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
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.
At a Social Media Week panel this week on digital privacy, it became clear how much data companies gather every time people sign in online. Even more concerning, no one seems to have a plan for how to protect that information.
As part of the Obama Administration’s commitment to
promoting the vast economic opportunity of the Internet and protecting
individual privacy, the National Science
and Technology Council has launched a new Subcommittee on Privacy and
Internet Policy. Populated by representatives from more than a dozen
Departments, agencies and Federal offices, and co-chaired by the two of us, the
subcommittee will develop principles and strategic directions with the goal of
fostering consensus in legislative, regulatory, and international Internet
In this digital age, a thriving and dynamic economy requires
Internet policies that promote innovation domestically and globally while
ensuring strong and sensible protections of individuals’ private information
and the ability of governments to meet their obligations to protect public
Recognizing the global nature of the digital economy and
challenges and develop approaches to meeting those challenges through
coordinated U.S. government action. The Subcommittee is committed to
fostering dialogue and cooperation between our Nation and its key trading
partners in support of flexible and robust privacy and innovation policies.
Such policies are essential to the health of competitive marketplaces for
online goods and services.