Blockchain, Crypto , Finance

I was reading the below and it amazes me that people are shocked that theres no growth and spiralling debt in France! Not really, basic economics tax more and spend more wont work!

You have a government that’s anti capitalism and determined to tax to successful and make a unfriendly business environment . Increasing tax to a whopping 75% was a shrewd move, well it was for everyone ells as they just moved to London or Brussels. What President Hollande has forgot is we live in a Information Age were people can do business from anywhere and inside the EU you can move freely !

I watched a documentary about the late Baroness Thatcher and can see the similar similar situation as the UK in late 70s and France today . Unions very strong, government subsidising unprofitable industry and an overtaxed system.

The current French government could take a lesson from Thatcher and here ethos I leave you with a quote by Thatcher

“The problem with socialism is that you eventually run out of other people’s money.”

Tony Evans

Tokyo

EU: France must do more
The French government was put under increasing pressure today after Brussels said it must do more to help the countries sputtering economy.

Today’s report warned that France’s shrinking share of global exports and diminishing growth prospects are likely to continue unless more is done to make the country’s labour market more flexible.

Brussels fear that France’s increasing sovereign debt levels, expected to rise to 9.8%, are not only choking off growth prospects but are threatening the country’s banking system and the broader European economy.

“France’s public sector indebtedness represents a vulnerability, not only for the country itself, but also for the euro area as a whole,” the report states.

The annual reports issued today are part of new post-eurozone crisis powers given to the European Commission, to identify and pressure EU countries on where their economies are most vulnerable.

Similar warnings were also issued to Spain and Italy, but the stark evaluation of France’s economic difficulties stands out because Paris has not normally been lumped in with the region’s “peripheral” economies.

The French report is particularly blunt about the need for the president to act more decisively. Although the report praises the Hollande government for its recent efforts to lower the cost of labour and to “foster competitiveness”, it argues such measures are not adequate.