France 'totally bankrupt',

[Capt Worley PE]

Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande battling to undo the potential reputational damage.
“There is a state but it is a totally bankrupt state,” Mr Sapin said. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.”
The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn.
Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses. The actor Gérard Depardieu has renounced his French citizenship and decamped to Russia in protest, while David Cameron said Britain will “roll out the red carpet” to attract wealthy individuals.
Pierre Moscovici, the finance minister, said the comments by Mr Sapin were “inappropriate”.

http://www.telegraph.co.uk/finance/financialcrisis/9832845/France-totally-bankrupt-says-labour-minister-Michel-Sapin.html

Guess everything ISN'T better in Europe.

 

[Supe]

Nothing that can't be solved by more cheese and red wine!

 

[Judowolf PE]

The same thing will happen here when they jump up the tax rates and do away with the capital gains deductions...the wealthy can go wherever they want and other countries will roll out the red carpet to gain their wealth and taxes, so the middle class gets screwed again...

 

[Flyer_PE]

Capital, much like water or electrical current, will follow the path of least resistance. The only thing that has changed about it over time is that it's a lot easier to move it around than it was 50 or 100 years ago.

 

[Capt Worley PE]

I can't vouch for the site, but if this data is correct, Japan doesn't look very good either.

http://goldscents.blogspot.com/2013/01/has-first-currency-crisis-begun.html

 

[Capt Worley PE]

Scary thought of the day that made me say, ‘uh-oh’: it's my guess that the collapse is the reason why the govt has been pushing welfare especially food stamps via ebt card... when the collapse happens, many people will still be able to eat instead of riot.

 

[Flyer_PE]

^The assumption there is that there will be food for them to buy with the card.

 

[mudpuppy]

Meh, the French are always over dramatic

 

[cdcengineer]

Be afraid. Anytime the media hypes the market and sounds the 'all clear' alarm that it's time to invest, than it's time to worry.

 

[Capt Worley PE]

^I thought the same thing. Sounds hauntingly familiar to the song we heard in the fall of 2007.