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Wednesday, 8 August 2012

Bad news on the French front....

Where I get some of my European business news is here:

Sadly, the American and British media are not on top of the daily financial crisis in Italy, Spain and France. France in crisis? Yes, with Hollande pursuing his Marxist manifesto of taxing the rich 75%, there is a growing fear and lack of confidence. But, even the British newspaper the Telegraph had this note. And, with so few wealthy and and measly amount of taxes which could be taken, even if this was an ethical approach, which it is not, why push this?

Ideology and class hatred--call the new president what he is--a communist. Here is part of the article.

A chill is wafting over France’s business class as Mr. Hollande, the country’s first Socialist president since François Mitterrand in the 1980s, presses a manifesto of patriotism to “pay extra tax to get the country back on its feet again.” The 75 percent tax proposal, which Parliament plans to take up in September, is ostensibly aimed at bolstering French finances as Europe’s long-running debt crisis intensifies.
But because there are relatively few people in France whose income would incur such a tax — perhaps no more than 30,000 in a country of 65 million — the gains might contribute but a small fraction of the 33 billion euros in new revenue the government wants to raise next year to help balance the budget.

The louder and longer someone states something in politics, the more people will come to believe that idea is true.