These are the headlines in several outlets today, after 52% of the French electorate decided that they need more borrowing, more spending, more bailouts, and more government. As personalities go, President Sarkozy was not a popular figure. But once again it shows why the rest of the world shakes their heads in disbelief when anyone brings up the subject of France.
France must love to live on the brink of recession, must love to live in a world where job creation is stagnant to the point of non-existent. It’s a wonder that anyone with any capital at all would want to live there, and we may very well see a lot of the wealthy French job creators go Galt, leaving the country to the mobs.
My prediction for the nation is a deep recession, far greater than the French people have ever seen in the post WWII era…. by this time next year. If not, watch the balances on the French government’s credit cards swell exponentially. If any nation is expecting France to be a part of any bailout to save the EU now, they are going to be a bit surprised. If anything, France will need to be bailed out in the next five years, if Greece, Spain, and Portugal haven’t drained the money dry before then.
Once again, it will be imperative to make sure that Barack Obama does not get second term. If he does, he may very well borrow more money from the Chinese to bail out the French Socialists, leaving us even further in debt.
So congratulations to the French people for voting for another leader who will increase the size of not only the debt, but the national sense of impending doom that will cloud their future. Congrats to all who think the world you live in owes you something, because you exist.
So to all of the Americans who love to travel, I have another warning. If your dream was to see the beauty and majesty of France, do it now while there still is a France to see.