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Thursday, March 28, 2013

France Cannot Print Euros

Soon, everyone will realize that France is another Italy--

Mish's Global Economic Trend Analysis: Le Monde Headline "No, France is Not Bankrupt": "Actually, France does have its debts in a foreign currency, euros. Note that France cannot print euros at will to pay its debts (the very essence of a foreign currency). Moschetto says citizens would be "invited" to help France meet its obligations. Invited? The same way citizens of Cyprus were "invited" to bail out Cypriot banks? The ability to tax citizens to death to bail out the state is hardly a reasonable measure of non-bankruptcy. I suggest having to confiscate the wealth and savings of citizens to bail out the state is proof of bankruptcy. Greece is a nice example. Hollande has tried 75% taxation.  He has tried government takeover or threats of takeover of various auto manufacturers. Hollande also seeks financial transaction taxes. Many French citizens have had enough of Hollande and his socialist policies and have fled to Belgium, the UK, and Switzerland."


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