t. man hatter
"Cutting deficits without growth is the worst time to do it," some pundit was quoted in today's Financial Times in French President Francois Hollande's latest brush with reality.
The quote is just another example why the globe should leave the French to their misery. In the pathetic world of politics, there is never a good time to cut deficits. It's too painful in hard times, they say, and when things get better they don't need to be whacked. So the old game of economic musical chairs continues.
This is hardly unique to France. But the French are mostly likely just better at it than, say, even Italian or Spanish or American politicians. The first part of the pundit's quote is: "France's problem is we have not been credible for so many years (on fiscal policy)," and you thought the British were masters of understatement.
Much of the recent uproar is about known French loudmouth Arnaud Montebourg's weekend comments in announcing his resignation as economy minister. Montebourg leveled his criticism, in what some believe was a not-so-veiled slur at Germany, that the EU's fiscal stance was causing "unnecessary prolongation of the economic crisis and the suffering of the European population"
There is nothing like good politically-based emotion to rile folks up. The Times describes Montebourg as "both sharp and tirelessly ambitious--among other things, he makes no secret of his goal to one day become French presidient," just the kind of bloke one wants running its affairs.
Montebourg is anti-business, the last thing the people of France need.
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