Russian vaccine could be a game changer
Russian President Vladimir Putin shocked the world today with an announcement about a vaccine they say is ready for use. He said mass vaccinations of healthcare workers could start this month with mass voluntary vaccinations starting in October.
"A vaccine against coronavirus has been registered for the first time in the world this morning," Putin said on state TV. "I know that it works quite effectively, it forms a stable immunity."
"I hope our foreign colleagues' work will move as well, and a lot of products will appear on an international market that could be used."
The vaccine has been named Sputnik-V in a reference to Russia's surprise launch of the world's first satellite in 1957.
Scientists are skeptical because of the lack of published data and Phase 3 trials, which involve large numbers of people over a significant amount of time. Markets have largely shrugged off the news but the Russian ruble has made some modest headway.
Obviously this has been rushed and Russia has cut even more corners than other countries (which are doing the same). Still, I don't think there's any chance this unsafe.
The main risk with a vaccine is that it makes the disease itself much worse in people who contract it. I expect they've done enough testing to ensure that's not the case, because the political damage would be irreparable, even for Putin. So the main risk is that it's not effective, which isn't the worst thing in the world.
In the bigger picture, this will get Russia operating normally quicker and it will surely distribute it abroad where it will do the same.
Clearly there is skepticism out there but this is good news. Fauci has said for weeks that he's optimistic on the vaccine front and the same kind of news is going to be coming from the US and elsewhere (just before the election no doubt).
This is a window into the post-virus future and it's going to embolden the bulls.
