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(Telegraph)   "France's economic profile now bears more resemblance to Greece's than Germany's"   (blogs.telegraph.co.uk ) divider line
    More: Scary, Greece, bond issues, Bis, structural unemployment, institutions of the European Union, wealth tax, PIIGS  
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1748 clicks; posted to Business » on 23 Jul 2012 at 3:42 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



34 Comments   (+0 »)
   
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2012-07-23 03:47:48 PM  
I wish it'd resemble Eva Green's profile.
 
2012-07-23 03:48:23 PM  
Surrender to inflation, you cheese-eating Jerry Lewis devotees!!!!!
 
2012-07-23 03:52:18 PM  
It's time for Germany to leave the Euro.
 
2012-07-23 03:56:16 PM  
Except for the fact that France has a large economy it can draw upon to reduce it's debt, if it so desired. Greece does not have any means to pay back it's debt. Therein lies the difference.
 
2012-07-23 04:04:27 PM  
The only contest now is to see who will default first: France or the USA
 
2012-07-23 04:07:39 PM  
www.jeune-garde87.org
www.letelegramme.com
www.wearethecity.com

This economic profile of my pants, however, continues to grow
/hot
 
2012-07-23 04:20:24 PM  

Lost Thought 00: Except for the fact that France has a large economy it can draw upon to reduce it's debt, if it so desired. Greece does not have any means to pay back it's debt. Therein lies the difference.


Greece has agriculture and tourism, and not much else. It's basically the EU's Florida, but without Disney.

France is probably the most diversified economy in Europe. They're regional and global players in everything from agriculture, mining, and construction to chemicals, pharmaceuticals, and heavy manufacturing. Hell, they've still got a domestic automobile industry, which is more than the UK can claim since the Indians and the Chinese bought up Land Rover, Jaguar, MG, etc. France and Greece is not really an apposite comparison.

Hell, comparing Greece to Italy only works if you don't include everything north of Florence.
 
2012-07-23 04:21:21 PM  

beta_plus: The only contest now is to see who will default first: France or the USA


Neither should default, but if I had to choose with another debt ceiling debate coming up, I'd pick the US
 
2012-07-23 04:32:46 PM  
Is it because of teh buttsecks?
 
2012-07-23 04:49:00 PM  
86% debt-to-gdp doesn't put a country in the same position as Greece. This is just more austerity bullshiat. It's not working anywhere, so let France try something different.

Besides, the Euro isn't going to last. It's just a matter of time. When it falls apart, growth-seeking countries will be in better shape than austerity countries.
 
2012-07-23 04:55:21 PM  
This bears resemblance.
bear.jpg
 
2012-07-23 04:56:23 PM  

beta_plus: The only contest now is to see who will default first: France or the USA


The US can unilaterally inflate its way through its debt mess. France cannot.
 
2012-07-23 05:21:58 PM  
a british newspaper talking shiat about France? say it ain't so.

the author paints hollande as a tax and spender, but doesn't mention other policies that include a 40% cut in farm subsidies, and 7% budget cuts across all government ministries next year (and 4% more per year afterwards).

reducing the retirement age is unrealistic though, i'll give the Telegraph that.
 
2012-07-23 05:59:58 PM  
The Telegraph shiatting on France? They have the political bias of Der Sturmer.
 
2012-07-23 06:10:01 PM  
Gee they elect a Socialist and butthurt moneylenders start talking smack about their economy. Beginning to see a trend here.
 
2012-07-23 06:27:02 PM  
The US 10-year treasury's are at 1.4263% or -0.68% for the real yield. Investors all over the world are pouring money into the US Government at frighteningly low rates. Treasuries are what experts/economists use to forecast growth for a country. There simply isn't any demand for anything else other than a safe haven.

There is no sign of inflation that is anywhere near our horizon.
 
2012-07-23 06:37:27 PM  
... profile now bears more resemblance to...


citizencox.files.wordpress.com
 
2012-07-23 06:48:33 PM  

Phil Moskowitz: The Telegraph shiatting on France? They have the political bias of Der Sturmer.


That's why we (the anglophones in my office) all refer to it as The Torygraph.
 
2012-07-23 06:49:57 PM  

Robo Beat: Lost Thought 00: Except for the fact that France has a large economy it can draw upon to reduce it's debt, if it so desired. Greece does not have any means to pay back it's debt. Therein lies the difference.

Greece has agriculture and tourism, and not much else. It's basically the EU's Florida, but without Disney.

France is probably the most diversified economy in Europe. They're regional and global players in everything from agriculture, mining, and construction to chemicals, pharmaceuticals, and heavy manufacturing. Hell, they've still got a domestic automobile industry, which is more than the UK can claim since the Indians and the Chinese bought up Land Rover, Jaguar, MG, etc. France and Greece is not really an apposite comparison.

Hell, comparing Greece to Italy only works if you don't include everything north of Florence.


Oil exploration too; a friend works for a French company supplying equipment to explorers all over the world, he's French but is based in the UK.
 
2012-07-23 06:57:26 PM  

Robo Beat: Lost Thought 00: Except for the fact that France has a large economy it can draw upon to reduce it's debt, if it so desired. Greece does not have any means to pay back it's debt. Therein lies the difference.

Greece has agriculture and tourism, and not much else. It's basically the EU's Florida, but without Disney.

France is probably the most diversified economy in Europe. They're regional and global players in everything from agriculture, mining, and construction to chemicals, pharmaceuticals, and heavy manufacturing. Hell, they've still got a domestic automobile industry, which is more than the UK can claim since the Indians and the Chinese bought up Land Rover, Jaguar, MG, etc. France and Greece is not really an apposite comparison.

Hell, comparing Greece to Italy only works if you don't include everything north of Florence.


Herr Linnes? My high school German teacher used to say, "Anything south of Florence might as well be Africa."
 
2012-07-23 07:15:42 PM  

bmfderek: Robo Beat: Lost Thought 00: Except for the fact that France has a large economy it can draw upon to reduce it's debt, if it so desired. Greece does not have any means to pay back it's debt. Therein lies the difference.

Greece has agriculture and tourism, and not much else. It's basically the EU's Florida, but without Disney.

France is probably the most diversified economy in Europe. They're regional and global players in everything from agriculture, mining, and construction to chemicals, pharmaceuticals, and heavy manufacturing. Hell, they've still got a domestic automobile industry, which is more than the UK can claim since the Indians and the Chinese bought up Land Rover, Jaguar, MG, etc. France and Greece is not really an apposite comparison.

Hell, comparing Greece to Italy only works if you don't include everything north of Florence.

Herr Linnes? My high school German teacher used to say, "Anything south of Florence might as well be Africa."


Nein, just an Italian-American who remembers the old folks in the neighborhood saying "vaffanculo" if they were mad at you and "vaffa'Napoli" if they were really mad at you.
 
2012-07-23 07:38:59 PM  

talan123: The US 10-year treasury's are at 1.4263% or -0.68% for the real yield. Investors all over the world are pouring money into the US Government at frighteningly low rates. Treasuries are what experts/economists use to forecast growth for a country. There simply isn't any demand for anything else other than a safe haven.

There is no sign of inflation that is anywhere near our horizon.


Yes. The next person that says inflation is coming needs a swift kick to the balls.
 
2012-07-23 07:55:18 PM  
France can always sell more exocet missiles to every tinpot dictator to make up for it.
 
2012-07-23 09:42:54 PM  
Well they sure dont have the soap and personal hygeine markets cornered.
 
2012-07-23 10:34:21 PM  
Sometimes i think these articles are designed to create investor panic and thus a self-fulfilling prophecy of doom. I also think these articles are written by those of hope to profit from this.
 
2012-07-24 12:36:21 AM  

runwiz: Sometimes i think these articles are designed to create investor panic and thus a self-fulfilling prophecy of doom. I also think these articles are written by those of hope to profit from this.


Good god, they're figuring it out. Press the brainwash button!
 
2012-07-24 01:00:34 AM  

AlHarris31: France can always sell more exocet missiles to every tinpot dictator to make up for it.


You now realize 1982 was 30 years ago.
 
2012-07-24 01:48:55 AM  

AlHarris31: France can always sell more exocet missiles to every tinpot dictator to make up for it.


You gotta have brass balls to talk about arms dealing in the US... Alabama, oh nevermind. Sorry I didn't mean to, I'm just so sorry.
 
2012-07-24 01:51:39 AM  
Europe's biggest problems lie in places where labor has gotten much too expensive - so Spain, Greece, Italy. Wages are very rigid against normal pay cuts, people don't like nominal reductions even in the face of very high and persistent unemployment. For one thing, they're suspicious that they're just getting ripped off.

But pay cuts via currency devaluation (or inflation) leave nominal wages stagnant, while imports (or all prices, with inflation) rise. Everyone hurts equally, people don't notice as much. The Euro zone doesn't have that option for devaluation, since 60% of their exports are to each other. Inflation isn't going to happen, the 1920s made the Germans quite allergic to that cure (though they don't seem to fear deflation, and that had some rather nasty political side effects in the 1930s).

What Ireland/Spain/Italy/Greece need is for the core countries to do a whole lot of stimulus spending, which would boost imports to the core and exports from these high debtors. Whether that will actually happen, I have no idea.

The Euro is a complete disaster - you can't have a currency union while having (in practical terms) little labor mobility, so labor market costs can both diverge and remain rigid, and having very little political integration. Imagine if Florida were trying to recover from this massive housing bubble bust, without all of the federal social safety net money, no help from Fed QE policies, no federal stimulus, nothing.

Yeah, a states' rights advocate's wet dream. Funny how they can't look at, say, Ireland, and figure out how it works when you let smaller economies weather these storms on their own.
 
2012-07-24 03:02:14 AM  
Surely there must be something between "never get fired and retire at 40" and "work for peanuts for 60 years and die a pauper"
 
2012-07-24 05:46:07 AM  

Goimir: Surely there must be something between "never get fired and retire at 40" and "work for peanuts for 60 years and die a pauper"


Is it the Atlantic Ocean?
 
2012-07-24 05:46:57 AM  
I don't want to play this economic make-believe. I liked the one we used to play where we were all rich and our money would grow forever and ever.
 
2012-07-24 01:12:21 PM  

MisterRonbo: Europe's biggest problems lie in places where labor has gotten much too expensive - so Spain, Greece, Italy. Wages are very rigid against normal pay cuts, people don't like nominal reductions even in the face of very high and persistent unemployment. For one thing, they're suspicious that they're just getting ripped off.

But pay cuts via currency devaluation (or inflation) leave nominal wages stagnant, while imports (or all prices, with inflation) rise. Everyone hurts equally, people don't notice as much. The Euro zone doesn't have that option for devaluation, since 60% of their exports are to each other. Inflation isn't going to happen, the 1920s made the Germans quite allergic to that cure (though they don't seem to fear deflation, and that had some rather nasty political side effects in the 1930s).

What Ireland/Spain/Italy/Greece need is for the core countries to do a whole lot of stimulus spending, which would boost imports to the core and exports from these high debtors. Whether that will actually happen, I have no idea.

The Euro is a complete disaster - you can't have a currency union while having (in practical terms) little labor mobility, so labor market costs can both diverge and remain rigid, and having very little political integration. Imagine if Florida were trying to recover from this massive housing bubble bust, without all of the federal social safety net money, no help from Fed QE policies, no federal stimulus, nothing.

Yeah, a states' rights advocate's wet dream. Funny how they can't look at, say, Ireland, and figure out how it works when you let smaller economies weather these storms on their own.


I can't remember who it was that argued with me that the EU has a central bank, but it's clear they have one in name only. A modern, independent central bank would've done some QE to get the cost of borrowing down.
 
2012-07-24 04:41:43 PM  

Monkeyfark Ridiculous: Goimir: Surely there must be something between "never get fired and retire at 40" and "work for peanuts for 60 years and die a pauper"

Is it the Atlantic Ocean?


Well-played, good sir!
 
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