A classic Keynesian stimulus plan does not seem to us to be the best way forward

25 Jul

It never is…

Cash-Strapped French Socialists Face Reality of Austerity

and unlike their British cousins across the channel, the French are cutting high speed rail…

In a sign of greater caution towards spending, Budget Minister Jerome Cahuzac said last week that the government may axe plans for a major, but costly extension of the high-speed train network.

“It’s fair to ask whether we should extend this or that TGV line for marginal time gains,” Cahuzac said.

The state auditor estimates public investment in transport, including 14 TGV lines due to be built by 2020, would top 150 billion euros for the central government and local authorities.

Meanwhile in Britain , as the London cabbies screw Olympic tourists…”This is terrible data. Frankly there’s nothing good that comes out of these numbers at all…

UPDATE:Europe is sleepwalking towards imminent disaster

CNBC, Zero Hedge, Telegraph

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