Fasten your seat belt in Europe

9 Apr

France: “the world’s last truly Communist country is about to implode”

Things are unfolding about as expected…

France has economic problems that are particular to its political culture. While speculative excesses in Spain and Ireland were concentrated in an over-built, over-geared real estate sector, French exuberance was a civil service affair. (Remember the adage: too many houses in Spain, too many factories in Germany, too many civil servants in France). This out-of-control public sector machine used easy funding conditions through the 2000s to bolster the ranks of an already bloated bureaucracy – the assumption was that such captive groups would vote for their ultimate pay -masters come election time…

Which they did…and elections, apparently, have consequences…

Zero Hedge

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