Man in a Shed: The French Govt surrenders ( as usual )

Monday, April 10, 2006

The French Govt surrenders ( as usual )

Its a bit of a habit. Of course this means the whole thing will have to be gone through again in a few years, but next time their economic position will be worse and the expectation of blocking any reform ( just like last time ) will be stronger. Hence the pain will be worse.

They need a visit from TINA.

1 comment:

Michaelcd said...: As an Austrian newspaper said yesterday: "The Future Elite" of France - who will more than likely have a nice cushy state job in the future- have sentenced the youths of the surburbs to continued desperation.

The unholy alliance of Marxists, and their useful idiots - students and immigrants, who protested, will drive France to the edge. This is of course consistent with Marxist idealogy, once they realised that Capitalism doesn't self-destruct as Marx thought. The end result will be polarisation and more than likely a presedential election between a hard-left socialist and Jean Marie Le-Pen.

France is in big trouble.; 11:41 am

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The pound in your pocket

"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists." James Callaghan

“The trouble with theoretical economists is that they don't understand that when you have a deficit, you can only finance it by borrowing, and you've got to persuade people that it's worth lending money to you and that they'll get their money back... there's no way of escaping it.” Dennis Healey during the 1976 Stirling Crisis.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens ... Lenin was certainly right. There is no subtler, no surer means of over-turning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes, 1920.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." Thomas Jefferson, President of the United States of America,1801-1809.

Inflation is taxation without legislation .. Milton Friedman