Monday, July 8, 2024

does the french debt matter?

kind of.

it's the eu. this is one of the components of sovereignty that eu member states gave up when the eu was created, the ability to control their own sovereign debt. it was a massive victory for the european banking class. now, you can't bail out france the way they should have just bailed out greece.

one of le pen's policies has long been to stop buying private debt and start financing public spending with public debt, instead. in most of the world, this is a hard left socialist policy, but the socialists in france won't touch it, and french media calls it right-wing. i watched the coverage on france's government youtube channel, and it was relatively clear that this policy, while never stated (never. ever.), was at the crux of the bankers' somewhat hysterical response to le pen. 

nobody mentioned that le pen actually doesn't support a "frexit", either.

french tv made it very clear that the most important issue in the next parliament is going to be the debt, which i suspect wasn't even discussed by anybody in any party as an election issue. surprise!

but, that's what you get when you vote for the bankers, kids. 

don't be like france, kids. don't make that mistake. don't repeat it over and over again.