“The Forecaster” (l’Oracle) made national TV in France and was played when Finance Minister Michel Sapin appeared on air. The host asked Sapin directly about the business cycle. While Sapin claimed nobody can forecast, he then proceeded to forecast that the French economy would boom next year, posting a 1.5% growth rate. Now Moody’s downgraded France for the exact opposite reason Mr. Sapin claimed — weak growth ahead, not strong.
First Japan was downgraded and now France. One by one we are starting to see this Sovereign Debt Crisis unfold in slow motion. Governments have not given up hope of losing power or filling their pockets with other people’s money as they expand the hunt for money to fund themselves. But rising taxation lowers economic growth and even considering the possibility that their management is destroying our culture and civilization is something far from their agenda.
It is our own fault. They have no qualifications whatsoever to lead a country. It is amazing how we expect some qualification in every field BESIDES politics.
