• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Frankrupt Damage Control "France Is A Truly Solvent Country, France Is A Truly Credible Country"

Tyler Durden's picture




 

In a move farcically reminiscent of Inspector Clouseau, the French Finance Minister made an impromptu appearance on the BBC to confirm what we all should have known all along: that "France is a truly solvent country, France is a truly credible country." As the Washington Post notes, the oh-so-honest faux-pas that enfant terrible Monsieur Michel Sapin made yesterday - explaining how his nation is "totally bankrupt" - had French politicos scrambling today to recover their je ne sais pas. It would appear the crisis management approach taken is the repetitive Jedi mind-trick and of course we should believe Moscovici - even as France faces near-record unemployment, ratings downgrades, fiscal atrophication thanks to a plunge in competitiveness, and backlash among the elites at its increasingly socialist policies. "This is not the France you are looking for," and sure enough, now we believe them.

 

We are sure it went a little like this...

 

Or perhaps they used this...

 

As Sapin awaits this...

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Tue, 01/29/2013 - 22:26 | 3197434 CPL
CPL's picture

My german friend will be back for the cheque.

Tue, 01/29/2013 - 22:35 | 3197468 SilverTree
SilverTree's picture

Credits Will Do Fine

 

http://youtu.be/skv3wSIL5xI

Tue, 01/29/2013 - 22:50 | 3197507 AlaricBalth
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“Du sublime au ridicule il n’y a qu’un pas"
Napoleon

Tue, 01/29/2013 - 23:16 | 3197595 RuiNsPro
RuiNsPro's picture

Spain, Italy and France. Three out of European top four economy are failing and a Euro collapse is inevitable. Makes you wonder why these Euro bulls are so blind to this reality.

Tue, 01/29/2013 - 23:37 | 3197653 markmotive
markmotive's picture
There's more to France's collapse than meets the eye... Thierry Meyssan: Hollande is afraid of his armies
Wed, 01/30/2013 - 00:39 | 3197783 prains
prains's picture

TOOT le mem chose babieeeeeeeee!

Wed, 01/30/2013 - 01:20 | 3197871 Fortunate Fool
Fortunate Fool's picture

The truth? the US are as bankrupt, if not more, as France...

Wed, 01/30/2013 - 02:00 | 3197924 TPTB_r_TBTF
TPTB_r_TBTF's picture

The US can print.

France cannot.

 

Wed, 01/30/2013 - 02:54 | 3197962 NidStyles
NidStyles's picture

Doesn't change reality though.

Wed, 01/30/2013 - 07:42 | 3198117 GetZeeGold
GetZeeGold's picture

 

 

We surrender......again. Rinse and repeat.

Wed, 01/30/2013 - 08:31 | 3198174 Badabing
Badabing's picture

What do you think you are, some kind of Jedi knight waving your arms around like that?

Mind tricks dont work on me I read ZH!

Wed, 01/30/2013 - 03:07 | 3197975 TBT or not TBT
TBT or not TBT's picture

Oh but they do want to print, and will, after the Euro falls apart.

Wed, 01/30/2013 - 07:34 | 3198093 Ghordius
Ghordius's picture

yeah, sure

totally lacking perspective. From the cited Washington Post article:

"Mr. Sapin made his bankruptcy remarks during a Jan. 27 radio address, during which he spoke of the need for an austerity plan.

 “It is a totally bankrupt state,” Mr. Sapin said then, according to a report in The Independent. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective."

 

Again, this is the Labour/"Jobs" minister speaking. His ministry usually spends a lot to try to "create jobs", "preserve jobs", etc. It's the ministry that is usually given to the one guy in the cabinet that represents the LEFT. The most socialist one - in a cabinet that is supposedly socialist.

Now just for a moment forget that he used a "Gallic Hyperbole", i.e. "we are bankrupt! = we have to economize" and note that it's a French Socialist Minister for Jobs that endorses deficit reduction and austerity plans (additionally to what France agreed anyway). That should you give some thought...

Wed, 01/30/2013 - 07:39 | 3198115 GetZeeGold
GetZeeGold's picture

 

 

It doesn't help perspective when the last leader gets the hell out.

 

It was either that or become hopelessly institutionalized forever.

Wed, 01/30/2013 - 07:59 | 3198138 Ghordius
Ghordius's picture

I'm not sure what you mean. institutionalized? you mean balaced budgets? see here: European Fiscal Compact - or it's less achieved brethen the Stabilty and Growth Pact

Rome wasn't built in one day, but trends matter

Wed, 01/30/2013 - 08:21 | 3198151 GetZeeGold
GetZeeGold's picture

 

Rome wasn't built in one day.......but it fell fairly quickly. That's just history however. Not sure if there's anything to learn from that.

 

I'm not sure what you mean. institutionalized?

 

Red explains. These walls are funny....first you hate them...then you depend on them.

http://www.youtube.com/watch?v=TsiFanovOSI

Wed, 01/30/2013 - 08:22 | 3198159 Ghordius
Ghordius's picture

I disagree. the rise of the roman empire (and also of roman virtue, though preceding and offset) took centuries, with centuries and centuries of decline

only the very end was fairly quick

there is this quip that those who don't know history are condemned to repeat it ;-)

Wed, 01/30/2013 - 08:39 | 3198180 GetZeeGold
GetZeeGold's picture

 

 

only the very end was fairly quick

 

Good thing the market analysts at the time were all over it. ;-)

Wed, 01/30/2013 - 02:56 | 3197963 TBT or not TBT
TBT or not TBT's picture

This is the thierry meyssan who claimed no aircraft hit the pentagon on 9-11.   Conspiracy theory lunatic.

Wed, 01/30/2013 - 04:46 | 3198032 bigkahuna
bigkahuna's picture

Then you must subscribe to the conspiracy theories put forth by your ever trusted politicians and media. Good luck with that.

Wed, 01/30/2013 - 08:26 | 3198167 MSimon
MSimon's picture

"Mohammed Atta and the Venice Flying Circus"

Wed, 01/30/2013 - 08:57 | 3198205 mvsjcl
mvsjcl's picture

Oh, look! A fucking shill!

Wed, 01/30/2013 - 09:46 | 3198342 auric1234
auric1234's picture

I read his book, and it provides plenty of evidence. I've to say that it was pretty convincing.

 

Wed, 01/30/2013 - 08:55 | 3198202 Monedas
Monedas's picture

Do you quote Hitler, too ?  Both were WAY beyond ridiculous !

Wed, 01/30/2013 - 05:22 | 3198040 css1971
css1971's picture

Many will be attempting that Jedi mind trick.

Tue, 01/29/2013 - 22:27 | 3197439 JustPrintMoreDuh
JustPrintMoreDuh's picture

Its all Gerard Depardieu's fault!  

Tue, 01/29/2013 - 22:54 | 3197519 CPL
CPL's picture

Last I heard he was Russian actor...what does he have to do with France?  

Like how Swedish R&B Diva style singing has retroactively been adopted by Americans.  By their favourite Swedish Diva Tina Turner who was briefly married to some American smack addict wife beater.  It didn't set the Swedish super star back any when she rocked the World with the Mad Max super hit Beyond Thunderdome.

Yes, Swedish super star Tina Turner.

Tue, 01/29/2013 - 23:10 | 3197566 DoChenRollingBearing
DoChenRollingBearing's picture

Tina Turner became Swiss, ne c'est pas?

Tue, 01/29/2013 - 23:17 | 3197601 Börjesson
Börjesson's picture

Maybe he was thinking about Tina Thörner? ;) (Yes, it's pronounced the same.)

http://www.tinathorner.com/

Tue, 01/29/2013 - 23:16 | 3197596 Coke and Hookers
Coke and Hookers's picture

Tina Turner is Swiss, not Swedish. She has always been Swiss.

Tue, 01/29/2013 - 23:57 | 3197700 CPL
CPL's picture

There's a difference again how?

Tue, 01/29/2013 - 23:58 | 3197703 AlaricBalth
AlaricBalth's picture

I didn't know Nutbush, Tennessee was in Europe?

Wed, 01/30/2013 - 01:31 | 3197889 jballz
jballz's picture

 

Yes, and we have always been at war with Tina Turner.

Wed, 01/30/2013 - 07:04 | 3198095 BeetleBailey
BeetleBailey's picture

Anna Mae Bullock....yoodler...swiss cheeeeeeeeeeeeeeeeeeese eating Tennessee lederhosen wearing lip pursing survivor..played by Angela Bassett over here; Nicki Minaj is wanting to do a remake.

Break out the firearms!

Wed, 01/30/2013 - 03:09 | 3197971 TBT or not TBT
TBT or not TBT's picture

Swiss Miss was always hot chocolate.   Not seeing a contradiction.

Wed, 01/30/2013 - 02:49 | 3197957 1000924014093
1000924014093's picture

Swiss, idiot.

Tue, 01/29/2013 - 22:28 | 3197443 Agent P
Agent P's picture

Don't forget to casually wave your hand...crucial part of the Jedi mind trick.

Tue, 01/29/2013 - 23:01 | 3197539 Cognitive Dissonance
Cognitive Dissonance's picture

This is not the Jedi mind trick you're looking for.

Tue, 01/29/2013 - 23:04 | 3197553 gould's fisker
gould's fisker's picture

May the farce be with them.

Wed, 01/30/2013 - 00:48 | 3197803 ShakaZulu
ShakaZulu's picture

Once more my belief that the internet has expanded our minds is reinforced.  thx

Wed, 01/30/2013 - 01:53 | 3197920 AgShaman
AgShaman's picture

May the "schwartz" be with them

Tue, 01/29/2013 - 22:29 | 3197450 Wm the Shrubber
Wm the Shrubber's picture

And this is how liberty dies - to the sound of thunderous applause!

Tue, 01/29/2013 - 22:30 | 3197453 Whiner
Whiner's picture

We must boost ze production by lowering the retirement age and raising mandatory holidays and taxes, wee-wee, Monsieur, ze income tax to 75%. Viva la revelucione! Viva!

Tue, 01/29/2013 - 22:32 | 3197457 LongSoupLine
LongSoupLine's picture

too late you fucking french fry, you already said it.

 

Grow some fucking balls and repeat it...tell your political overlords to fuck off.  Be a fucking man dickhead.

Tue, 01/29/2013 - 22:49 | 3197503 a growing concern
a growing concern's picture

Yeah, god damn, have some fucking balls.  There's nothing I hate worse than somebody saying some truth to power on a big stage and then hours later backtracking like a pussywhipped douchebag.  Stand up and state the truth and take your licks like a fucking man.  Zut alors!

Tue, 01/29/2013 - 23:11 | 3197578 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 for: "pussywhipped douchebag."

Tue, 01/29/2013 - 22:32 | 3197461 SHEEPFUKKER
SHEEPFUKKER's picture

France is solvent and we trust the Fed with our gold.  

Wed, 01/30/2013 - 02:57 | 3197967 Colonel Klink
Colonel Klink's picture

The only thing the French government does better than surrender is lie.

Tue, 01/29/2013 - 22:34 | 3197462 Temporalist
Temporalist's picture

It's a good thing Lagarde moved when she could.  She left a backed up sewer and a collapsing roof on that shitpile.

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