jeudi 21 mars 2013

Puisqu'on parle de chute libre...

Hope vs. Reality; Eurozone Downturn Intensifies, Led by Sharpest Drop in French Private Sector Output in Four Years
Mish's Global Economic Trend Analysis, Mike Shedlock, 21/03/2013 (traduire en Français texte en anglais )
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Et notez comment le PIB est en lévitation par rapport à la production industrielle... Merci la dette publique... Mais même avec ça, le PIB est en récession par habitant...

Quand le PIB va devoir aller rejoindre la véritable production du pays, le gadin va être vertigineux...


Et Mish fait un petit voyage au pays des "élites" françaises :
Le Monde Headline "No, France is Not Bankrupt"
Mish's Global Economic Trend Analysis, Mike Shedlock, 21/03/2013 (traduire en Français texte en anglais )
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This amusing headline story by Bruno Moschetto, a professor of economics at the University of Paris in the French newspaper Le Monde has me laughing out loud this morning: "No, France is Not Bankrupt"

No, France is not bankrupt ... The claim is untrue economically and financially. France is not and will not bankrupt because it would then be in a state of insolvency.

A state cannot be bankrupt, in its own currency to foreigners and residents since the latter would be invited to meet its debt by an immediate increase in taxation.

In abstract, the state is its citizens, and the citizens are the guarantors of obligations of the State.

In the final analysis, "the state is us." To be in a state of suspension of payments, a state would have to be indebted in a foreign currency, unable to deal with foreign currency liabilities in that currency.

Economic Illiteracy

Economic illiteracy is nearly everywhere you look and that article is a prime example. Bruno Moschetto suggests France is not bankrupt because the state is not indebted in a foreign currency.

Actually, France does have its debts in a foreign currency, euros. Note that France cannot print euros at will to pay its debts (the very essence of a foreign currency).

Moschetto says citizens would be "invited" to help France meet its obligations. Invited? The same way citizens of Cyprus were "invited" to bail out Cypriot banks?

The ability to tax citizens to death to bail out the state is hardly a reasonable measure of non-bankruptcy. I suggest having to confiscate the wealth and savings of citizens to bail out the state is proof of bankruptcy. Greece is a nice example.

Hollande has tried 75% taxation. He has tried government takeover or threats of takeover of various auto manufacturers. Hollande also seeks financial transaction taxes.

Many French citizens have had enough of Hollande and his socialist policies and have fled to Belgium, the UK, and Switzerland.

The French economy is imploding as I type.

Thought of the Day

France is Bankrupt, and it is the policies of socialist fools that put France in that state.

The thought of the day comes from reader "PTCruiser" who chimed in with "Aujourd'hui, la France. Demain, le monde entier."... Today France, tomorrow, the world!

Je vous le dis. Nos élites ne touchent plus le sol. Elles sont ailleurs. Dans un autre espace temps   

Sérieusement, comment le Monde peut oser publier de telles insultes au bon sens ?

1 commentaire:

  1. Tu te poses sérieusement la question ?

    Tonio... En 1975, début avril, Le Monde, ce torchon, titrait "Phnom Penh libéré".

    Quelques millions de génocidés plus tard, par les mains des Khmers Rouges, ils disent quoi au monde ?

    30 ans après, les mêmes conneries.

    La bêtise, la veulerie, la lâcheté c'est quelque chose qui est dans les gènes.

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