The economic stupidity in France is astounding. It's hard keeping up with all the inane ideas of President Francois Hollande's socialist administration. Here's another one of Hollande's ideas for your amusement.RT reports French broadcasting watchdog CSA eager to tax YouTube, Facebook, Dailymotion
BRUSSELS: Facebook tramples on European privacy laws by tracking people online without their consent and dodges questions from national regulators, Belgium's privacy watchdog said on Friday. Belgium's Privacy Protection Commission (CPVP/CBPL), which is working with German, Dutch, French and Spanish counterparts, launched the blistering attack after trying to find out more about the U.S. tech giant's practices. It urged Internet users to install privacy software to shield themselves from Facebook's tracking systems, whether they have an account with the social network or not.
It is amusing reading day in and day out the Keynesian cure for what ails Europe, especially France.Consider France. Public spending amounts to 57% of French GDP, yet Keynesians want still more. The sad irony is that 100% would not be enough. In fact, it would make matters worse.France suffers from too much government spending and too much government interference everywhere one looks.The Problem
We suspect this is not exactly the great news that GE was expecting... but it looks like a win. French minister Montebourg believes none of the current offers fulfill their demands and will use a decree to block the deal:
French President Hollande, fresh from a stunning defeat in local elections is signaling that he will once seek the EC (and Germany's) forbearance to relax the fiscal rules yet again for the euro zone's second largest economy. Yesterday INSEE reported that France's 2013 budget deficit was 4.3% of GDP. This overshot even the revised targets. A year ago, France committed to a 3.7% 2103 deficit. In September, it had been re-set to 4.1%. Last summer, the EC gave France an extra two years (2015) to bring its deficit to the mandated 3% of GDP.
The electorate has spoken, and there will be four more years of a Barack Obama presidency. The Democrats have retained control of the Senate, and the Republicans have a comfortable margin in the House of Representatives. Since neither party has been given a mandate to govern, it means that either gridlock will continue or bipartisanship will return to Washington.