Bloomberg Writes: More Evidence France Is the New Sick Man of Europe
While Europe’s economic recovery is slowly gaining traction, France is sliding backwards.
That’s the inescapable conclusion about newly reported data on business activity, including a survey released today by Markit Economics showing that France’s service-sector output contracted sharply in December, to a six-month low. An earlier report showed a steep drop in French manufacturing activity during December as well.
Those figures, along with rising French unemployment claims, suggest that France may have “slid back into recession late last year,” says Markit’s chief economist, Chris Williamson.
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A little over a year ago, when the French Socialist Party was elected into power, I had a conversation with incredibly excited French government worker while in Asia.
Me: Listen, I think France has a huge problem. If the Socialist Party follows through on its campaign promises and implements anti business and taxing “the rich” policies, your economy will literally collapse.
Frenchman: You Americans are stupid and don’t get it. Our economy will only get stronger because of these new policies. Plus, it’s not all about the economy. My lifestyle is more important. I should have another week of vacation and work less, not more. Let the companies and the rich pay for it. I don’t care…blah, blah, blah…
Yet, my analysis was right on the money. As I have mentioned in my previous post Lunatics Are Driving France Into Economic Suffering the Socialist Party is going out of its way to destroy the economy by over regulating every possible productive corner of the French economy. It is no wonder that their economy is suffering now in the midst of a massive worldwide credit infused speculative bubble that should technically make things better. Just imagine what happens to it once the bubble pops again (which it soon will) and most economies dive back into the recessionary mode.
Let me give you hint: French guillotine business should be booming by that time.
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