France elected Socialist candidate Francois Hollande yesterday who has vociferously promised to junk Messr. Sarkozy's nasty budget cutting and instead to prime the pump with (yes, you guessed it) more government spending! The Euro immediately plunged to a 5-month low. I can't imagine why. I mean, just because France is pretty much broke and if it goes off the cliff there is no way that the Germans are going to bail them out along with pretty much the rest of Europe is no reason to be concerned. Don't worry; be happy! Hollande could yet do the unexpected a la Nixon to China and enact tough austerity measures to try and balance the mess, but I would not let your croissants get cold waiting.
And BTW, the Greeks did the same thing, voting in two different new parties to repeal the austerity measures agreed to by the former Greek government to placate the IMF bankrolling Greece for awhile longer. My take is - go for it! I think it will be a great lesson for the rest of the world when we see what happens when an entire country insists on leaping with enthusiasm off the financial cliff. An unfortunate lesson to be sure; but instructive.
www.kgw.com/news/national/150361665.html
.jpeg)
No comments:
Post a Comment