Nicolas Sarkozy

Labor Minister: France ‘Is A Totally Bankrupt State’

Speaking of France, how is the Socialist-led European state faring these days?

Not so great, it seems.

In fact, a pretty reliable source claims they’re bankrupt.

Graham Ruddick reported on The Telegraph (UK) website Monday:

Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande battling to undo the potential reputational damage.

“There is a state but it is a totally bankrupt state,” Mr Sapin said. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.”

The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn.

(Editor’s note: Italics added for emphasis)

As I mentioned earlier tonight, some claim President Obama desires French-style Socialism for the United States.

If France’s economy truly is in shambles, and the U.S. President really wants to emulate them, well- here’s a glimpse of what Americans could expect. From an Investor’s Business Daily editorial yesterday:

Fresh after May 2012’s election, President Francois Hollande wasted no time raising government spending, hiking tax rates to 75% on those above $1.3 million in income, hiring 60,000 bureaucrats, cutting the retirement age for public pensions to 60 and undoing fiscal reforms by his predecessor, Nicolas Sarkozy. During his campaign, Hollande declared himself “the enemy of finance.” France today proves it…

Public debt has soared from 68% of GDP in 2008 to 90% in 2012, joblessness has hit 11%, and GDP growth of its $2.8 trillion economy is projected in 2013 at zero.

Tax hikes have driven the richest taxpayers from the country, making the $43 billion budget hole unlikely to be plugged by Hollande’s $26 billion tax hike. Meanwhile, a squeeze on business creates rising numbers of unemployed, who in turn demand state services.

Time will tell how this will all work out for the Socialists in France. But if history rhymes once again, keep in mind something former British Prime Minister Margaret Thatcher said in a 1976 interview:

Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them. They then start to nationalise everything, and people just do not like more and more nationalisation, and they’re now trying to control everything by other means. They’re progressively reducing the choice available to ordinary people.

Any of this sound familiar?

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Ruddick, Graham. “France ‘totally bankrupt’, says labour minister Michel Sapin.” The Telegraph. 28 Jan. 2013. (http://www.telegraph.co.uk/finance/financialcrisis/9832845/France-totally-bankrupt-says-labour-minister-Michel-Sapin.html). 30 Jan. 2013.

“Like The Bourbons, France’s Socialists Have Learned Nothing, Forgotten Nothing.” Investor’s Business Daily. 29 Jan. 2013. (http://news.investors.com/ibd-editorials/012913-642388-france-socialist-model-is-same-old-recipe-for-bankruptcy.htm). 30 Jan. 2013.

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Romney 3, Obama 0

Last night I watched the last in a series of U.S. Presidential debates between former Massachusetts Governor Mitt Romney and the sitting President Barack Obama.

Once again, the incumbent came out swinging. However, despite it sounding once again like the audience was in his corner, President Obama lost.

More so than in the second debate, if you ask me.

An analyst on one of the TV stations covering the debate said it best when she pointed out that Obama was, in effect, debating himself. Since his Republican challenger lacked significant foreign policy experience (the supposed focus of last night’s exchange), it was the incumbent’s record in this area over the past four years that came under scrutiny.

And plenty of dedicated observers of U.S. foreign policy- myself included- will tell you that it’s in shambles.

Particularly in the Middle East.

As I see it, the Obama administration, in its attempt to tone-down what it perceives as an overly-aggressive U.S. foreign policy under the Republicans, has:

Not deterred Iran from advancing towards a nuclear weapon. Regular readers of this blog know that I believe the Islamic Republic of Iran continues to take advantage of proposed “talks” and other delays to continue work on such a weapon. Notwithstanding military action, they will get a nuke. The prospect of having one is just too tempting. Pop one or two of these over the U.S., and we’ll have a real problem on our hands.

Not left a stable regime in place in Iraq. I predict a real power vacuum here in the coming years, with a number of internal and external actors vying for ultimate control of the geopolitically-important failed state and its resources.

Made a big blunder in announcing the withdrawal of U.S. combat troops from Afghanistan in 2014. Nothing like giving an enemy a timetable to work with. I suspect Al-Qaeda, the Taliban, and their allies will throw everything they’ve got at our men and women in uniform over there as the end of 2014 draws closer, knowing full-well they need only sustain such intensity until the announced exit date. Then what? Attack us on our home soil, possibly. Some terrorism experts have suggested one reason why Al-Qaeda hasn’t launched a massive operation against the United States mainland since 9/11 is because they’ve figured out it’s simply easier to kill scores of Americans on the battlefields of Iraq and Afghanistan. Remember, their stated goal is 4 million Americans dead. Back to being another failed state down the road.

Alienated our ally Israel. President Obama seems to see Israel- like past U.S. foreign policy- as being too aggressive. And it doesn’t appear the sitting President doesn’t care too much for Israeli Prime Minister Benjamin Netanyahu either- despite Vice President Biden and all that “Bibi” talk from the Vice Presidential debate. Consider the following:

November 3, 2011- Several media outlets reported an open-mic incident where then French President Nicolas Sarkozy told his American counterpart, “Netanyahu, I can’t stand him. He’s a liar.” Obama reportedly responded with, “You are sick of him, but I have to work with him every day.”

September 11, 2012- The White House said President Obama would not meet Prime Minister Netanyahu during a U.S. visit later that month. A number of media outlets suggested the Israeli leader was being spurned.

September 12, 2012- President Obama was taped for the CBS show 60 Minutes. From an exchange with Steve Kroft:

KROFT: You’re—you’re saying you don’t feel any pressure from Prime Minister Netanyahu in the middle of a campaign to try and get you to change your policy and draw a line in the sand? You don’t feel any pressure?

OBAMA: When it comes to our national security decisions, any pressure that I feel is simply to do what’s right for the American people. And I am going to block out any noise that’s out there.

Israeli concern over an Iranian nuke is “noise?”

Don’t even get me started on Libya and the deaths of 4 Americans, including an ambassador.

How the Obama administration has handled the Middle East is indicative of U.S. foreign policy as a whole.

Weak.

Worse yet, our adversaries recognize it and actively exploit it.

It shouldn’t be too much of surprise U.S. foreign policy has come to this. After all, Democrats aren’t really known to be big on foreign affairs. If anything, they seem to look at it as an annoyance.

Whenever I think of foreign policy in the Clinton years, two words come to mind.

Cruise missiles.

These days, perhaps it can reduced to just one word.

Drones.

Mitt Romney did a good job at pointing out the poor foreign policy record of the Obama administration.

But, truth be told, most Americans don’t care too much about international affairs.

The Republican challenger won this last debate not by talking about foreign policy- as was the intended focus- but by leading the discussion back to President Obama’s equally-dismal record on the economy.

This is what I meant when I said “more so than in the second debate, if you ask me” earlier in this post.

Romney kept hammering away at Obama’s domestic record as it pertains to take-home pay, unemployment, food stamps, government overreach, over-regulation, small-business woes, trillion dollar deficits, the $16 trillion national debt, the list goes on, and all the way to the end.

It was circling back to the Chicago Democrat’s domestic record these past four years that won the Republican challenger the debate.

In fact, all three debates.

Whether this will translate into a White House win come November 6 remains to be seen.

Regrettably, when it comes to that financial crash I predict is in store for us, I doubt a Romney win will make much of a difference at this point in the game. Economic pain is a certainty. Still, if he’s elected President of the Unites States and implements a sustained, meaningful program of fiscal responsibility, our financial “reckoning day” may not be as devastating as I suspect it would be should the nation continue on its current path.

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Survival And Prosperity
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Christopher E. Hill, Editor

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