Francois Hollande Admits Socialist Policies Failed, Declares "Economic State Of Emergency"

Tyler Durden's picture




 

Remember when showing 'progress' in Europe was as simple as pointing to your high stock market or low bond yields to "prove" everything is awesome.

Since 2012, when Mr Hollande came to power, more than 600,000 people have joined the ranks of the unemployed at a time when joblessness has decreased in most of the other large European economies.

Well for Francois Hollande, the days of hiding behing manipulated data are over and the open kimono reveals a nation whose stability is wracked by record unemployment. In a desperate-for-re-election speech today, The FT reports that socialist leader Hollande admitted his policies needed reform and that France is an economic "state of emergency."

In a turn towards pro-business policies (sacre bleu!), Hollande prescribed new measures which involve the creation of 500,000 vocational training schemes, additional subsidies for small companies and a programme to boost apprenticeships.

With 15 months before the presidential election, the sense of urgency is also political for the socialist leader, who has tied his decision to run for a second mandate to his ability to curb unemployment significantly this year.

 

“We have to act so that growth becomes more robust and job creation more abundant,” Mr Hollande said in an address to unions and business leaders. “Our country has been facing structural unemployment for too long and it needs to reform.”

 

Under the plan, which takes effect immediately, companies with fewer than 250 workers will receive a €2,000 payout for hiring youths and unemployed people for contracts lasting more than six months at salaries below 1.3 times the minimum wage. After two years, the subsidy will become permanent in the form of a decrease in social security charges. The tax breaks previously announced will become permanent beyond 2017, he said.

The new measures, which will cost about €2bn, are seen as aimed at this political goal. Conveniently, offering 400 hours of training to thousands of jobless people would also reduce nominal unemployment before the presidential run.

“The new measures are old recipes,” says Nicolas Lecaussin, head of Institute for Research in Economic and Fiscal Issues, a liberal think-tank. “Training schemes are controlled by unions and efforts to boost apprenticeships have failed repeatedly over the years. As always when presidential elections loom, we’re entering a phase of public spending increases.

But Mr Hollande denied any political manoeuvring and insisted the plan would be funded by spending cuts.

*  *  *

So he faces problems at the elections - amid record high youth unemployment and an increasingly disenfranchised citizenry - thanks to the failures of his socialist party's policies... So - use more "taxpayer money" to pay firms to hire people temporarily (no matter what the 'real' demand) in order to reduce the unemployment rate so the optics look good for re-election! Vive La France!

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Mon, 01/18/2016 - 12:31 | 7061717 Soul Glow
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France is fine.

Mon, 01/18/2016 - 12:33 | 7061723 Silky Johnson
Silky Johnson's picture

The rats are panicking.

Mon, 01/18/2016 - 12:36 | 7061736 Bumpo
Bumpo's picture

Nothing a million North African free-loaders can't fix

Mon, 01/18/2016 - 12:36 | 7061744 Haus-Targaryen
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The French government has massive financial problems, like every other Western nation at this point.  They will hold France together until they cannot anymore, and which point it won't be being able to hold France together anymore, but the whole system.  

The quicker this system dies, the better.  I can only hope the "we're gonna try socialism" casualty list is small and minute.   

Mon, 01/18/2016 - 12:40 | 7061759 KesselRunin12Parsecs
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He'll join Woodrow Wilson (& the rest of the rapidly expanding crew) in their own special branch of Purgatory.

Mon, 01/18/2016 - 12:44 | 7061791 El Oregonian
El Oregonian's picture

Stupid is as stupid does...

Mon, 01/18/2016 - 12:49 | 7061816 max2205
max2205's picture

Only because tourism is off the cliff

Mon, 01/18/2016 - 12:51 | 7061825 nuubee
nuubee's picture

It is hilarious how humans are unable to accept that most times they themselves are the problem.

Mon, 01/18/2016 - 12:54 | 7061840 KesselRunin12Parsecs
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Not me... I'm 'EXCEPTIONAL' goddammit! Just look at this stack of counterfeit notes I've collected!

Mon, 01/18/2016 - 13:00 | 7061867 NidStyles
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http://www.timesofisrael.com/anti-semitism-drives-record-high-western-eu...

 

So funny about the timing of the two events. Almost like "The Tribe Inc." has pulled all they can out of the nation is is pulling up roots after screwing the French with hordes of "migrants".

Mon, 01/18/2016 - 13:06 | 7061900 franzpick
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Is Paris burning?

Mon, 01/18/2016 - 13:13 | 7061928 Pinto Currency
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Maintaining perfect form for a central planner, Hollande prescribes more central planning to cure the problems caused by central planning.

"... Under the plan, which takes effect immediately, companies with fewer than 250 workers will receive a €2,000 payout for hiring youths and unemployed people for contracts lasting more than six months at salaries below 1.3 times the minimum wage. ..."

 

Mon, 01/18/2016 - 16:20 | 7063146 Deathrips
Deathrips's picture

Look what the rebranding of oil fried potatoes has done to the french!

Thay hate us for our freedumb fries!!

 

RIPS

Mon, 01/18/2016 - 18:35 | 7063819 Al Tinfoil
Al Tinfoil's picture

IMHO, the French specialize in: 1. Cartesian logic, which is a particularly circuitous means of arriving at conclusions that seem obvious to linear thinkers; 2. Nastiness; 3. Haughty behavior; 4. Arguing with one another; 5. Promiscuity; 6. Delusions of grandeur and self-importance, often manifested by attempting to resurrect France's days as a colonial power; 7. Idiotic politics and idiot politicians who specialize in wishful thinking; 8. Self-indulgence in purportedly surperior tastes in food and beverages such as oily-tasting wine; 9. Claiming to be the intellectal giants of Europe; and 10. Thinking that all problems of humanity, theoretical and practical, can be solved by adopting a philosophical position and assigning all issues to academic classifications.  Discussion therefore is seen to solve all problems, while practical implementation is ignored or assumed to automatically follow philosophical determination.  Thus problem solving is a constant topic of coversation and controversy, but practical progress is seldom achieved.

Tue, 01/19/2016 - 09:26 | 7065861 Analyse2
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@Al Tinfoil

This is a vomit comment: I only see rage and stupidity in your post - which could be named "Catalog of racist clichés" 

Tue, 01/19/2016 - 15:38 | 7067720 jbower
jbower's picture

@Al Tinfoil Very true description (I'm an expatriated French). More simpler Frenchs are proud, close-minded, jealous and when someone succeed better than them, they become nasty and vindictive.

Wed, 01/20/2016 - 07:14 | 7070770 Analyse2
Analyse2's picture

@jbower

Probably you are nor French.

In any case, as you despise so much the French, you really don't deserve to be French ...

Mon, 01/18/2016 - 14:14 | 7062281 piratepiet2
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Can you point me to any document that proves/substantiates that Hitler ordered to burn Paris?  

Mon, 01/18/2016 - 20:53 | 7064444 NidStyles
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No they can't they just liek to lie about things to keep their Jewstory going.

Mon, 01/18/2016 - 14:41 | 7062492 Bananamerican
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"i hear the minarets are lovely this time of year in Paris"  -imaginary amerikan tourist

Mon, 01/18/2016 - 18:31 | 7063803 caconhma
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Promises and lies, promises and lies, and more lies and promises followed by revolutions, civil wars, and national socialism states.

For the last 100 years, zio-bankers were spreading these lies and promises  to common people using for these purposes well organized professional demagogues and criminal  elements together with unlimited brutality justifying it as a social justice.

It all started back in Russia in 1917 and, in spite of collapse of the Soviet Union with its international socialist NWO, this NWO crusade against humanity is still very much alive in Russia, EU, North America, and China.

Then in 1917, Russia transformed into USSR was selected as the lead crusader for the zio-socialist NWO and now it is the USA to follow the Soviet footsteps.

Mon, 01/18/2016 - 14:41 | 7062493 Bananamerican
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"i hear the minarets are lovely this time of year in Paris"  -imaginary amerikan tourist

Mon, 01/18/2016 - 14:53 | 7062595 ConfederateH
ConfederateH's picture

Perhaps they are staging the ficki-ficki invasion deliberately to drive the french branch of the tribe (as in the transfer agreements in 1934) to fill the void left in new greater israel (syria + israel +sianai) that was made through their proxy genocidal wars conducted by the US and Nato against their arab neighbors. They destroy all the goy in one fell swoop and get their zion and rule the world. 

Its so perfect.  Its right out of the protocols.  Still wondering why they have been chased out of more than 100 countries throughout history?  Maybe this time the entire planet will send them off to another galaxy,  but we know no one would want them and that they would claim it was all due to antisemitism.

Mon, 01/18/2016 - 13:49 | 7062123 jvetter713
Mon, 01/18/2016 - 12:56 | 7061844 two hoots
two hoots's picture

 

Hollande (all world leaders) knows the things he is proposing no longer fit into the present and rapidly changing global economy but the people still desire the ways of the past and remain in denial of the new conditions.  We are in a critical and painful social adjustment period. Votes still matter so that will anchor us in nostalgia for a time.     

  

Mon, 01/18/2016 - 13:53 | 7062155 TheFutureReset
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Some country, somewhere in the West will fundamentally change their governance model in the next decade to leverage emerging technology. The internet's transformative power for government isn't in digital record keeping and spying, it's in solving human error and smart programs acting off of sensory data. Humans aren't angels, they can't govern like they are. Computers keep their promises. Elections will be direct and on algorithm changes. 

Mon, 01/18/2016 - 14:31 | 7062410 DaveA
DaveA's picture

Damn right the government model will change, but it won't be a new, improved democratic welfare state. It'll be more like Microsoft in the 1990s or Singapore under Lee Kwan Yew: One man, who founded the organization, grew it into an unstoppable force, and remains in total control.

If our new emperor marries well and produces competent sons, we could enjoy centuries of undemocratic prosperity.

Mon, 01/18/2016 - 12:56 | 7061850 Arnold
Arnold's picture

We've sent out calls for the Scarlet Pimpernel.

Mon, 01/18/2016 - 19:12 | 7063987 Ace006
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That's 10,000 years of human history right there in one sentence.

Mon, 01/18/2016 - 13:51 | 7062136 JRobby
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If your economy is over dependent on tourism, that is an easy beast to kill. Terror is cheap to do.

Mon, 01/18/2016 - 13:33 | 7062026 City_Of_Champyinz
City_Of_Champyinz's picture

More socialism and government meddling will fix this.

Mon, 01/18/2016 - 12:47 | 7061798 HowdyDoody
HowdyDoody's picture

Hollande a 'socialist'? Only in bizarro land America. He and his government are fully on board the US politico-economic trainwreck.

 

 

Mon, 01/18/2016 - 12:49 | 7061812 NotApplicable
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*socialist train-wreck

Mon, 01/18/2016 - 14:16 | 7062298 Itinerant
Itinerant's picture

Nevertheless, the proportion of the population that works is greater than in America.

The author probably means to say the population is increasingly disenchanted; disenfranchised means they cannot vote or that ownership rates have gone down.

The author also means to say the optics are good, and not that the optics look good; that is like saying something costs cheap or weighs heavy.

Mon, 01/18/2016 - 17:58 | 7063658 Analyse2
Analyse2's picture

Right.

Check a chart on productivity per capita in France compared to the US, fact is they are just as productive as Americans but have a much shorter work week, 4 weeks paid vacation, almost free health care, almost free university ...

Tue, 01/19/2016 - 05:41 | 7065513 Ghordius
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and France still has a middle class. oh, damn, now I wrote it

nope, comparisons between France and the US are only valid up to a certain point, and then the big problem starts with what the French socialists like Hollande and Americans understand by the word "socialism"

"The new measures, which will cost about €2bn, are seen as aimed at this political goal. Conveniently, offering 400 hours of training to thousands of jobless people would also reduce nominal unemployment before the presidential run."

frankly, of all the stupid stuff the French state could do with two billions, this is relatively harmless, in comparison

bullish for France, me. why? well, a French socialist president talking about "Socialist Policies Failed"

of course part and parcel of the political squeeze that the socialists and the republicans are staging on Marine Le Pen's FN

Mon, 01/18/2016 - 14:00 | 7062200 sun tzu
sun tzu's picture

He is the typical leftist. 

 

Socialism for thee but not for me.

Mon, 01/18/2016 - 19:13 | 7064001 Ace006
Ace006's picture

So he's a socialist.

Mon, 01/18/2016 - 12:42 | 7061774 NoDebt
NoDebt's picture

No 'successful' country has ever, to my knowlege, moved from being more liberal to being more conservative without a war, a financial collapse or an internal crisis (revolution, basically).

Once you go lib (read: statist), you never go back.  You can hault it's progression from time to time but the ratchet only moves one direction.  Changing the system from within is impossible.

Mon, 01/18/2016 - 12:51 | 7061810 Temporalist
Temporalist's picture

What you are missing is that the government is the people.  Or is it the people are the government?  Either way they are government is us and everything they/we do is good and can't be bad by definition; unless they/we are bad and corrupt but when has that ever happened?

Mon, 01/18/2016 - 12:54 | 7061841 stant
stant's picture

All or nothing until its nothing

Mon, 01/18/2016 - 13:08 | 7061912 Pop Copy executive
Pop Copy executive's picture

Going lib doesn't necessarily mean becoming statist.  The monarchies of Europe were statist, and they were the conservative forces of their society—the liberal ones being those subscribing to the revolutionary ideas of nationalism and equality.  The liberal ideas of the founding fathers were antistatist or libertarian.  

Mon, 01/18/2016 - 14:04 | 7062225 sun tzu
sun tzu's picture

Don't confuse the liberals of today with libertarians. Using for definition of liberal, Hitler and Pol Pot were liberals because they changed the system. 

Tue, 01/19/2016 - 06:05 | 7065537 Ghordius
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libertarianism is a mostly US/UK phenomenon. I strongly doubt Hitler would have approved of libertarianism... it contains too much of the classic liberalism that he despised

Mon, 01/18/2016 - 19:17 | 7064018 Ace006
Ace006's picture

That's confused.  You use "liberal" in the sense of classical liberal and liberal statist.  Your use of "conservative" is similarly all over the board.

Tue, 01/19/2016 - 06:01 | 7065530 Ghordius
Ghordius's picture

+1 further, europeans tend to use those classical labels... in the classical sense. ideology, for good or for bad, is less of a matter of opinion and confusion then in the US, where it's a kind of neglected or even despised thing to be proficient in the science of "political taxonomy"

the French political landscape is composed two broad movements usually resulting in coalitions:

the center-left and the center-right

the center-left is the alliance of the Socialist Party, the Left Party, the Radical Party of the Left and the Greens

the center-right is the alliance of the Republicans, the Union for French Democracy and support from the New Center

outsiders of those alliances are the National Front and other minor parties, and they are many and varied

--->  a classical liberal would feel more at home with the center-right, in France

--->  a liberal in the new American sense of the word would feel more at home with the center-left, in France

further, a classic conservative would have the option between the "hybrid" Republicans or the National Front, a bit of a "hybrid", too

the first is - using the classic labeling system -  a liberal-conservative party and the second is a National, i.e. strongly conservative and at the same time somewhat socialist party

seen from this perspective, btw, the US is strongly liberal country in principle, with a liberal-conservative party (R) and a liberal-socialist party (D)

Wed, 01/20/2016 - 07:21 | 7070774 Analyse2
Analyse2's picture

++

Very good description Ghordius

Mon, 01/18/2016 - 13:49 | 7062122 gatorengineer
gatorengineer's picture

You dont remembet Reagan or Thatcher do you?

Mon, 01/18/2016 - 18:41 | 7063842 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

Let them eat cake.

Mon, 01/18/2016 - 12:34 | 7061724 VinceFostersGhost
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France is fine.

 

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