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 | Mish - Global Economic Analysis |
| Zumutungen! Buyer’s Remorse in France, Impossible Situation for Germany |
| Now that the cheering over the French election has died down, reality will strike France and Germany like a cold bucket of water thrown in one’s face on a Winter’s day.
Germany was guaranteed to not like the result no matter who won. The final choice was between an anti-EU Marine Le Pen and a budget-comingling Emanuel Macron who needs EU treaty changes to get what he wants.
And in France, buyer’s remorse has set in. Unions are already protesting against Emmanuel Macron’s policies.
Zumutungen!
TWednesday, May 10, 2017 |
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| Mish - Global Economic Analysis |
| Radical Left Cheers Benoît Hamon’s Victory in French Socialist Primary: Reassessing Le Pen’s Chances |
| The final slate of candidates for French national elections in April-May is nearly complete.
Today, Benoît Hamon Wins French Socialists’ Presidential Nomination, ousting Manuel Valls.
The radical Left is cheering.
Partial results from about 60 per cent of the polling stations showed that Mr Hamon, a former education minister, attracted 59 per cent of the vote in the primary run-off, against Manuel Valls, the former prime minister, who secured 41 per cent of the vote. More than 1m voters turnedMonday, January 30, 2017 |
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| Mish - Global Economic Analysis |
| French First Round Socialist Primary Winner Proposes Tax on Robots, Universal Income, ... |
| France24 reports Benoît Hamon and Manuel Valls take top spots in first round of left-wing primary in a field of seven candidates.
Let’s take a look at other reports, then we will look at Hamon’s amazing platform.
Bloomberg notes Valls, Hamon Qualify for French Socialist Primary Run-Off.
In the first round of voting Sunday night, Hamon was first with 35.2 percent with Valls on 31.6 percent, with about one-third of voting stations reporting, the primary authority said. Former Industry Minister ArMonday, January 23, 2017 |
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| Mish - Global Economic Analysis |
 Can Marine Le Pen Pull Off French Election Stunner Germany a Loser No Matter Who Wins |
| Conventional wisdom suggests National Front candidate Marine le Pen will make it to the second round in French elections, then lose in a landslide to whoever her opponent happens to be.
I believe le Pen’s odds of winning it outright are far better than most think.
Current Polls
Chart from Wikipedia, with image clips added.
Top Five candidates
Marine le Pen: National Front – Eurosceptic, Anti-Immigration – 25%
François Fillon: Republicans – Center Right – 24%
Emmanuel Macron: En Marche! – SociMonday, January 16, 2017 |
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| Mish - Global Economic Analysis |
| Purge of Establishment Candidates Continues: Fillon Beats Juppe in Massive Landslide; Le Pen Coming Up |
| As expected, Francois Fillon will be the conservative candidate in next year’s French presidential election. His rival Alain Juppe Conceded Defeat.
With a majority of polling stations counted, Fillon has about 67% of the vote.
Francois Fillon won France’s first-ever conservative presidential primary Sunday after promising drastic free-market reforms and a crackdown on immigration and Islamic extremism, beating a more moderate rival who had warned of encroaching populism.
Fillon campaigned on pMonday, November 28, 2016 |
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| Mish - Global Economic Analysis |
| French Unions to Increase Strikes,Targeting Trains, Planes, Buses |
| Already hundreds of thousands of tourists in France have had planed delayed or canceled over French union strikes.
Gas stations are running out of gas thanks to a strike at refineries. Nuclear power plants have been hit as well.
French unions vow to increase strikes. They will target trains and buses next.
Please consider French Transport Strikes to Intensify as Valls Digs In on Law.
French unions seeking to overturn an unpopular labor law are set to intensify their protests as the government sMonday, May 30, 2016 |
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| Mish - Global Economic Analysis |
| France Running Out of Gasoline; Strikes Now Spread to Nuclear Plants |
| France is running out of gasoline thanks to massive strikes at all the refineries.
The strike spread to air traffic control and many flights have been cancelled. Hundreds of thousands of people are stranded.
The strike is now about to spread to nuclear power plants.
I offer this quote of the day: “One cannot just turn off a nuclear plant, it is not like a thermal or hydro plant.”
The BBC reports French Labour Dispute: Strike Hits All Eight Oil Refineries.
An estimated 20% of petrol stations havThursday, May 26, 2016 |
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| Bullion Vault |
| Gold Bullion Slips Below 'Multi-Year Downtrend' vs Dollar as GLD Swells Fastest Since 2010 Euro Debt Crisis |
| GOLD BULLION slipped through what several analysts and traders called key support at $1243 per ounce in London on Tuesday morning, extending its drop from early May's 15-month high to almost 5% as world stockmarkets rose.
The Dollar rose to 2-month highs versus the single Euro currency as the Eurozone's 3rd wealthiest nation, Austria, confirmed the
narrow election victory of left-wing Green Party-backed candidate Alexander Van der Tuesday, May 24, 2016 |
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| Mish - Global Economic Analysis |
| Hollande to Force New Rules by Decree, Risking Vote of No Confidence |
| Parliamentary rules in France are a bit bizarre. Rules allow the president to pass legislation directly, over the wishes parliament, without a vote.
The legislation stands unless the president fails a confidence vote.
Expect a vote shortly as Hollande whipped up legislation that neither the left nor the right can stand.
The Financial Times reports French Government Bypasses Parliament to Force Through Jobs Bill.
The French government is to ram through parliament a jobs bill designed to bring flWednesday, May 11, 2016 |
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| Mish - Global Economic Analysis |
| “Up All Night” Protests Spread to French Prime Minister’s House, Teargas Used; Comparisons to US |
| The “Nuit Debout” (Up All Night) movement in France spread from the Place de la République (Republic Square) to prime minister Manuel Valls’ house over the weekend.
Eight people were arrested and demonstrators faced teargass as they converged on Valls. The protestors hung up a dummy of Valls with the slogan “La Valls Est Finie” (Valls is finished).
Valls hopes to quiet the protestors with free aid to job seekers and more rent subsidies.
Thousands Protest Nightly at Place de la République
ValTuesday, April 12, 2016 |
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| 24hGold - Yahoo |
| Edited Transcript of ERA.PA earnings conference call or presentation 30-Jul-15 8:00am GMT |
| Paris Jul 31, 2015 (Thomson StreetEvents) -- Edited Transcript of Eramet SA earnings conference call or presentation Thursday, July 30, 2015 at 8:00:00am GMTTEXT version of Transcript================================================================================Corporate Participants================================================================================ * Patrick Buffet Eramet SA - Chairman and CEO * Jean-Didier Dujardin Eramet SA - CFO * Denis Hugelmann Eramet Friday, July 31, 2015 |
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| 24hGold - Noodls |
| Primer Ministro Francés se reunió con Presidente Santos y su gabinete |
| Bogotá, D.C., 25 de junio de 2015.- La ministra de Comercio, Industria y Turismo, Cecilia Álvarez-Correa, asistió al encuentro del presidente Juan Manuel Santos, con el primer Ministro Francés Manuel Valls, quien adelanta visita oficial al país.
Luego de su llegada a la Casa De Nariño, el Mandatario de los colombianos y su gabinete tuvieron un encuentro, en el que hablaron sobre las relaciones bilaterales.
Colombia y Francia ya tienen un acuerdo de inversión firmado, así como el acuerdo comeFriday, June 26, 2015 |
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| Mish - Global Economic Analysis |
| Sarkozy, Le Pen Triumph Over Socialists in Second Round of Local Elections |
| The Socialists were routed in the second round of French elections this weekend. The centre-right UMP party led by Nicholas Sarkozy was the clear winner but Marone Le Pen's National Front had it best performance ever at the local level although it did not win any départements.
The Financial Times reports Nicolas Sarkozy the winner as French local polls deal blow to Socialists.
The UMP, led by the former president Nicolas Sarkozy and in an election coalition with the centrist UDI party, won beMonday, March 30, 2015 |
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| Mish - Global Economic Analysis |
| France Local Elections: Hollande's Party (PS) Trounced by Sarkaozy (UMP) and Le Pen (FN) |
| In local French elections over the weekend, Conservatives Hold Off National Front while PS, the party of president Francois Hollande finished a distant third.
France's centre-right UMP party and its allies have taken first place in the first round of local elections, partial results show.
Projections suggest that the far-right National Front - despite strong gains - came second with about 25% of the vote, behind the conservatives on 30%.
President Francois Hollande's governing Socialists cameMonday, March 23, 2015 |
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| Mish - Global Economic Analysis |
| Hollande Risks Vote of No Confidence Over Business-Friendly Legislation; National Debate Over Baguettes |
| Hollande Risks Vote of Confidence
French President Francois Hollande took an unusual step today of passing law by decree, with no parliamentary vote.
Article 49.3 of the French constitution allows that, but doing so runs the risk of a no-confidence vote and dissolution of the government should the vote of confidence fail.
49.3 would seem to be an easy choice but it was last used 9 years ago.
Business-Friendly Legislation
It's amusing what France considers "Pro-Business". The reforms inclWednesday, February 18, 2015 |
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| Mish - Global Economic Analysis |
| Hollande Risks Vote of Confidence Over Business-Friendly Legislation; National Debate Over Baguettes |
| Hollande Risks Vote of Confidence
French President Francois Hollande took an unusual step today of passing law by decree, with no parliamentary vote.
Article 49.3 of the French constitution allows that, but doing so runs the risk of a no-confidence vote and dissolution of the government should the vote of confidence fail.
49.3 would seem to be an easy choice but it was last used 9 years ago.
Business-Friendly Legislation
It's amusing what France considers "Pro-Business". The reforms inclTuesday, February 17, 2015 |
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| Mish - Global Economic Analysis |
| France Goes After Actor Salaries; Sunday Shopping "Reform" French Style |
| A move is underway in France to cut aid to movies if the salaries of the stars is too high a percentage of the cost of production.
The Wall Street Journal reports In France, Popular Actors May Pay for Change in Funding for Films.
Effective Jan. 1, the Centre National du Cinéma, the government agency that funds film production, will shun films in which the pay to the star actors exceeds a certain percentage of production costs. The limit varies depending on the budget; it is set at 5% for filmSunday, December 14, 2014 |
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| Mish - Global Economic Analysis |
| Law of Excuses: It's Always Something (But Never the Right Thing)! |
| The out-of-the-blue excuses countries come up with for not making budget deficit targets are rather amusing.
For example and via translation from La Vanguardia, France Blames Deficit on Jihadist Terrorism, Lack of Inflation.
French Prime Minister, Manuel Valls, said today that his country's military missions against jihadist terrorism, along with public investment in education and security make it difficult to meet deficit limits.
"If we reduce our military budget, where are we going?"
In rWednesday, September 24, 2014 |
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| Mish - Global Economic Analysis |
| ECB Executive Board Urges Germany to Borrow and Spend |
| In a foolish as well as never-ending attempt to prevent price deflation and revive growth, the ECB Urges Berlin to Cut Taxes and Spend.
Berlin has hit back at calls from a top European Central Bank official urging Germany to spend more to help the eurozone escape from its economic malaise.
In one of the most politically charged statements to come from the central bank, Benoît Cœuré, a member of the ECB’s executive board, urged Berlin to increase borrowing in order to support investment and cuSunday, September 21, 2014 |
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| Mish - Global Economic Analysis |
| French Farmers Upset Over Falling Prices, Torch Tax and Insurance Offices, Dump Produce |
| As a direct result of sanctions on Russia, there is an overabundance of fruits and vegetables in France, Spain, Poland, and elsewhere in Europe. Basic law of supply and demand dictates prices of crops would fall. And they did.
While most foolishly want to stick it to Russia, few actually are willing to pay the price if it affects them.
Here is another case in point: French Farmers Torch Tax Office in Brittany Protest.
French vegetable farmers protesting against falling living standards have Saturday, September 20, 2014 |
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