Tuesday, May 08, 2012

Given that I'm glad Sarko is going, I wish I could be enthusiastic about Hollande's victory, but I'm not.

The good news is that a focus on short term austerity will be replaced, hopefully with one promoting economic growth.  Though I'm not sure as Hollande's rational for asking for votes, was the he was not Sarkozy. 

Sarko did get two things right; France needs to reduce the country's long term debt and France needs to liberalize its economic system.  Though I expect the bond market to get his attention.



Anonymous Anonymous said...

If you look at how the bond market is treating countries, I don't see the point of non-growth policy. Ireland, for example, is a supposed policy success but their borrowing rate is so high they are frozen out of the markets. There is no reward for hurting yourself, unless you enjoy the pain. Some people do - and I mean way beyond the "hurts so good" kind of pain - but I would hate to lump those people together to make a country. M

1:04 AM  

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