France will be waking up today to its first Socialist President for 17 years – and bracing for radical change. There are all kinds of reasons why one might fear a François Hollande presidency, especially if you are a prosperous French person.
The 57-year-old Socialist has openly admitted that he "does not like the rich" and declared that "my real enemy is the world of finance". This means taxing the wealthy by up to 75 per cent, curtailing the activities of Paris as a centre for financial dealing, and ploughing millions into creating more civil service jobs.The quote of interest is in italics and the emphasis is mine. How do you get to the point where you've borrowed their money to the point where defaulting on your payments will utterly ruin them and you hate them? Make no mistake, Hollande's government has the power to completely destroy the French "world of finance." All they need to do is carry out his campaign promises and they will do just that.
But why the hate? Didn't the "world of finance" pay for the spending binges that got France to this point in the first place? If you borrow too much from the bank and blow it on big screen TVs, a fishing boat and trips to Branson, MO, should you hate the bank? Are you angry because your borrowing made them rich?
Shouldn't your real enemy be the people that just want to wreck the place?
As far as why there's so much hate for financiers, I suppose this guy sums it up pretty well.
ReplyDeletePeople have always hated bankers. And not entirely without reason. The bankers should be used to it by now.
Tim, as I read that link, it amounted to: Hollande doesn't understand finance. You hate what you fear and you fear what you don't understand. If the guy is a real, live socialist, then it could very well be that he doesn't understand finance.
ReplyDeleteFortunately for him, he will understand it and very soon at that.
Menendez Brothers Syndrome.
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