Eurokrisen: Frankrike kan bli det nya Grekland

Modigt av Benson. 

Intressant läsning här:

http://www.larouche.se/node/3157 

och här:

http://www.larouche.se/nyheter/2012/07/16/brittisk-finansfraktion-ger-larouche-ratt-om-glass-steagall 

 Glömmer aldrig när en Spanjorska fick reda på att Sverige röstat nej till eron. Hon såg ut som en fågelholk och kunde inte förstå varför Svenskarna inte ville gå med. Men vi visste att medelhavsländerna och en stor del av eu länderna inte va att lita på.

http://youtu.be/PTpKGiVwKHY

Låt bankerna gå i konkurs och sätt banksterna i fängelse.
Att det går utför beror inte på att folk är ovilliga att arbeta eller det inte finns efterfrågan på varor och tjänster utan på att bankerna har ägnat sig åt vårdslös utlåning. De får stå sitt kast. 

Wall Street Journal: Europe Is Rotten to the Core
By VINCENT CIGNARELLA: JUNE 27 2012 12:44  

France’s economy is moving in a direction that stands to undermine the euro at its very foundation. France, considered along with Germany a part of the euro zone’s two-nation ”core,” had a EUR5billion trade surplus at the inception of the euro in 1999. Twelve years later,
the surplus had been replaced by a gaping deficit of EUR89 billion. And the numbers are worse than they appear.

It isn’t just that France has become uncompetitive in global trade; what’s striking is that it appears to be falling behind even some of the more troubled euro-zone member countries. France’s trade deficit is greater than that of Spain and Italy combined even though its economy is only two-thirds the size of their aggregated GDP. In 1999, France had a trade deficit of EUR12 billion euros within the euro zone, of which Germany’s share was 66%, EUR8.3 billion. By the end of the fourth quarter of 2011 France’s deficit with the euro-zone countries had swollen to EUR84.5 billion, but Germany’s share fell to 30% or EUR26.6 billion. This is because countries such as Spain and Italy, despite their own loss of competitiveness, began exporting more to France or taking proportionately less of its imports. ”France’s competitive position has substantially eroded since 1999 and poses the true challenge for the future of the Euro zone,” says Daniel Stelter, senior partner at the Boston Consulting Group.

In a nutshell, France has become uncompetitive both within and outside the euro zone. The French economy has been gutted by high labor costs when compared with the periphery and a lack of productive competitiveness when compared with Germany. Add to that, the
problem of competition with cheap-labor producers in the emerging-market world, such as China, and you have an all-lot loss of productive capacity. This is now translating into problems for the French economy as a whole. French statistics agency Insee said Tuesday that France’s unemployment rate will rise above 10%, consumer spending power will fall, and the economy will grow at just 0.4% in 2012. These numbers are
worsening because of the government’s austerity program, a policy that is working nowhere in Europe right now. By cutting back on the government’s share of the economy, the French government is holding back growth and so contributing to a public debt-to-GDP ratio of nearly 90%, a figure that dwarfs Spain’s ratio of just over 70%.

It is no wonder that Francois Hollande, the French President, has stood in front of the pack of European leaders pushing for EUR120 billion of measures to stimulate European growth and has balked at further austerity measures. Yet a looming problem for Hollande remains. He has promised to lower the retirement age to 60, hire more teachers and raise taxes on the wealthy to 75%. These measures fly in the face
of his promise to reduce the French budget deficit below the original
Maastricht Treaty limits of 3% by 2013. A promise that is no doubt Hollande’s quid pro quo to seal a growth pact for Europe. All this has not gone unnoticed by investors. There are indications that financial markets are losing faith in the French. French 10-year bonds yields are on the rise. Since June 1, 10-year bond yields have climbed from a low of 2.08% to a high of 2.77%. They were trading at around 2.65% on Wednesday. The conclusion is unmistakable: France, like the periphery of the euro zone, is in need of a currency devaluation to compensate for the productivity-boosting economic reforms it either won’t or cannot make.

No European banking union will help France become more competitive in the arena of global trade. No single European bond will bring about much needed French labor reform and no ESM/EFSF bailout scheme will bring down French unemployment. For that reason, the failure of the euro zone will come from within, at the core. French toast anyone?