wednesday trading after report showed drop in retail sales
Stock markets across Asia dropped sharply after a decline in retail sales in the United States.  As Daniel Schearf reports from Beijing, Asian businesses are particularly vulnerable to a slow down in U.S. consumer spending.Tokyo's Nikkei index was down more than 11 percent, its biggest drop in 21 years, while South Korea's main index fell more than nine percent.The strength of South Korean banks came under scrutiny and its currency, the won, dropped nearly 10 percent against the dollar.A photographer takes a picture of a display showing stock prices at a brokerage firm in Hong Kong, 16 Oct 2008Hong Kong shares lost eight percent in early trading but recovered some ground to close down 4.8 percent.Some markets had more moderate losses; Mumbai's main stock index lost just a little over two percent and Jakarta gave up 3.8 percent.The declines came after U.S. data showed September retail sales fell 1.2 percent, almost double the expected loss. That sent the Dow Jones Industrial Average in New York sliding almost eight percent."This crisis is not over. What has happened in the West is they've taken steps which are starting to lead to a return of confidence in the system," said Bob Broadfoot, managing director of Political and Economic Risk Consultancy in Hong Kong.  "But, the economic fall-out is going to play out over the next year. And, I think that the markets in Asia are starting to realize, especially in places like China, that the economies here are all going to be adversely affected."Asia's export-oriented economies depend on U.S. consumers to drive growth.  Now that money in the U.S. is tight, Asia is feeling the pinch, because orders for manufactured goods are slowing.The global financial crisis started with defaults on high-risk loans in the United States.  Big name investment banks were hit hard - Lehman Brothers declared bankruptcy and Merrill Lynch was bought by Bank of America.As result, credit has nearly dried up around the world, making it hard for companies to borrow cash to fund operations or to expand.The U.S. government has earmarked more than $700 billion to shore up financial institutions and get credit flowing again. Other governments around the world have announced similar plans.But the bailout effort has so far shown little sign of restoring investor confidence or calming fears of a global recession.


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Commodity Prices Tumble in Australia as Credit Crisis Bites

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Industry experts say while exports of commodities to China will suffer in short-term, future appears much brighter
Australia's economy has enjoyed years of solid growth thanks to a booming resources sector. Now, the good times appear to be fading as the global credit crisis affects China's appetite for Australian iron and other minerals. From Sydney, Phil Mercer reports.Man looks at Australian Securities Exchange board, 10 Oct 2008As the world economy tumbles, commodity prices have also fallen sharply.  Shares in Australian mining giants, BHP Billiton and Rio Tinto, have plunged.It has been a spectacular fall for a sector that until recently had enjoyed record-breaking prices.Matthew Smith, an economist at the University of Sydney, expects worse to follow."What we've seen at the moment there's clearly been a lot of speculative activity in commodities partly because of the credit boom as well and that is now going to disappear and you'll see prices immediately fall, I think," Smith said.  "They will fall further as the demand for these commodities will fall.  So, yes that will tend to bring down price inflation."The inflation rate measures changes in the cost of living and in the prices of goods and services.  In Australia it stands at 4.5 percent a year, which is much higher than the country's Reserve Bank would like.  The Asian Development Bank estimates that average inflation across Asia has increased to seven-point-eight percent in 2008 - the highest in more than a decade.Falling commodity prices should help to bring inflation down but Smith thinks that other economic factors in Australia could temper falls in the cost of living."There is one thing though and that is the exchange rate in Australia has fallen considerably by about 25 percent over the last month," Smith said. "So, that will feed into higher import prices and so that will mean that there will be some consumer goods that will be higher. (The) cost of living will remain fairly high for a period of time before it starts subsiding and settling down."  A weaker Australian dollar also keeps the benefits of falling oil prices from being passed onto drivers.World grain prices also have been tumbling from the highs of early this year, but from Manila's food stalls to Sydney's supermarkets, consumers are not yet seeing lower food prices.There have been serious supply problems in global agriculture, including storms that have hurt the rice crop in Southeast Asia, and a drought in Australia that has hampered the harvest.Analysts fear that farmers, frustrated by falling prices and credit shortages, will plant less.Luke Chandler, from Rabobank Australia, thinks the commodity market turbulence will continue."The commodity markets have really been battered by the uncertainty we've had in the broader economy," Chandler noted.  "And it's really going to take a period of adjustment until we get some relative stability in these financial markets so that we can see a turnaround in the confidence of traders and investors to step back into the markets."   There is some optimism for the Australian resource market.  Industry experts think that while exports of commodities to China will suffer in the short-term, the situation further down the track is much brighter, which will help to insulate Australia from the worst effects of the global slowdown.Market analyst Peter Arden says that Asia's demand for Australian minerals will recover."The world has grown a lot bigger over that decade and still needs minerals to replace ones that have been mined out of traditional deposits," Arden said.  "So, the sector still has a very robust condition about it and it still will enjoy very good times because at the end of the day, in our view, the industrializations and particularly urbanizations going on in India and China are very long-run things that support long-term commodity demand."   In the meantime, the Australian government this week announced an unprecedented package to help the economy ride out the global downturn.The plan will use about $6.7 billion to stimulate demand by giving cash handouts to retirees, first-time home buyers and others with low incomes.  Prime Minister Kevin Rudd hopes the money will keep the economy afloat during these troubled times."What began as a patch of bad weather in America has now become a cyclone that has threatened to engulf the world," Rudd said. "But my message to the nation today is that while these winds of ill-fortune have battered institutions and shattered confidence across the world, the Australian financial system remains strong.  Our economy remains strong."      It is, though, likely to become sluggish.  While any falls in inflation and interest rates, will be good for consumers, an economic downturn will almost certainly cost jobs.  Australia, like other countries in the Asia-Pacific region, may escape the worst of the global financial meltdown, but it will suffer economic pain.  


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Suspected US Missile Strikes Pakistan's South Waziristan

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Thursday's strike hit area controlled by Baitullah Mehsud, leader of coalition of Pakistani Taliban groups
Locals in Pakistan's South Waziristan tribal agency say a suspected
U.S. drone aircraft has fired a missile into a local home.  VOA's Barry
Newhouse reports from Islamabad that intelligence officials say four
people were killed in the latest apparent attack against Taliban
militants.Suspected American drone aircraft have launched about 12 missile strikes against targets in North and South Waziristan in the past two months - a sharp increase in such operations against suspected Taliban and al Qaida militants. The latest strike hit an area controlled by Baitullah Mehsud, the leader of a coalition of Pakistani Taliban groups. Earlier, Taliban militants in the Swat valley attacked a police station using rockets before a suicide bomber detonated a car bomb next to the compound.  The attack killed at least four security personnel.  Since August, Pakistan's military has been locked in ongoing battles against Islamic militants in areas of the rural northwest.  Officials say militants have retaliated by carrying out bombings in Pakistan's cities, including last month's bombing of the Marriott hotel in Islamabad that killed more than 50 people.The fighting has weakened Pakistan's already shaky economy, sending the rupee to an all time low against the dollar.  A continuing electricity shortage still plagues much of the country and has contributed to water shortages in some places. Lawmakers have pledged to pursue a political consensus for a security plan to tackle the militancy, but an ongoing series of closed-door military briefings to a joint-session of parliament have drawn criticisms from many politicians. Pakistan Muslim League - Q party Senator Khalid Ranjha tells VOA the meetings have been largely filled with platitudes."It is a common reaction of all the members that this is much ado about nothing," Ranjha said.  "This is nothing to do with a joint session apart from good phrases, we should do better, we should fight terrorism - there is nothing to bite at." The closed-door meetings are expected to continue for several more days.  Lawmakers are officially barred from discussing the content of the proceedings.  

 

 


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Thailand, Cambodia Working to Resolve Border Dispute

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Dispute concerns land around the 900-year-old Preah Vihear temple
Thailand and Cambodia are renewing diplomatic efforts to end a border dispute centering on an ancient temple complex. United Nations Secretary-General Ban Ki-moon has urged the two nations to use restraint after a clash that left soldiers on both sides of the border wounded and two Cambodians dead.  VOA's Kate Pound Dawson in Bangkok has more.Officials from both nations are making clear they do not want the dispute to escalate.  Military commanders were meeting, Thursday morning, near the border to find ways to avoid new violence.Cambodian soldiers patrol on the road up to the famed Preah Vihear temple, Preah Vihear province, Cambodia, near Thai border, 16 Oct 2008Both sides accuse the other of starting the Wednesday shooting that left several soldiers injured.The dispute concerns land around the 900-year-old Preah Vihear temple. In 1962, the International Court of Justice granted sovereignty over the temple to Cambodia, but a main access route to it lies in Thailand.  For decades, a lingering disagreement over the area was nearly dormant, but it revived in July when Thai nationalists protested Cambodia's successful request to have the temple declared a U.N. World Heritage site. Talks on the dispute ended unsuccessfully, Monday, and Cambodian Prime Minister Hun Sen then declared that Thai troops had crossed the border. Sunai Pasuk, the Thailand representative for Human Rights Watch, says international concerns rose after Mr. Hun Sen issued an ultimatum to Thailand to pull back its troops. "I believe that Thailand has the world community on its side," said Sunai.  "So, this fact needs to be considered by Hun Sen." United Nations Secretary-General Ban Ki-moon has expressed concern about the fighting and has called on both countries to peacefully resolve the dispute.In Washington, the U.S. State Department also urges both governments to avoid violence.It is not clear exactly what sparked this week's shooting.  However, fear that the conflict may widen has prompted about 400 Thais to leave Cambodia, after Bangkok urged citizens to return home if they did not have urgent business across the border.  And, hundreds of Cambodians are reported to be leaving their homes near the temple.


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Zimbabwe Talks Move Toward Compromise

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Partial agreement expected Thursday after two full days of intense, long sessions of negotiations mediated by former South African president Thabo Mbeki
Zimbabwe President Robert Mugabe has made some compromises over distribution of cabinet portfolios according to the state controlled and owned Herald newspaper Thursday. Peta Thornycroft reports from Harare a partial agreement is expected Thursday after two full days of intense  and long sessions of negotiations mediated by former South African president Thabo Mbeki.Zimbabwean President Robert Mugabe arrives at hotel in Harare on October 15, 2008 for the second day of talks, which are being mediated by former South African President Thabo Mbeki  At stake for prime minister designate Morgan Tsvangirai, leader of the Movement for Democratic Change party, is the ability to run a new government and deliver relief urgently to the people of Zimbabwe.He signed up to a power sharing agreement last month but it broke down at the weekend when Mr. Mugabe assigned all the security ministries to his ZANU-PF party. ZANU-PF now sits on the opposition benches in parliament following the narrow MDC victory in the March elections.Tsvangirai has let it be known that he is deeply concerned about the sudden and dramatic upsurge in hunger nationwide, particularly in the south of Zimbabwe.Several Legislators from the south, in Harare for parliament, said children under five are beginning to die in their rural areas. One legislator said he believes this is the worst food insecurity in living memory in the Matabeleland North province.Senator David Coltart said Wednesday he is watching people shrivel in front of his eyes in his district in second city Bulawayo. Food agencies have not yet begun any meaningful distribution of emergency feeding  to many areas under threat of mass starvation, as they were banned in June by the government for three critical months from making preparations for emergency feeding. They are now trying to catch up but hunger stalks most of the population which goes to bed hungry at night. Movement for Democratic Change (MDC) President Morgan Tsvangirai in Harare, 15 Oct. 2008 The pressure therefore is also on Tsvangirai to find a way through the talks to be able to form a government.The dispute over ministries narrowed in the last day to the crucial ministries of finance and home affairs.The finance ministry would allow Tsvangirai to control the aid he hopes the west will provide to rebuild the socialwelfare ministries he will control. Home affairs, controls the police. However Mr. Mugabe, with his vast portfolio of powers embedded in the executive presidency, can appoint the commissioner of police even if  Tsvangirai has some power over the every day affairs of the large police force.Several policemen in Harare in bank queues in the last few days said they were hungry, were not paid enough, and did not want to be controlled by Mr. Mugabe.However the senior ranks of the police, such as those in the army and intelligence services, have been given white owned farms by Mr. Mugabe.The unlocking of the deadlock declared by Tsvanirai last week will attract both praise and criticism from Zimbabweans. Many of the poor in the streets say they are desperate for a change, any change. Others say he would be settling for an inferior deal in which he would be providing respectability in the international arena for Mr Mugabe who will continue to wield the real power. No one , however, seems to have suggestions of any alternative to an attempt at a government of national unity.


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Climate Change, Global Credit Crisis Deepen Poverty and Hunger in East Timor

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New survey finds more than 70 percent of households unable to find enough to eat during half the year
Aid agencies warn that East Timor faces a food crisis and more than half of its youngest children are going hungry as global food prices soar.  A new survey reveals that more than 70 percent of households across East Timor are unable to find enough to eat each day for almost half the year.  From Sydney, Phil Mercer reports.Elderly vendor waits for customers (File)A group of international aid organizations says that East Timor's "hungry season", which usually lasts for a couple of months, now extends for almost half of the year.The number of children under age five suffering from chronic malnutrition has hit as high as 59 percent in many areas. In some districts the food crisis has touched 90 percent of households.Aid workers say the global financial meltdown has contributed to the problem, as jobs are lost and donors cut back aid, while food prices have spiraled upward.  Charities estimate that an extra 100 million people have been pushed closer to hunger in other parts of Asia, the Pacific and Africa, as well. Andrew Hewett, the executive director of Oxfam Australia, says changing weather patterns have cut into East Timor's harvests."We are finding that climate change is causing problems for people's livelihoods and people's food security in that country," Hewett said.  "It was already a pretty desperate situation in East Timor.  People were used to the idea that for at least a couple of months a year that they just did not have enough food.  The problem is that that period has got greater."Despite turmoil in international financial markets, charities urge wealthier countries to support emergency food programs.Aid workers have reported similar problems in Cambodia and the Solomon Islands, where children are increasingly surviving on just one meal a day.It has been a hard road for East Timor since independence from Indonesia in 2002.  It suffers ethnic and regional divisions, and youth unemployment is above 60 percent.In addition, a rebellion by disaffected soldiers in 2006 triggered violence that killed more than 30 people and forced 150,000 residents from their homes.  Thousands remain in refugee camps.


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Paris Conference Highlights Growing Concern Over Human Trafficking

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Experts say most trafficking takes place in Asia but hundreds of thousands also trafficked yearly in Europe
Non-governmental experts and European officials are gathering in Paris Thursday for a conference about the rising phenomenon of human trafficking.   Lisa Bryant reports from the French capital that experts are calling for better monitoring and coordination to combat the problem, especially in cases involving children who have been the most vulnerable.Experts estimate that about 2.4 million people are trafficked around the world each year, with the numbers rising. But that is only a rough estimate, they say, since getting a grip on the phenomenon is difficult. But one thing is clear, according to Marina Leabsch, the number of people being trafficking around the world is increasing. Leabsch is an expert on human trafficking for the Catholic relief organization Caritas, which is organizing the Paris conference. "According to the recent estimates of the International Labor Organization, we can see that half of the estimated people being trafficked are children, and since trafficking is a crime and a serious violation of human rights, it's clearly a concern," she said.Leabsch says most of the human trafficking takes place in Asia - but about 250,000 people are trafficked each year in Europe and other industrialized countries. "If we talk about [Europe], then we are certainly talking about countries like Ukraine, the Czech Republic, Lithuania - also all the Baltic countries, but also Russia," she said.Child trafficking and sexual exploitation of women and minors are the most severe forms of abuse that occur frequently in impoverished regions of the PhilippinesExperts like Leabsch say children are easy prey for traffickers in particular. In some cases their parents are tricked into believing they are sending their children to a better life in a richer nation. Caritas and other groups fighting against human trafficking are urging the European Union to do more to monitor the phenomenon within individual member states and to establish more cross - border communication to combat it across the 27-member block.


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Study: Old Polio Vaccine Four Times More Effective Than Newer Drug

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Researchers say nowhere is this more evident than Nigeria, which harbors lion's share of global polio cases
According to a study published this week in the New England Journal of Medicine, researchers report that an older polio vaccine is much more effective at protecting children against the paralytic disease than newer drugs. Researchers say no where is this more evident than Nigeria, which harbors the lion's share of global polio cases. VOA's Jessica Berman reports.

US health official Mike Leavitt holding child and polio vaccine in IndiaIn 2003, while the rest of the world had become virtually polio-free thanks to vaccination, Nigeria became a hotbed of the paralytic disease when it halted its immunization program for one year, with the polio rate soaring to 82 percent of all global cases.

In an effort to bring the situation under control, the Nigerian government began an eradication campaign in 2006 that included two different types of vaccine.

The most widely used vaccine worldwide is a one that contains live, weakened virus to stimulate the body's immune system to fight the disease. Known as an OPV vaccine, this polio vaccine can be either trivalent or monovalent.

A trivalent vaccine confers protection against the three types of polio. A monovalent vaccine, which targets a single disease-causing type, had been used for many years before the trivalent vaccine was developed.

In a study of both types of vaccine in Nigeria, researchers compared the two drugs to see which was more effective in preventing the disease in thousands of children between 2001 and 2007.

Researchers with England's Imperial College in London and the World Health Organization concluded the older, monovalent vaccine is four times more effective than the trivalent in protecting children against polio.

Senior author Nicholas Grassly, an infectious diseases specialist at Imperial College, says the three polio or sero-types in the trivalent vaccine weaken its effectiveness against the most common form of the disease, type one polio. "These three serotypes, they provide immunity, but they can interfere with one another in the gut," he said.

Researchers found that a child receiving a monovalent type one vaccine has a 67 percent reduced risk of becoming infected with polio compared to sixteen percent risk of infection for the standard trivalent vaccine.

Experts say since 2006, the number of reported cases of polio in Nigeria has dropped by 75 percent with the use of the live weakened monovalent polio vaccine.

Vaccine scientist Ellie Ehrenfeld at the US National Institute of Allergy and Infectious Diseases says the findings demonstrate a monovalent vaccine is a good tool in the fight against paralytic polio.

But Ehrenfeld thinks the safer and more expensive polio vaccine used in the West called IPV ought to be available around the globe.

She believes IPV, which is made from the killed polio virus, will control the disease once eradication has been achieved. "I do think and I feel pretty strongly that when you have only one tool in your tool box which in this case is OPV, especially when there exists another tool that is IPV that it is a mistake to put all you eggs in one basket," he said.

Ehrenfeld's comments were published in the New England Journal of Medicine.

 


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