Pinnacle Activity Ticker
(EMU) economic and monetary union ABOUT OUT OF TIME!
France elects Francois Hollande. French voters elected François Hollande as president on Sunday, giving the country a Socialist leader who has pledged to shift the burden of hardship to the rich and softening the current prescription of austerity.
Words that all SOCIALISTS KNOW ALL TO WELL. "SHIFTING THE BURDEN OF HARDSHIP TO THE RICH" Where have we in the US heard that term constantly being used during this election year?? Makes one wonder exactly what we in the states have had in terms of ideology these last four years. Dish me up a bowl of that good 'ole commie gruel. Hmmm goooood !
All due to France's failure to match the trade deficit it presently has with Germany along with high unemployment as compared to Germany's percentages..
"Three decades ago, when Hollande’s Socialist predecessor Mitterrand was elected, he unveiled a radical program of Keynesian spending increases and banking and corporate nationalizations that brought three French franc devaluations in less than two years.
Hollande doesn’t have anything like as long as that to adjust to reality. Recognizing the seriousness of France’s position, Hollande said yesterday he would speak as quickly as possible to France’s partners, above all Germany, to “reorient Europe towards employment and growth”."
David Marsh, MarketWatch