Skip to comments.The French death rattle
Posted on 12/27/2012 1:17:30 AM PST by Olog-hai
Moodys announcement in November that it had downgraded Frances sovereign-credit rating by one notch from its AAA rating prompted one blogger to poke fun at rating agencies tendency either to get things completely wrong or to suddenly recognize a crisis that had long been staring them in the face. The blogger joked: If this recognition by a rating agency that France has problems is an example of the first failing, a recovery must have begun; if it is an example of the second failing, the country faces a dire reckoning.
The underlying explanation lies in the culture and prejudices of Frances governing elite, the so-called grands commis formed by the National Civil Service School of which (François) Hollandelike virtually all of his predecessors, except Nicolas Sarkozyis an alumnus. In this cloistered world, a prosperous and just society requires a state-directed economy. This dedication to dirigisme has spawned among the ruling elite a sense of entitlement and hostility to business. Indeed, for Frances political leaders, business amounts to a zero-sum competition to capture a higher share of total value added for owners and managers, at the expense of labor.
So the death rattle of the French economic model continues. What remains to be seen is how the end will come.
(Excerpt) Read more at europeanvoice.com ...
So, there is gonna be a new UMP election next year?
It can't come soon enough.
The morons deserve exactly what they elected, much like America.
Couldn’t. Care. Less.
Worthwhile to pay attention to. We will be there soon enough if we don’t change course.
This disease is spread through the educational system. Symptoms include "metro-sexuality." There is at present no known cure for this disease...
Wow, any lower and France will be as bad as our rating!