Bad news for France, Europe, and perhaps, the world - Socialists have won the presidency of France, and the high-energy diminutive characterful Sarzoky, is history. Mr Francois Hollande, now President-elect, has declared himself the enemy of banks, and wants a 75% tax rate in place. He also opposes the German handling of the Euro-crisis, and seeks to end the austerity measures in France which mirror those that the Tories have adopted in the UK. Hollande's victory will also lead to the rise of a far-right alternative in France, which cannot be a good thing - a trend we are seeing tonight in Greece, where the centre cannot hold, and thus more extreme alternatives are gaining public support.
When you open your mouth to speak, are you smart? A funny question from a great song, but also, a good one, when it comes to poets, and poetry. We tend to have a very ambiguous view of intelligence in poetry, one that I'd say is dysfunctional. Basically, it goes like this: once you are safely dead, it no longer matters how smart you were. For instance, Auden was smarter than Yeats , but most would still say Yeats is the finer poet; Eliot is clearly highly intelligent, but how much of Larkin 's work required a high IQ? Meanwhile, poets while alive tend to be celebrated if they are deemed intelligent: Anne Carson, Geoffrey Hill , and Jorie Graham , are all, clearly, very intelligent people, aside from their work as poets. But who reads Marianne Moore now, or Robert Lowell , smart poets? Or, Pound ? How smart could Pound be with his madcap views? Less intelligent poets are often more popular. John Betjeman was not a very smart poet, per se....
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But wait… it gets even better. Adding to the woes are a stagnating housing market, currencies which have no backing [less than 3% is backed by precious metals], more debt, defaults, high unemployment [which is soon to rise even more], the failure of proposing fiscal unity throughout Europe [e.g., the price of bread should be standard], collusions, monopoly, the disappearance of the middle class [a trend that takes society back to the Middle Ages], protests, inflation, healthcare costs, the volatility of the bond market [yes, paying back over 6% is impossible], and I am just getting started.
Now, taking all of the above into account plus all of the aid the French government hands out yearly to its citizen, e.g., CAF or housing, how the hell is Hollande going to end austerity measures? The answer can only be one: to leave the EURO and take Europe aback to the League of Nations. With the constant turmoil of the world markets, France cannot just dictate the terms of the game. If the money is coming out of the German banks [and presumably out of the peoples pockets, i.e., retirement funds, healthcare, etcetera] can you blame the German government for being reluctant to hear out other bankrupt nations? No!
What has been happening in Greece has gone viral. Achoo! Bless you, but Italy, Spain and Portugal have caught the cold now. I guess this redefines the quote ‘when Europe sneezes the world catches a cold.’
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Plus we are forgetting what Sarkozy said earlier on in his Presidency: ‘les coffres sont vides.’ Hollande, you cannot cut from what does not exist. The law of mathematics states that you cannot divide a number by zero since its not definable. Plus, Mon Cher Hollande, you cannot print money without creating inflation [money wages versus real wages]. And if you try Keynesian Economics, i.e., a FED or central bank, you create deflation. The problem is western economy is in checkmate, and sadly Mr Hollande: you just chose the wrong time to become President because when the bubble bursts, you my friend will be known as the French Herbert Hoover. Wring a bell, anyone?
And the sad part Mr Hollande is that when you fail, which is guaranteed, you will be putting Mademoiselle Le Pen in the Presidency five years from now since as you know Europe heading to the right. Extreme right! And I don’t have to remind the world what happened last time that occurred. All we are doing is to set the stage for another Hitler.
The best way to avoid collapse is to let the markets sort themselves out without interferences from the government and to begin to back currencies with some sort of a Gold Standard.
And yes, Mr Hollande, before I forget: how do you plan to stimulate an already divided France? Look at LIBOR and other baking tools and tell from what hat do you plan to pull out the rabbit of recovery because sincerely I think you pulled the ultimate trick any professional politician can pull: to promise. ‘Les coffres sont vides’ for a reason: Europe sold its reserves years ago, and sadly, you cannot replace precious metals with human capital, which is something you have too much of because of ineffective immigration laws. Something, I think you’ll discover over the coming years. The problem is not letting people into France; the problem is that the people who come [to stay presumably] must have a skill or trait that can benefit society.
Socialism is not the answer. It’s nationalism: a nationalism that awakens a spirit of unity in these grim times of financial uncertainty. Please, do not confuse nationalism with far right tactics. I try not to confuse Labour [as in the party] with people who actually perform that task rather than just sitting around and abusing expense accounts the taxpayers provide. To tax the rich 75% is to drive away the wealth of the world from settling there since fiscal havens offer alternatives. Look at how the Burka ban has already affected the French economy.
Simon @ G&P
I too spend a lot of time in France and Sarko's unpopularity in Paris last summer was palpable. His bling bling lifestyle and gold Rolex watches have seriously alienated the majority of the French electorate. With the British local election results, it looks as though the right-wing tide throughout Europe is finally being reversed. A lot of right-wing commentators thought that Mitterand would be a disaster for France but he turned out to be one of the best presidents that they've ever had.
Best wishes from Simon