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French Industry Minister Wants Lower Euro And Currency War Entry ASAP: Demands ECB Start Monetizing Debt

Tyler Durden's picture





 

The French industry minister, Arnaud Montebourg, appears to have taken a break from writing rambling, factless letters to US CEOs who have in the past week openly snubbed and ridiculed his demands to provide jobs to the French labor unions, and instead has focused his brilliant socialist mind on something far more appropriate of its unique polymathness: currency wars, and specifically demands that the ECB finally "get involved." Why? Because if it has not been made clear in the past month, France now blames its lack of expert competitiveness not on the same issues previously highlighted by Maurice Taylor such as disintegrating work ethic and a complete lack of competitive productivity, but on the soaring EURUSD - the same soaring EURUSD (well, not soaring so much in the past few weeks) which is also crushing German exports, but because it is crushing France even more, both Merkel and Weidmann are delighted to put up with it. As a result, Montebourg will have no more of it.

As Dow Jones reports "Mr. Montebourg said that within the current European treaties the ECB can be more pragmatic and less dogmatic. It should act more like other major central banks, which Mr. Montebourg said had monetized debt...There are efforts to be made to bring order to public finances, but thinking that the entire effort should come from taxes and spending cuts is excessive. We should share part of the effort with the monetization of debt." And so a French industry minister, who has already been humiliated once on the international arena in the current month, is about to get his second stern talkdown, this time over what happens when you try to "teach" Merkel and the Bundesbank a lesson. Expect more inbound letters into Arnaud's inbox, which we expect will be even more amusing than those penned by Taylor.

From the WSJ:

France's industry minister Tuesday called for a lower euro and said the European Central Bank's role should be reinterpreted, wading back into a currency debate that had been calmed by an agreement between the world's top finance ministers earlier in the month to refrain from competitive devaluations of their currencies.

 

"I am for a less-strong euro," Arnaud Montebourg said at a meeting with journalists in Paris, adding that it is "good news" the euro has recently declined against other currencies.

 

The single currency has fallen around 4.6% against the U.S. dollar since the beginning of February.

 

"I am very happy, [the decline] should continue," Mr. Montebourg added.

 

Earlier this year, French officials complained about the euro being too strong and making the country's exports less competitive. In a speech to the EU parliament in early February, French President Francois Hollande said the euro shouldn't be left to fluctuate according to the mood of the markets and warned that a strong euro wipes out efforts to make economies more competitive.

 

However, later in February, finance ministers and central bankers from the Group of 20 industrial and emerging countries agreed they would refrain from competitive devaluation and would not target exchange rates for competitive purposes. That commitment has reduced the number of comments from European politicians on the euro and the ECB.

 

Still, the industry minister also said Tuesday the role of the European Central Bank should be reinterpreted. The Frankfurt based institution's primary mandate is to fight inflation, but Mr. Montebourg said that within the current European treaties the ECB can be more pragmatic and less dogmatic. It should act more like other major central banks, which Mr. Montebourg said had monetized debt.

 

"There are efforts to be made to bring order to public finances, but thinking that the entire effort should come from taxes and spending cuts is excessive. We should share part of the effort with the monetization of debt, which is natural because it is directly linked to the errors of the banking industry which the central bank did not sufficiently monitor in the past," Mr. Montebourg said.

Perhaps most importantly, the cracks within the European facade are now appearing, as more and more demand that Draghi throw in the towel and proceed to enact the OMT debt monetization, instead of just talking about it: something we predicted would happen some time ago, and as we said, all that was needed was a crisis to allow the ECB to go ahead and monetize debt outright now that it is rapidly falling behind the globla race to debase, and as the market no longer gives it credit for unlimited "off-balance sheet" liabilities.

Sure enough Italy was just that "crisis" that will not be allowed to go to waste.

 


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Tue, 02/26/2013 - 09:44 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

He means print.....more.

Tue, 02/26/2013 - 09:46 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Or moar more.

Tue, 02/26/2013 - 09:47 | Link to Comment knukles
knukles's picture

What in God's name does he think they're already doing?

Tue, 02/26/2013 - 09:51 | Link to Comment negative rates
negative rates's picture

Hey, I think I just saw a high frequency trade.

Tue, 02/26/2013 - 09:55 | Link to Comment knukles
knukles's picture

Did it just flash by real fast?

Tue, 02/26/2013 - 10:03 | Link to Comment GetZeeGold
Tue, 02/26/2013 - 10:59 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

We should share part of the effort with the monetization of debt, which is natural because it is directly linked to the errors of the banking industry which the central bank did not sufficiently monitor in the past,"

Despite the fact that monetization benefits the banks and is paid for by the people [we] via the inflation tax

This guy is either really evil, really stupid, or both.

Besides, we don't need no stinkin' French exports; we can make our own cheese and our own onion soup...

...like we did last night.

Tue, 02/26/2013 - 11:12 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

Yammi! - and horseless I'm sure

Tue, 02/26/2013 - 11:18 | Link to Comment francis_sawyer
francis_sawyer's picture

IKEA issued a statement that there was NO HORSEMEAT in US meatballs... So we have that going for us...

Tue, 02/26/2013 - 12:33 | Link to Comment thisandthat
thisandthat's picture

My question about US meat is if it still can be called meat, after all the drugs it's stuffed with...

Tue, 02/26/2013 - 13:01 | Link to Comment Sandmann
Sandmann's picture

No meat in US horseballs ?

Tue, 02/26/2013 - 16:19 | Link to Comment TBT or not TBT
TBT or not TBT's picture

If Obamafuhrer chooses to furlough all the meat inspectors.... along side the air traffic controllers and illegal aliens imprisoned for violent crimes, then maybe some horse will get in there.    

It is tougher to find horsemeat here after Congress banned slaughtering them within the 50 states, even for dog food etc, purely on aesthetic and emotional grounds.     But then you legislate with the Democrat Party you have and not the one you might like to have.

Tue, 02/26/2013 - 12:14 | Link to Comment Joe A
Joe A's picture

No, you can't. Nothing tops French cheeses.

Tue, 02/26/2013 - 12:44 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

Au contrair, mon ami...

 

 

...Mrs. Horseman and our milking shorthorn, Princess Buttercup, certainly can, and regularly do, top the finest French cheeses, such as Brie de Meaux

We have been to dairies and fromageries in France; there is no secret.  However, feel free to pay to import cheese from the other side of the world. 

 

 

Tue, 02/26/2013 - 13:01 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

DIY.  Nice.  Our friend has goats and we get good non-corporate yogurt.

Tue, 02/26/2013 - 13:31 | Link to Comment francis_sawyer
francis_sawyer's picture

@h_h ~~~ I have some 18 month old parmesean & some recently made camembert... It looks like we use the same molds for the presses... I used the same bamboo skirts as well...

Mrs. h_h must be a busy lady...

Tue, 02/26/2013 - 13:48 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

Blessed are the cheesemakers,
For they know the whey.

Tue, 02/26/2013 - 16:40 | Link to Comment akak
akak's picture

 

 

Blessed are the yogurtmakers,
For they are cultured.

Tue, 02/26/2013 - 16:30 | Link to Comment Joe A
Joe A's picture

I salute you for your cheese making! A noble art. I assume you do realize that there is more to French cheese than Brie and Camembert? The secret -although not really a secret- is the breed of cows/goats/ewes and the composition of the grass and flowers growing on the meadow or mountain ranges. And of course the cellar with its moulds.

De Gaulle said once: "how is one expected to rule a country that has more than 325 cheeses?". (Now you know why France is a mess, it is ungovernable). Unfortunately, many small producers have stop producing although some people have started reviving some lost cheeses. For me, the smellier the better. Although I don't particularly like the idea of the Corsican cheeses where they have to pour liquor over the cheese to get rid of the cheese mite.

Tue, 02/26/2013 - 16:54 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

I assume you do realize that there is more to French cheese than Brie and Camembert?

Oui.  For example, La Fromagerie des Courmettes produces many fine examples of typical French goat cheeses par excellence.  Plus, the view is magnificent.

 

 

Tue, 02/26/2013 - 17:26 | Link to Comment Joe A
Joe A's picture

And there are many more. The French have turned cheese making into a refined art. Nothing better, filling and satifying than a simple meal of the holy trinity of cheese, bread and wine. Or an elaborate cheese platter after a big meal. The economy with its tight regulations is a mess but I could very well imagine myself living there and enjoying their cheeses and wines.

Tue, 02/26/2013 - 10:03 | Link to Comment Sudden Debt
Sudden Debt's picture

DAMN! I THINK I SAW ONE TO!!!

THAT'S ALREADY 2 IN LESS THAN A HOUR!!!

NO WONDER THEY CALL IT HIGH FREQUENCY TRADING!! WAW!

Tue, 02/26/2013 - 10:21 | Link to Comment negative rates
negative rates's picture

No, actually it happened in the bathroom at dinner last nite, but it just showed up on algo here now.

Tue, 02/26/2013 - 10:04 | Link to Comment TruthInSunshine
TruthInSunshine's picture

More from article on front page of of Le Monde Oignon (English Edition):


France's industry minister, Arnaud Montebourg, is urging his government, fellow EU member states & the European Central Bank to win the race to debase their currency (and living standards, vis-a-vis a loss of purchasing power of wages, including labor union wages), in order to boost the competitiveness of French industry, manufacturing & exports (soft cheeses & once dropped rifles).

Tue, 02/26/2013 - 10:34 | Link to Comment pods
pods's picture

There is a growing nationalism to bring back the chauchat..............

http://en.wikipedia.org/wiki/Chauchat

pods

 

Tue, 02/26/2013 - 10:02 | Link to Comment Sudden Debt
Sudden Debt's picture

some people call it flashbacks but it's actually the system resetting...

Tue, 02/26/2013 - 09:58 | Link to Comment kliguy38
kliguy38's picture

He's tellin' the bitchez to make that printer TO SMOOOOOKE

Tue, 02/26/2013 - 10:14 | Link to Comment knukles
knukles's picture

Whilst lathering my nuts in the shower an epiphany awakened.
Within 3 days of the French Libyan incursion they asked America for more bombs, having run out. (Hallmark of a true world power)
To even get to Mali for their incursion they had to get rides from the USAF, having no long distance CV2 taxis.
So, for the additional printing may we properly assume they'll be requesting the services of the US Mint?

Tue, 02/26/2013 - 12:18 | Link to Comment thisandthat
thisandthat's picture

France: - Faster!

ECB: - It's faster, already!

France: - Faster, then!

Tue, 02/26/2013 - 09:48 | Link to Comment redpill
redpill's picture

What a shocking and original idea from a central planner.

Tue, 02/26/2013 - 09:45 | Link to Comment LawsofPhysics
LawsofPhysics's picture

"Start monetizing debt" - WTF?!?!?  

Tue, 02/26/2013 - 10:01 | Link to Comment Sudden Debt
Sudden Debt's picture

CECI N'EST PAS UN EURO!!!

 

 

Tue, 02/26/2013 - 10:02 | Link to Comment EscapeKey
EscapeKey's picture

on the local level, he'll no doubt soon demand the ecb monetizes the debt of his union members.

Tue, 02/26/2013 - 10:03 | Link to Comment Jayda1850
Jayda1850's picture

I know, pretty scary shit. He treats it like its just another normal policy tool, like lowering interests rates. These people are absolutely insane.

Tue, 02/26/2013 - 10:07 | Link to Comment EscapeKey
EscapeKey's picture

i wouldn't call "lowering interest rates" a "normal policy tool" - especially not, seeing the extent of its abuse over the past decade or two.

Tue, 02/26/2013 - 10:09 | Link to Comment Terminus C
Terminus C's picture

lowering interest rates is, essentially, printing money (monetizing debts).

Your error is ironic in this context...

Tue, 02/26/2013 - 10:10 | Link to Comment LawsofPhysics
LawsofPhysics's picture

They are not insane, they are desparate.  They know that there is no fucking real value in their labor, but that they have enjoyed massive compensation.  They are more vsalueabe as worm-food or fertilizer, roll the fucking guillotines already.

Tue, 02/26/2013 - 10:27 | Link to Comment Spastica Rex
Spastica Rex's picture

Calvados

Brigitte Bardot

cassoulet

guillotines

 

Lots of good French things.

Tue, 02/26/2013 - 10:14 | Link to Comment Sudden Debt
Sudden Debt's picture

Hell figure it out when hookers start charging 50 euro for a simple blowjob instead of a 20...

then it will all become just all to real...

Tue, 02/26/2013 - 10:14 | Link to Comment EscapeKey
EscapeKey's picture

i'm pretty sure there's a latvian hooker index, or something along those lines? (can't google that; at work)

Tue, 02/26/2013 - 10:17 | Link to Comment knukles
Tue, 02/26/2013 - 11:53 | Link to Comment H E D G E H O G
H E D G E H O G's picture

you've got a JOB??? :)

Tue, 02/26/2013 - 10:23 | Link to Comment negative rates
negative rates's picture

They wouldn't even take my $5, so I said the hell wit it, and quit.

Tue, 02/26/2013 - 10:55 | Link to Comment BurningFuld
BurningFuld's picture

All your savings they are belong to us!

 

In other news: Out print Benny Bucks Bernanky? Surely he jests.

Tue, 02/26/2013 - 09:46 | Link to Comment Tsar Pointless
Tsar Pointless's picture

It should act more like other major central banks, which Mr. Montebourg said had monetized debt.

Surely, Mr. Montebourg cannot be speaking of our dear Central Bank here in the good ol' FSA - Fascist States of Amerikkka?

Didn't Chairman Ben proudly proclaim once that he was indeed not going to monetize the debt?

About which "major central banks" was Mr. Montebourg speaking?

Tue, 02/26/2013 - 09:51 | Link to Comment knukles
knukles's picture

Only minor central banks monetize debt.

 

GoGoGrillo

Just gotta fucking love CNBS et al, the whole reason for the worldwide kerfuffle is the Italian elections.
Not the EU and Euro being unmanageable, falling apart, worldwide currency wars, etc, etc, etc.
Nope, the "election"

Excuses, excuses, excuses.

Tue, 02/26/2013 - 10:09 | Link to Comment EscapeKey
EscapeKey's picture

you don't actually expect a politician to *gasp* take responsibility for anything, now do you?

Tue, 02/26/2013 - 09:49 | Link to Comment redpill
redpill's picture

That's right, them froggies better not keep this up or else we might....

 

.....DUN DUN DUN.......

 

label them a CURRENCY MANIPULATOR!  *GASP*  *SHRIEK*

Tue, 02/26/2013 - 09:52 | Link to Comment knukles
knukles's picture

And then vote in the US Senate to change the name on the menu AGAIN to Freedom Fries.
Teach them smelly cheese eaters a thing or two.

Tue, 02/26/2013 - 12:17 | Link to Comment Joe A
Joe A's picture

Ask them in Iraq if they are enjoying 'freedom fries'.

Tue, 02/26/2013 - 16:23 | Link to Comment TBT or not TBT
TBT or not TBT's picture

Islam + ethnic hatred + tribalism was a problem in Iraq, to which the solution was Saddam Hussein & his coalition of psychos.    The original problems are still there.    See "Yugoslavia" and "Tito" and "Serbia" and "Kosovo"

Tue, 02/26/2013 - 10:11 | Link to Comment Sandmann
Sandmann's picture

After World War II, France devalued its currency within the Bretton Woods system on several occasions. Beginning in 1945 at a rate of 480 francs to the British pound (119.1 to the U.S. dollar), by 1949 the rate was 980 to the pound (350 to the dollar). This was reduced further in 1957 and 1958, reaching 1382.3 to the pound (493.7 to the dollar, equivalent to 1 franc = 1.8 mg pure gold).

[edit] New franc

The value of the new French franc, in 2007 euros.

When the euro replaced the franc on 1 January 1999, the franc was worth less than an eighth of its original 1960 value

Tue, 02/26/2013 - 09:49 | Link to Comment Iocosus
Iocosus's picture

Any other tire factory buyers? Anybody?

Okay, let's destroy the EURO and get some souffle.

Tue, 02/26/2013 - 09:50 | Link to Comment redpill
redpill's picture

And then take a nap, as I am le tired!

Tue, 02/26/2013 - 09:53 | Link to Comment knukles
knukles's picture

Mais no, mon ami!
I do not weesh a nap!
Eet ees time to go on vacation!

Tue, 02/26/2013 - 10:20 | Link to Comment Sudden Debt
Sudden Debt's picture

 

 

One day I ma gonna Detroit to bigga hotel.

I go down to breakfast.

I tella the waitress I wanna two pissis toast.

She bring me only one piss.

I tell her I wanna two pisses.

She say go to the toilet.

I say you no understand, I wanna two piss onna my plate.

She say you better no piss onna plate, you sonna va bitch.

I don't even know the lady and she calls me a sonna va bitch!

Later I go to eat at the bigga restaurant.

The waitress she bring me a spoon and knife but no fock I tell her I wanna fock.

She tell me everyone wanna fock.

I tell her you no understand, I wanna fock onna table.

She say you better no fock onna table, you sonna va bitch.

So I go back to my room inna hotel and there isa no shit onna ma bed.

I call the manager and I tella him I wanna shit. He tell me to go to the toilet.

I say you no understand, I wanna shit onna my bed.

He say you better no shit onna bed, you sonna va bitch.

I go to the check-out and the man at the desk say, ,,Peace on you". I say, ,,Piss onna you too, you sonna va bitch. I gonna back to Italy"

Tue, 02/26/2013 - 09:49 | Link to Comment celticgold
celticgold's picture

as always , they will print ...and print ....and .....

Tue, 02/26/2013 - 09:50 | Link to Comment buzzsaw99
buzzsaw99's picture

Quit the EU and print your own damn currency. Wrest monetary control from the maggot bankers. I dare you.

Tue, 02/26/2013 - 09:51 | Link to Comment Dr. Engali
Dr. Engali's picture

Ben you have a "strong dollar" going on...get to work Mr. Chairman.

Tue, 02/26/2013 - 09:52 | Link to Comment espirit
espirit's picture

Endgame is picking up speed.

FORWARD!

Tue, 02/26/2013 - 09:54 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Generational theft......to infinity and beyond!

Tue, 02/26/2013 - 09:54 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Yep. Currency wars always proceed shooting wars.

The acceleration has been quite noticeable to those of us who actually pay attention to this shit.

Tue, 02/26/2013 - 09:53 | Link to Comment BandGap
BandGap's picture

What were once vices are now habits.

Tue, 02/26/2013 - 09:56 | Link to Comment JustObserving
JustObserving's picture

Why stop at debt monetization?  Wht not debt forgiveness?  Just wipe off all the debt and get a new start. Nobody will notice.

Yes, we can.

Tue, 02/26/2013 - 10:33 | Link to Comment francis_sawyer
francis_sawyer's picture

3rd time I've had to use this analogy in 3 days

~~~

When you're playing MONOPOLY [& own all the properties on the board with triple hotels on each one]... What do you want to do?

A. Tell everybody... Hey everybody, let's start a new game from scratch

B. Assuming there are attractive females in the game... Suggest... that the game become STRIP MONOPOLY at that point [trading articles of clothing for debt forgiveness]...

Tue, 02/26/2013 - 09:54 | Link to Comment MFLTucson
MFLTucson's picture

Everything that is wrong with the financial world emanates from the Jewish controlled money Ponzi operation in the USA.  Sad, isn’t it?

Tue, 02/26/2013 - 09:56 | Link to Comment Jason T
Jason T's picture

So it begins.... again.

Tue, 02/26/2013 - 09:56 | Link to Comment mdtrader
mdtrader's picture

Dear Mr Montebourg. Is zero low enough for you on the euro? Cos that's where it's going!

Tue, 02/26/2013 - 09:59 | Link to Comment dwdollar
dwdollar's picture

One really has to marvel at the level of financial tyranny that is the EURO. How the hell did they get all those regional bankers and politicians to give up money printing? The bribes had to be incredible.

Tue, 02/26/2013 - 09:59 | Link to Comment Sudden Debt
Sudden Debt's picture

and as the French industry minister also said to Merkel: DON'T FORCE US TO USE FORCE LIKE WE DID IN 1939!!!

Tue, 02/26/2013 - 10:09 | Link to Comment Sandmann
Sandmann's picture

The Frech had an open goal in 1939 but waited till the German Divisions had returned from Poland before getting stuck in

Tue, 02/26/2013 - 10:02 | Link to Comment Lordflin
Lordflin's picture

The entire world can inflate together... perhaps we will just float off into heaven... But I doubt that is the direction we are heading...

Tue, 02/26/2013 - 10:02 | Link to Comment debtor of last ...
debtor of last resort's picture

Heard that one before didn't we?  Get to work mr. Chairman!!

Tue, 02/26/2013 - 10:08 | Link to Comment Water Is Wet
Water Is Wet's picture

I don't care about Europe.  I heard this song and dance last year and planned accordingly.  What else ya got?

Tue, 02/26/2013 - 10:09 | Link to Comment Sandmann
Sandmann's picture

This idiot  Monetebourg is a Lawyer; he is the son of Michel Montebourg, a civil servant employed in the Ministry of Economy and Finances, and Leïla Ould Cadi, a professor of Algerian descent, who was born to a family of W?lis from Hachem, northern Algeria

Tue, 02/26/2013 - 11:49 | Link to Comment smacker
smacker's picture

He's got lots of baggage then...

Tue, 02/26/2013 - 10:09 | Link to Comment thewayitis
thewayitis's picture

Do you think this could help in the aid of strong gold and silver prices? If Euro lowers then the US will be right behind them one would think. A few more eggs are goin in my Gold/Silver baskets. Just bought a healthy 100 ounce silver Englehard. Yessa.....

Tue, 02/26/2013 - 10:20 | Link to Comment Shizzmoney
Shizzmoney's picture

Do you think this could help in the aid of strong gold and silver prices?

In the immediate, no.

When the "other shoe drops" due to this monetizing of (bad) debt and endless printing (for banks), it will help Gold/Silver prices rise.  But not right away; when a crash happens, EVERYTHING deflates (or at least it should; if not, then everything HYPERINFLATES, and that's another can of beans).

The key to understanding these cycles is what currencies/assets are the quickest to not only recover, but make GAINS on said recovery of price mechanisms.  This is where Gold/Silver/PMs outshine everything else because in the end, at least in the physical, you still have the rock in your hand that has value to people.  And its value reflects the situation that surrounds it.

The price is manipulated now, but won't be in the future.  The Pandora's Box of a shitstorm these central bankers have created hasn't even OPENED yet.

Fiat is weighed in confidence.  PMs are weighed in ounces.

I bet on the ladder.

Tue, 02/26/2013 - 10:13 | Link to Comment Confundido
Confundido's picture

Are you guys ready for the final smackdown to gold at 10am, when Bernanke begins his speech? Anyone who wants out of this nightmare will be better off selling now, before 10am ET.

Tue, 02/26/2013 - 10:19 | Link to Comment thewayitis
thewayitis's picture

Whys that? The gun stays loaded at 85 Billion if not an increase. He has to stay put. The equities would further tank if he doesn't. Gold may get a small rise. If we drive over 1600 watch the short covering evolve.

Tue, 02/26/2013 - 10:23 | Link to Comment Confundido
Confundido's picture

Why do you talk about fundamentals??? What is fundamental in this manipulated market?

Tue, 02/26/2013 - 10:20 | Link to Comment orangegeek
orangegeek's picture

Yep - the Euro has been falling.

 

http://bullandbearmash.com/chart/euro-daily-declining-sharply-channel-su...

 

The only issue is that Europe imports and a falling Euro will drive the costs of goods higher.   So higher costs while unemployment continues to soar.  Good luck with this Europe.

Tue, 02/26/2013 - 10:25 | Link to Comment Shizzmoney
Shizzmoney's picture

But its good for exports!!!!!!!111111

I guess the central bankers and corporations forgot that in a consumer economy, consumers actually need purchasing power.

I can't wait for Keynesian and Austrain eCONomists in universities try to cover up this one for their banker friends.

Tue, 02/26/2013 - 10:32 | Link to Comment Winston Churchill
Winston Churchill's picture

French industry minister ?

hm is that like victorious modern French wars ?

Tue, 02/26/2013 - 10:36 | Link to Comment MrNude
MrNude's picture

An old rugby song can sum this up for the French.

 

A Frenchman went to the lavat'ry 

 For to have a jolly good shit. (SHIT! SHIT!) 

He took his coat and his trousers off 

So that he could revel in it. (IT! IT!) 

But when he reached for the paper 

He found that someone had been there before 

"Ou est le papier? 

Ou est le papier? 

Monsieur, monsieur, 

J'at fait manure. 

Ou est le papier?" 

Tue, 02/26/2013 - 10:54 | Link to Comment markar
markar's picture

The French want a cheap Euro to export their worthless Peugeots to who again? Even the French don't want them.

Tue, 02/26/2013 - 11:20 | Link to Comment Reptil
Reptil's picture

afrika

a friend of mine bought the big Renault, it's a nice, modern car (but not my thing, too many computers and gadgets)

I'd take it over an american car any second though, it will actually do corners.

Tue, 02/26/2013 - 10:59 | Link to Comment Reptil
Reptil's picture

the french revolution was preceded by exactly the same bullshit (widespread corruption of the "elite" class, and feeble attempts to inflate the mistakes away)

Tue, 02/26/2013 - 11:36 | Link to Comment caconhma
caconhma's picture

Hitler was a preacher (like we have in the US South telling people that God loves them…).

Hitler was a complete failure as a military and international strategist. He wanted to command “a New World Order” together with the British Empire but without Jewish bankers who owned England. Well, he was not an educated person.

Americans & British & French, once again, wanted to repeat the WWI when both Germany and Russia have destroyed each other. Hitler was not smart enough to understand this.

Germans never were good politicians. Now, France wants Germany to support them. They are not smart either.

In any case, “a New Zionist World Order” will have the same destiny as the Nazi one. As for Jews, they will once again go into a hiding.

 

Tue, 02/26/2013 - 11:38 | Link to Comment smacker
smacker's picture

 

 

Arnaud Montebourg is a socialist in true French tradition: printing money and devaluing the currency has always been their solution to gross mismanagment of the economy and unfettered State spending. Just look what happened historically to various versions of the French Franc! France has a growing problem deciding whether it is a Northern European or Latin nation. The latter have a long history of printing their way out of debt.

As for Draghi: I beat you to it ZH. I said within 24 hours of his parachute appointment to the ECB that "he's been brought in to print money". What is amazing is that he's managed to avoid flooding the EZ with junk fiat for so long.

But with the French now demanding he turns on the spigot, it can only be a matter of time before his true persona comes to the fore...Italy being another Latin nation. I suspect one major issue holding them all back is Fuhrerin Merky's national election later this year. SHE vill not allow anyzink to get in ze vay of vinning, und zertainly not democracy.

Tue, 02/26/2013 - 12:19 | Link to Comment Joe A
Joe A's picture

Well, it is either devalue the Euro or devalue French salaries but then expect another storming of the Bastille

Tue, 02/26/2013 - 13:39 | Link to Comment dataanalytics
dataanalytics's picture

I never used to buy into the French bashing, but in the last decade, I think most it is plausible. The French are really not that educated, in the logical thought, text-book sense. They really do seem to an emotional creature (as a whole) -the arts and food thing...the romantic notions of life, etc. Delusions. Fantasies. I see it clear now. The French are a scourge on Europe. Germany, Switzerland, perhaps Austria and Poland (while having their problems) would be better off if France would just vanish. Too bad that isn't going to happen. Instead, France, Italy, Greece, and a few others will ultimately drag the EU into the depths of poverty and wide-spread socialism reminiscent of the former USSR. The EU powers will have no choice. The Eu will have to dole out massive welfare and horsemeat to keep the masses from starving to death and revolting on a wide-scale basis. The next 5-10 years could prove to be very very volatile in Europe.

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