France Goes Socialist

by Ryan on May 7, 2012

in Economy,Europe,France,International Relations

The people of France voted for change yesterday — from a right-leaning President in Sarkozy to the Socialist Francois Hollande.  The markets voted today — first down, then profit-taking.  Not a tantrum, but not an endorsement either.

The people of France, like those in Greece and Italy, have chosen to wait until another day to deal with the lack of sustainability endemic within their system.  To them, austerity is over-reaction — there’s always soaring leftist rhetoric and the IMF to fall back on.  The future?  That’ll come some other day.  The children still refuse to grow up.

Hollande has promised more “stimulus” and to keep the gravy-train going to preserve France’s “social model.”  On one hand he cries that “communal action” will help France, but the people just voted against the collective sacrifice which Sarkozy and Merkel were offering through modest austerity measures.  Like most socialists, it sounds like Hollande is all about assuaging the passions of mob and promising more than one can deliver on rather than putting forward real solutions.

On the other hand, maybe Hollande will figure it all out and actually help France.  The last socialist, Mitterand, had a good relationship with Reagan at least.  I just don’t see how this ends well for France in both the short or long run.

The problem is that France is running out of other people’s money.  Hollande’s election likely exacerbates Europe’s crisis.

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