France Is Entering Into A Depression

'Francois Hollande proposes nothing credible to restore France’s viability within EMU, or to stop public debt spiralling beyond 90pc of GDP.' Photo: Reuters

Another Domino Falls As Hollande Pushes France Into Depression -- The Telegraph

If French President François Hollande thinks he can assuage the bond markets by dishing out tax-heavy austerity instead of genuine reform, he has been given very bad advice.

His tragically-misguided budget offers no strategic plan to reverse -- or even to stop -- thirty years of slow national decline. He offers no worthwhile measures to slim the Leviathan state, now a Nordic-sized 55pc of GDP, without Nordic labour flexibility or Nordic free markets.

He does not tell us how he will stem the slide in France’s share of eurozone exports over the last decade, down from 17pc to 13pc, or what he will do about the disastrous swing in France’s trade balance from a surplus of 2.5pc of GDP to a deficit of 2.4pc since 1999.

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My Comment: Higher debts, more taxes, more spending with borrowed money, more government coupled with policies that will essentially kill-off the entrepreneur and small business class in France .... Socialist policies from a Socialist President who believes that his policies will revive the French economy even though they have never worked in any other country in the history of mankind. What can I say .... the French voted for suicide when they elected Francois Hollande .... so why should they be surprised.