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We're Getting Close To A Real Freakout About France...
TBI ^ | 10-1-2012 | Joe Weisenthal

Posted on 10/01/2012 4:29:50 AM PDT by blam

We're Getting Close To A Real Freakout About France...

Joe Weisenthal
Oct. 1, 2012, 4:19 AM

In the last several days, the chatter about the dismal situation in France has grown much louder.

Today's PMI reading doesn't help. In case you missed it, it was a cliff dive. See the blue line.

Then of course there was Hollande's new soak-the-rich austerity budget that has people wondering whether all the rich will flee, undermining the whole thing. In fairness to Hollande, the "cut benefits to the poor" austerity budgets of other countries haven't exactly worked wonders either.

Ambrose Evans-Pritchard declares: Another domino falls as Hollande pushes France into depression.

Meanwhile, even Roubini declared that the situation in France was getting more and more grim, and that even social unrest was starting to be a worry.

Deteriorating data, a President whose popularity is on the decline, a tax slap at the elites... here we go.

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: eu; france; recession; recovery

1 posted on 10/01/2012 4:29:58 AM PDT by blam
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To: blam

France, Spain, Greece....this is what happens when there’s nowhere left to kick the can.


2 posted on 10/01/2012 4:32:03 AM PDT by circlecity
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To: blam

Elect a far-left Socialist who has nary a clue as to how economics work and don’t act shocked when the predictable disaster occurs.


3 posted on 10/01/2012 4:35:20 AM PDT by fieldmarshaldj (If you like lying Socialist dirtbags, you'll love Slick Willard)
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To: blam
EUROZONE UNEMPLOYMENT HITS RECORD HIGH OF 11.4%
4 posted on 10/01/2012 4:35:27 AM PDT by blam
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To: circlecity

Pretty soon there will not be a can to kick.


5 posted on 10/01/2012 4:36:13 AM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Lurker

Actually, the can will be kicking them down the road. This is exactly how the National Socialists ( that is NAZI for those who are historically challenged) began their campaign. But with the French it will be just bigger white flags and darker brown stained pants.


6 posted on 10/01/2012 4:42:17 AM PDT by mazda77 ("Defeating the Totalitarian Lie" By: Hilmar von Campe. Everybody should read it.)
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To: Lurker
"Pretty soon there will not be a can to kick."

The "can" is the day of reconing - the day paying the piper cannot be put off any longer. And unfortunately it's not going anywhere, just getting closer and closer.

7 posted on 10/01/2012 4:44:13 AM PDT by circlecity
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To: circlecity

The West is out of Other Peoples Money (OPM) to spend. The only alternative is to print $$ (e.g., make it up out of thin air) and hope people don’t notice. Of course, the farce might go on for quite some time. The East (China in particular) will likely go along, as its Economy collapses if exports collapse. Likewise, true with the Oil Producers.

The real problem is excess production capacity. After WWII, the US got rich because it had a near monopoly on technology and factories. That lead has long since disappeared and the rise of China was the last nail in the coffin. We have a situation now wehere every country needs jobs, so everyone needs to run a trade surplus with everyone else. Of course, that’s not possible, and the US has been on the short end of the stick for quite some time. So Government has stepped in to pick up the slack. But who pays for the Government? So far the answer is: our children—never Us.


8 posted on 10/01/2012 4:44:41 AM PDT by rbg81
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To: rbg81
"The only alternative is to print $$ (e.g., make it up out of thin air) and hope people don’t notice"

Of course when bread hits $100 a loaf some might beging to suspect something is not quite right.

9 posted on 10/01/2012 4:48:19 AM PDT by circlecity
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To: rbg81
Although its not always apparent, we seem to be living in a post-scarcity world. Lots of production. Tons of stuff all around, coming from every corner of the world. The only thing is -- we don't have a lot of jobs. It's not clear that we need labor the way we used to.

So, if income is limited, and if we're still waist deep in "stuff", how do we manage an economy like that?

Even if we declare a jubilee and throw all the debt out the window, what really changes? We'd sill have lots of production capacity and we'd still have limited income. We'd still be trying to figure out how to manage a post-scarcity economy.

10 posted on 10/01/2012 4:52:44 AM PDT by ClearCase_guy (ua)
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To: rbg81
Things that can't go on forever, won't.


11 posted on 10/01/2012 4:59:39 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: ClearCase_guy

i think you are right


12 posted on 10/01/2012 5:07:51 AM PDT by yldstrk (My heroes have always been cowboys)
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To: ClearCase_guy
"We'd still be trying to figure out how to manage a post-scarcity economy. "

Are you saying We Are Doomed (WAD) and there's no way back from here?

13 posted on 10/01/2012 5:08:17 AM PDT by blam
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To: ClearCase_guy

I wonder if the average Chinese peasant thinks this is a post scarcity economy.


14 posted on 10/01/2012 5:12:18 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: central_va
I think China is in trouble. More trouble than us, probably. But I think the living standard in China has never been so good before. The peasants may not have more stuff than they know what to do with, but a lot of them are starting to do OK.

I think most of the world today is governed on the basis that Big Government will work with Big Business and thereby control all of the peasants. I see that in China. I see that here. And I think the system of control may be breaking down, because business and government went too far down the path of debt. For them, there may be no way back. But perhaps for individuals with political rights and property rights, perhaps there may be a path toward self-sufficiency, if we stop asking others to take care of us (or start refusing to take care of others -- the Galt option).

The world is changing. I don't know what the future holds, but I think there is an opportunity here to do things differently. But if we all become afraid of change, then it will just be more serfdom for us all. For many, that is the comfortable option.

15 posted on 10/01/2012 5:30:56 AM PDT by ClearCase_guy (ua)
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To: ClearCase_guy

We’d still be trying to figure out how to manage a post-scarcity economy.


Bingo. And, the thing is that a “post-scarcity” economy is really unprecedented in the history of Mankind. And it will just get worse as technology, especially automation and artificial intelligence, get better. A lot of people on the planet right now are simply redundant. In the (real) Third World, these people live in shantytowns and cost very little. But in the West, that’s (currently) unacceptable. So, we go into debt to make sure everyone has a roof, food, clothes and an “education”. Not to mention a cell phone, computer, and internet access. And occasionally gold teeth.

It costs an awful lot of $$ to finance their lifestyles. Who pays for it all? The answer is: it goes on the big credit card.

Its really not clear how all this will end. Probably not well. The only real, long term solution is to colonize other planets. Or convince a whole bunch of people not to reproduce. I think our Government has chosen the latter option.


16 posted on 10/01/2012 5:45:58 AM PDT by rbg81
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To: ClearCase_guy

Big Government + Big Business = Fascism = Word War


17 posted on 10/01/2012 5:53:30 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: ClearCase_guy

Word War = World War.


18 posted on 10/01/2012 5:54:07 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: ClearCase_guy

Hint: You’re describing a world where they won’t run out of other people’s money.


19 posted on 10/01/2012 6:32:00 AM PDT by Darth Reardon (No offense to drunken sailors)
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To: blam

This time around they’ll INVITE the Germans in...


20 posted on 10/01/2012 6:32:44 AM PDT by JimRed (Excise the cancer before it kills us; feed &water the Tree of Liberty! TERM LIMITS, NOW & FOREVER!)
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To: fieldmarshaldj

How far they have fallen since the days of J.-B. Say and F. Bastiat.


21 posted on 10/01/2012 7:01:58 AM PDT by Erasmus (Zwischen des Teufels und des tiefen, blauen Meers)
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To: blam

Huh....the French elected a socialist and they have economic problems.....please pass the snails.


22 posted on 10/01/2012 7:23:23 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: central_va

LMAO! How true. Will they notice any change?


23 posted on 10/01/2012 7:39:47 AM PDT by SgtHooper (The last thing I want to do is hurt you. But it's still on the list.)
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To: ClearCase_guy; central_va

The most important thing about China that NO ONE is talking about is the demographic bubble. China has an enormous bubble of 18-40 year old, un-mated males as a result of its one child policy. When this group starts to feel hopeless and angry, the world will have a huge butcher bill to pay.


24 posted on 10/01/2012 8:04:21 AM PDT by Roccus
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