GLOBAL PATRIOTISM

Well, we've got a new international bureaucratic hero.

He's not an Italian. He's a Frenchman. His name is Arnoud Mounteburg, France's so-called fiery economy minister.

As we stated in a previous post France is considering legislation to block the takeover of French firms by foreigners. In defense of his position on the issue, Mr. Mounteburg recently labeled the decree a "choice of economic patriotism."

If foreign investment in France gets any rarer it'll soon be on the international endangered species list. France already protects from foreign invaders some 11 various industries. The latest move would add health, energy, transport and telecom.

French stocks have been one of the poorest performers over the last four years. That's the good news. The bad news is if adopted the new rule could subject one tenth of the CAC 40 to the law.

Mountebourg is not new to this game. He reportedly is the one who killed Yahoo's bid for Dailymotions, a French you tube competitor. To be fair other countries, including the US, have from time to time fought against foreign takeovers. Quite often it was disguised in the interest of national security.

Mounteburg is particularly bellicose in the eyes of many. He is especially upset about General Electric's bid for the French electrical firm Alstom. Known as "decret Alstrom" or for those with smaller egos "decret Mountebourg," the good economy minister labeled it the end of  "Laissez faire economic policy."
 
Perhaps the rest of the globe, especially those with foreign capital to invest, should issue its own decree. Call it "decret le France go down the economic tubes, a decret of global patriotism."