Marine Le Pen: "I Will Introduce The New Franc At A Rate Of One-To-One To The Euro"

Tyler Durden's picture

Providing some much needed details on her plans to redenominate the French currency, should she win the French presidential election in under two months, on Wednesday Marine le Pen told RTL radio should would introduce a new franc at a rate of one-to-one to the euro and then allow it to fluctuate, despite previously saying that any new national currency would continue to be pegged to a basket of currencies. She said the new French franc would likely fall "against whatever currency Germany uses", making French car exports more competitive, but said it might rise against the currency in Italy, a country she said would also be better off without the euro.

Incidentally, many agree with Le Pen, and according to Paddy Power, Italy now has even odds of leaving the EU before 2025, far higher than even perpetually depressed Greece.

But back to Le Pen, who as Bloomberg writes has expressed often contradictory views on the issue throughout the campaign. At first she wouldn’t even say she proposed leaving the common currency, instead talking about restoring “monetary sovereignty.” She’s recently talked more openly about leaving the euro, but without many details on how it would be done. In her RTL interview, Le Pen wasn’t clear if she envisioned a completely free or controlled float.

Some have been quick to mock Le Pen's vacillation on the issue: "Monday she’s out of the euro, Tuesday she’s not, Wednesday she pegs, Thursday she fluctuates,” said Patrick Artus, chief economist at Natixis Securities. “It’s nonsense and it will never be implemented. We have to stop taking her economic pretensions seriously.”

Which, of course, is precisely what they said about Trump.

Le Pen left room for interpretation on the euro when she unveiled her 144-point program a month ago, saying she’d “return to monetary sovereignty” without mentioning the euro. An adviser explained at the time that the new franc would be pegged to a basket of currencies comparable to the European Currency Unit, which preceded the euro. However, last week, in a speech about economic policy, she was more explicit about leaving the euro, and at a conference with a French business lobby in Paris Tuesday she said the single currency “was unsustainable because the discrepancies” between member states are too wide, as Bloomberg reported.

She denied that leaving the euro and imposing what she calls “intelligent protectionism” would cut off trade, saying France traded better before joining the European Union. “If I want a new national money, it’s to help us set off to conquer the world,” she said. She didn’t mention France’s debt Wednesday, but in the past has said it will be denominated in the new currency. As reported previously, some have indeed taken Le Pen's warning seriously as France has some $1.7 trillion in debt issued under French law, which would permit her government to change the denomination currency if she so choose, effectively wiping out most of French debt.

Yet while Le Pen has flip-floped on the topic of how the franc would treated under her regime, she has been consistent in her pledge to revoke the central bank’s independence to allow her to print more of the new currency to fund her policies (spoiler alert: that does not lead to a happy ending).

Meanwhile, according to recent polls Le Pen would win the most votes in the April 23 first round of the presidential election but heavily lose the May 7 second round against independent Emmanuel Macron. Tuesday’s daily Ifop poll put her at 26 percent and Macron at 25 percent in the first round, with Macron winning the run-off 61.5-38.5 percent.

On RTL, she attacked former Rothschild banker Macron as “a pure product of the banking system, of savage globalization.”

In the two-hour interview Wednesday, she also said she’d keep the Fessenheim nuclear power plant open and maintain tax advantages for diesel cars, saying pollution in France was more due to wind carrying emissions from German coal power plants. Asked about International Women’s Day, she said the main challenge facing women in France today is the rise of Islam. Le Pen also said that should the legal crackdown against her accelerate, she would simply not respect a judicial summons before the election, and she would refuse to be questioned by investigative judges until after the presidential election, adding that “the justice system is being manipulated to influence the presidential election”

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InjectTheVenom's picture

 

VICTORY LE PEN !!!!!!

Paper Boy's picture
Paper Boy (not verified) InjectTheVenom Mar 8, 2017 1:36 PM

Yeah well both of them still suck and lose value in terms of Bitcoin....

J S Bach's picture

Just make sure you base your new franc on something tangible and of real value, Marine baby.  If it's just another debt-based-fractional-reserve-counterfeit system, you've solved NOTHING.

GadExp's picture

 

 

La Pen = Ron Le Paul 2.0!!!!

 

https://www.youtube.com/watch?v=8Sfhc_e5P88

 

 

Go La Pen!!!

SWRichmond's picture

Stay away from nailguns, lady

greenskeeper carl's picture

In other words, we will eventually print out new currency into oblivion, just like every other fiat currency. Denominating all the dentin to the new franc will probably result in an avalanche of selling

Escrava Isaura's picture

J S Bach: Just make sure you base your new franc on something tangible and of real value,

What nonsense. Money has no value idiot. What you produce has a value.

Thank goodness the French are not listening to the idiotic American conservatives that have no funken clue about money.

What America, and Americans need is the same the French does which is, enough of debt bondage money (dollars and euro) and issue their own “Debt Free” money.

Hmmm. America is over $80 trillion dollars in debt!

Please conservatives, tell me who America is in debt to?

And how will Trump clean this swamp?

 

Madcow Kaczynski's picture

Money is stored labor.

Currency is tradable labor.

Unless you want to carry your cow to market for potatoes.

That said, the franc has crashed how many times in the last 200 years? I've lost count.

Le Pen is a ballsy mama but fiat is fiat, and will always be trash.

CheapBastard's picture

I'm with Le Pen!

 

i cant blame her for bringing back Le Franc since the next issue of the 10 Euro note will feature Aloo Ahkbar's portrait on it.

Logan 5's picture
Logan 5 (not verified) CheapBastard Mar 8, 2017 4:12 PM

Brouettes bitchez!

Bigly's picture

She rocks and has Yuuuge balls!

You go girl!!!!

Antifaschistische's picture

I will even contribute to LePens race.....however, you're nailed it Bach.   If she think she just gets to PICK the value of a currency (1 for 1 with the Euro) then I'm thinking she may have to learn a few things the hard way.

The Money Changers will wage all out war on her homemade currency and the French people will need to understand that there will be much pain fighting through the economic desegregating, yet liberating squall line.

Mountainview's picture

Not a Franc, back to the Gold standard would make scream Finance-"house of cards"-leaders.

Paper Boy's picture
Paper Boy (not verified) Mountainview Mar 8, 2017 1:50 PM

And a Franc would still be managed by a country filled with socialist weenies. Print baby, print! All nationalist currencies suck and are ill-managed.

InjectTheVenom's picture

your mom sucks...very well i might add !

Paper Boy's picture
Paper Boy (not verified) InjectTheVenom Mar 8, 2017 2:10 PM

Give her a few satoshi more and she will do more than just suck....

1F78nNHCa1XctpCH1MyWc8NeM5SAL9T9sg

Teja's picture

Nice idea publishing a bitcoin key to earn some extra money. But might make you look like a paid commenter, might it not?

jus_lite_reading's picture

Man, to see PORTUGAL and GERMANY at the same odds of leaving is laughable. I say first to leave is in fact Greece, then Italy, then France.

Le Pen for the win!

androkles's picture

Who are both of them and what is Bitcoin?

Paper Boy's picture
Paper Boy (not verified) androkles Mar 8, 2017 1:46 PM

Both are teh Euro and Franc. And if you don't know what Bitcoin is, you're fully 'tarded....

InjectTheVenom's picture

by the way, it's spelled " the " ....

you're welcome.

Paper Boy's picture
Paper Boy (not verified) InjectTheVenom Mar 8, 2017 2:11 PM

Not in teh cryptosphere it ain't...

BarkingCat's picture

my fingers seem to think it is tbe

lasvegaspersona's picture

Bitcoin has value because the'Chinese have not yet figured out a way to get wealth out of China.

Once they do gold will be the new (old) best wealth asset.

Paper Boy's picture
Paper Boy (not verified) lasvegaspersona Mar 8, 2017 1:47 PM

No actually Gold just got replaced by Bitcoin. Gold had a good run, but it's over now. Sorry for your loss....

Jethro's picture

I will stick with stuff I can guard/bury and have some additional intrinsic value.

Paper Boy's picture
Paper Boy (not verified) Jethro Mar 8, 2017 2:00 PM

I will stick with massive profits, black coffee and cheap cigars.

ParkAveFlasher's picture

Have no idea what this comment means, is it encrypted?

InjectTheVenom's picture

didn't you mean "black men" ?

Paper Boy's picture
Paper Boy (not verified) InjectTheVenom Mar 8, 2017 2:13 PM

Let me guess, you like "pizza"?

CNONC's picture

Is not being a stable store of value a core function of money?  If so, does not hoping for "massive profits" by speculating in a thing suggest that that thing is not money?  I understand relative values, but if Bitcoin is going to rise against all other "monies" including gold in order to provide you with those massive profits, does that not mean that it alone is the only real money in existence?  How the hell did we get along without it? 

Antifaschistische's picture

uhhh, gold wasn't being used by the Chinese as a transient wealth exporting tool.    Bitcoin will never replace gold and gold doesn't replace bitcoin.   They have different utilities.   gold will have a value in 20 years...with bitcoin, all the Chinese care about is the length of time it takes to get on a plane and fly to Vancouver.  It's 'bit' characteristic actually makes it more value for smuggling.  to bad there isn't bit.cocaine for the drug smugglers.   But, I also don't consider sending myself a Western Union moneygram an "investment".  It's just a transport mechanism.

AmadausVoltaire's picture

WHEN IS TEXAS GONNA DO THIS????!!!!!!

Raffie's picture

Once she does that the Euro will start dropping in value.

EXCELLENT....

androkles's picture

Euro will drop when US does rate hike. Good for eur/usd trade.

walküre's picture

I have my eyes on some classy German RE but the valuations don't make sense at the moment. But if France pulls the plug on Euro under Le Pen, the French Riviera comes back into focus as investment property.

The Euro is a collossal fail for Europe. It's design was flawed from the getgo. Germany will have to pay it all back in one form or another - as always. Germany will not recover a 3rd time. That is 100% guaranteed. Germans have lost their strong work ethic. Socialism kills motivation, entrepreneurship and work ethic. The German culture that endured the defeat in 1918, the slavery under Versailles and the defeat and capitulation of 1945 is no more. That Germany is gone for good. What is now is a sort of globalist Germany with a strong flavor of socialism and of course multiculturalism.

Germany is finished for good this time. Whoever was behind it has made sure of it and has succeeded. Maybe China can pick up the baton as an innovative and economic global powerhouse. Depends how well and how long the Chinese regime can fend off the cultural attacks from Western operatives.

Back in Europe the best chance of survival have Hungary, Poland and the Baltic States currently. Switzerland is a special case.

Anyway, none of the best case scenarios are really pleasant for Europe. Get outbirthed by muslims or overrun by Africans or a combination of both. The value of their currency will be the least of their worries then.

Freddie's picture

Back in Europe the best chance of survival have Hungary, Poland and the Baltic States currently. Switzerland is a special case.

What about Czech Repub or Slovenia. A relative went to Slovenia and was impressed.

jus_lite_reading's picture

Indeed. Best comment today. I *would* also invest in RE in south France but I don't think it will be worth much in 15 years sadly if Macron wins. Europe is being systematically destroyed by savages. To what end? I assume to make better slaves for the globalists.

BarkingCat's picture

>>>Germans have lost their strong work ethic. <<<

 

Don't you mean Germany has lost its ethnic???

gatorengineer's picture

When the Fed Hikes the Euro will rise, as the folks that front ran the most telegraphed move in history will take profits.

Buck Johnson's picture

Big time, big time.  They are wanting out and other countries are seeing having their own currency helps them and the Euro essentially helps the bankers and countries that supported or made the rules for the Euro.

 

 

androkles's picture

agree, but US rate hike will also have that effect.

just the tip's picture

i disagree.

once she does that, the NYT will publish factual evidence that le Pen has barrel bombed french citizens, and the state dept. will proceed with a "le Pen must go" campaign.   maybe after those actions the euro may start dropping.  but not before le Pen uses nerve gas on the french.

BarkingCat's picture

There are many neighborhoods in France that need exactly that, and that is just for starters.