Oil has lost 4.5 percent today, Dow Jones is losing 1.3 percent at this point. You may be looking for a culprit.
What is his name? In May 2012, the main threat for the prosperity of the world isn't an asteroid or a global warming but a man who is as dangerous as 500 global warmings, 1,800 climate changes and 5,600 climate disruptions.
In the main article for the day, CNN Money has described this threat in a detailed article with a capitalized headline,
FEAR OF A FRENCH SOCIALIST (Why Wall Street fears a Socialist French leader)And it's a scary reading, indeed. What's going on? Except for the elections on Sunday in which Hollande is actually predicted to win at this moment?
When Nicolas Paul Stéphane Sarközy de Nagy-Bocsa competed against Segolene Royal, a socialist candidate, in May 2007, I had to attend a Harvard party – one of the last ones of this kind – with many female professorial participants (mostly from humanities). They were terrified that Sarkozy could win. He's conservative, they were screaming! And he may end the tension between America and France (do you still remember the irreversible clashes because of the Iraq war? It's forgotten, isn't it?). It's terrible, blah blah blah.
At that moment, I didn't know that it would take less than a year and I would consider Sarkozy another left-winger. But the individual who has a chance to overtake France in 2012 is much scarier. I urge the voters of Marine Le Pen to vote for Nicolas Sarkozy even though he is very far from being perfect because the alternative could be game-changing.
At the end of 2008, Sarkozy didn't want to give up his EU Presidency. This gummi scene looks purely funny and full of nostalgia to me today even though it is based on some genuine opinions of Sarkozy about my homeland. See also Sarkozy vs Klaus, Czech president. The real Klaus would surely act much less submissively during the dinner. ;-)
Of course, we have tons of similar Francoises Hollandes here in Czechia but none of them has a good chance to control a prosperous country of 65 million citizens and – indirectly – much of the European Union and the world. The latest debate between Sarkozy and Hollande was truly hostile but what Hollande is planning is much scarier.
CNN Money mentions the following, among other things:
- Hollande plans to terminate many agreements that Sarkozy built, including some stability-making agreements with Germany
- he hates the financial sector – well, he hates modern capitalism in general – and wants to give it as hard time as possible
- he wants to cancel spending cuts, raise the minimal wage, hire recently fired government workers, roll back retirement age from 62 to 60 years, pay for huge infrastructure projects: all these things will represent an astronomical growth of France's public expenses; already the current expenses are arguably behind the threshold that France may afford
- so you may ask where he will find the money for that: he wants to raise taxes for banks by 15 percentage points and increase the richest people's income tax rate from 45% to a staggering 75%
- he is much more determined to introduce the financial transaction tax that would exterminate much of the high-frequency trading and hedge funds
- he will reduce the ability of banks to lend the money
Hollande's Czech ex-counterpart, boss of social democrats, has already been expelled from the social democratic party. He founded a new one, the National Socialist Workers' Party (NSDAP), no kidding.
CNN Money talks about mass bankruptcies of most Western countries and so on. I want to continue to imagine that these scenarios belong to the science-fiction novels but I am actually not sure whether it is a legitimate assumption.
Please, French voters, stop this coming catastrophe! Merci.