An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
“The French public have decided to take to the streets with the feeling of being left behind and made poor by socialistic globalist policy…”
Excuse me? The French government is anti-socialistic, especially toward rural dwellers and white workers.
++++++++++++++++++++++++++
Today on TV, Macron tossed two tiny crumbs to the peasants to see if it would shut them up.
Macron said he would raise the French minimum wage by 100 euros per month (USD $113, or £ 90).
So if you work 60 hours week, that’s a raise of 0.42 euro (USD 47 cents) per hour. This will offset the skyrocketing price of housing. Right?
Macron said he would cancel an impending tax hike on pensioners, and would end taxes on overtime work -- which means that Macron will change the definition of “overtime.” There will be no more “overtime” no matter how many overtime hours you work. Hence all work will continue to be taxed to pay the bankers who lend to France.
Macron said he will NOT bring back the “solidarity tax” on wealthy people with assets of more than £1.1 million (roughly $1.2 million). Macron did away with this tax three months ago.
(Taxes are only for the peasants.)
Macron also vowed to continue reducing public spending, meaning there will be more and more austerity.
That’s it. Two crumbs, plus two fu*k-you’s. Will it be enough to make the peasants meekly crawl back to their misery under Macron?
The right-wing Bloomberg blog explains how Macron could stop the protests.
[1] “First, he might want to recognize that his structural reforms — while needed — could be accompanied by some form of fiscal stimulus to boost the economy.”
“Structural reforms” means more neoliberal attacks, which Bloomberg says are “needed.”
As for stimulus spending, this is not possible, since far more euros are flowing out of France than into France. Any stimulus money would have to be borrowed, which would put France further into debt, and will accelerate the outflow of euros. Hence a stimulus would trigger its opposite, which is austerity.
As long as France clings to the euro and to Brussels, the nightmare will continue to worsen, with or without Macron.
Marine Le Pen wants to dump the euro. That’s why the corporate media outlets are so fanatically opposed to her.
[2] “Second, he might want to be a little more relaxed on deficit targets. The deficit is set to rise next year to the 3-percent threshold imposed on euro zone members, but it should fall after that. There’s room for a little more spending.”
No there isn’t. If your nation has a trade deficit, and if its government cannot create its own money, then all stimulus money must be borrowed from bankers (who create their loan money out of thin air). Again, the French nightmare will continue with or without Macron.
[3] “Third, he needs to show he remains committed to the employment reforms and tax reforms already started.”
“Employment reforms” means the further dismantling of labor laws. “Tax reforms” means further tax increases on workers.
Therefore, according to Bloomberg, Macron can end the protests by continuing to screw the protesters.
Some commentators note that there is a similarity between the French protests and the election of Trump. In both cases, workers outside major urban areas have been hit by the steady disappearance of manufacturing jobs, plus the disappearance of neighborhoods that the jobs supported.
Despite this, U.S. urban dwellers say that if you voted for Trump, it proves that you are a Nazi, fascist, racist, sexist, etc etc. Your material status is irrelevant.
People in the hinterland are tired of this sh*t. They resent being vilified. Their support for Trump is a “fu*k you” to militant liberals.
Unfortuantely it is also a “fu*k you” to all forms of socialism. Hence they cut their own throats.
3 comments:
“The French public have decided to take to the streets with the feeling of being left behind and made poor by socialistic globalist policy…”
Excuse me? The French government is anti-socialistic, especially toward rural dwellers and white workers.
++++++++++++++++++++++++++
Today on TV, Macron tossed two tiny crumbs to the peasants to see if it would shut them up.
Macron said he would raise the French minimum wage by 100 euros per month (USD $113, or £ 90).
So if you work 60 hours week, that’s a raise of 0.42 euro (USD 47 cents) per hour. This will offset the skyrocketing price of housing. Right?
Macron said he would cancel an impending tax hike on pensioners, and would end taxes on overtime work -- which means that Macron will change the definition of “overtime.” There will be no more “overtime” no matter how many overtime hours you work. Hence all work will continue to be taxed to pay the bankers who lend to France.
Macron said he will NOT bring back the “solidarity tax” on wealthy people with assets of more than £1.1 million (roughly $1.2 million). Macron did away with this tax three months ago.
(Taxes are only for the peasants.)
Macron also vowed to continue reducing public spending, meaning there will be more and more austerity.
That’s it. Two crumbs, plus two fu*k-you’s. Will it be enough to make the peasants meekly crawl back to their misery under Macron?
Stay tuned . . .
The right-wing Bloomberg blog explains how Macron could stop the protests.
[1] “First, he might want to recognize that his structural reforms — while needed — could be accompanied by some form of fiscal stimulus to boost the economy.”
“Structural reforms” means more neoliberal attacks, which Bloomberg says are “needed.”
As for stimulus spending, this is not possible, since far more euros are flowing out of France than into France. Any stimulus money would have to be borrowed, which would put France further into debt, and will accelerate the outflow of euros. Hence a stimulus would trigger its opposite, which is austerity.
As long as France clings to the euro and to Brussels, the nightmare will continue to worsen, with or without Macron.
Marine Le Pen wants to dump the euro. That’s why the corporate media outlets are so fanatically opposed to her.
[2] “Second, he might want to be a little more relaxed on deficit targets. The deficit is set to rise next year to the 3-percent threshold imposed on euro zone members, but it should fall after that. There’s room for a little more spending.”
No there isn’t. If your nation has a trade deficit, and if its government cannot create its own money, then all stimulus money must be borrowed from bankers (who create their loan money out of thin air). Again, the French nightmare will continue with or without Macron.
[3] “Third, he needs to show he remains committed to the employment reforms and tax reforms already started.”
“Employment reforms” means the further dismantling of labor laws. “Tax reforms” means further tax increases on workers.
Therefore, according to Bloomberg, Macron can end the protests by continuing to screw the protesters.
https://www.bloomberg.com/opinion/articles/2018-12-10/what-can-macron-do-to-stop-the-burning-cars-lionel-laurent
Some commentators note that there is a similarity between the French protests and the election of Trump. In both cases, workers outside major urban areas have been hit by the steady disappearance of manufacturing jobs, plus the disappearance of neighborhoods that the jobs supported.
Despite this, U.S. urban dwellers say that if you voted for Trump, it proves that you are a Nazi, fascist, racist, sexist, etc etc. Your material status is irrelevant.
People in the hinterland are tired of this sh*t. They resent being vilified. Their support for Trump is a “fu*k you” to militant liberals.
Unfortuantely it is also a “fu*k you” to all forms of socialism. Hence they cut their own throats.
Post a Comment