French Already Too Corrupt To Care If President Is Corrupt?

Plutocracy is to civilization what metastatic cancer is to individuals. It kills just as well, with malignant growth. How this cancer appears and generalizes as the new normal is of the essence.

France has a new, 39-year-old president. The younger, the more they can be influenced. When that president was in his twenties, after doing ENA, a school for those who want to order around the baffled French populace, Macron was named inspector of finances, an elite government group. That group should now fall under extreme suspicion. That inspectorate of finance, a body of half a dozen “untouchables” chosen each year, is in apparent charge of making sure that the extremely wealthy don’t pay taxes, and that the poor tremble in fear at their sight. This way the French contemporary nobility perpetuates itself. As the common rabble crumbles under crushing taxes, they don’t pay any, and some enormous corporations have stayed in the same families for centuries (yes, since before the Revolution of 1789!)

The Republic Is Dead, Long Live the Plutocracy!

Macron’s father was a neurologist, so the plutocracy found a nerve to strike: Macron declared he had to become wealthy before engaging in politics. Henry Hermand, a small-time but lively plutocrat, offered to the young, civil (self-) servant, an apartment in Paris worth  around a million dollars (550,000 Euros when the Euro was much higher than now). Hermand was operating all around Africa, and was part of this pseudo-left which condemns “colonization as a crime against humanity, a barbarity” (Macron, April 2017, speaking from Algeria)… While those same plutocrats were exploiting Africa way worse than they could have done under a colonial administration (the whole idea of proffering “left” ideas, while cashing in!)

When a “civil servant” accepts a million dollar gift, in his twenties, plutocracy knows it has found an ideal tool. Once he knew how to cheat taxes by giving the right phone calls, Macron went to Banque Rothschild to earn 50,000 Euros a week (that we know of).  

Small fries, said the French electoral process. Now, I am not too naive to believe corrupt individuals cannot do good. After all, Montaigne, the philosopher himself, was very close to ultimate power in France (he was in the highest circles around Henri IV). In Russia, characters such as Czar Peter The Great did lots of good, even though Peter personally broke some people he knew all too well, on the wheel, all by himself, in spite of their pleas.

And corrupt Caesar, the most corrupt of them all, may well have saved the Roman Republic, had he lived.

However, Macron seems to be no Caesar. It seems unlikely to conquer Rothschild, Goldman Sachs and their ilk. Rather like Obama, he looks anxious to cash in. Apparently Obama, not content with getting 400,000 dollars from Cantor-Fitzgerald, got just as much, in exchange for talking with an “historian”, says presidential historian Doris Kearns Goodwin. She informs us that Obama was “in very good spirits”, while he talked to them wealthy historians, for 400,000 dollars. Indeed, if every time he opens his mouth he gets 400,000 dollars, he should be in good spirits. Far removed from us the times when President Truman retired: he then asked ten, or twenty dollars for a speech. “Otherwise it would demean the office of the presidency”, Truman said.

There was a time for true men.

Now is the time for fake men.

To go along with fake news, fake cognition, fake wisdom.

Macron spent his youth going from one “pere de substitution” (substitution father), to another (this “substitution father” concept is a quote from French State TV, Antenne 2/Tele 5 Monde, May 8, 2017, I am covering my legal butt! Macron hooked old men, they said…) Hooking up with these elder gentlemen, including the famous philosopher Paul Ricoeur, and a galaxy of the powerful in Paris, enabled him to navigate for his personal best. The ultimate value, Obama told us.

But not a value the earth, let alone civilization, can afford.

Indeed, financial corruption, and the corruption of politicians, a class which should not exist in democracy, ultimately creates intellectual, even mental corruption. Including the inability to know what corruption is. Or to guess what reality could be. Thus, a corrupt political system in the end make idiots of the whole population. And the more corrupt, the more idiotic. So the corruption and the idiocy go hand in hand, down the abyss of dysfunctionality. When that corruption has weakened the civilization enough, a slight breeze is enough to bring it down. Idiots will, of course, accuse the breeze.

Patrice Ayme’

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50 Responses to “French Already Too Corrupt To Care If President Is Corrupt?”

  1. Alexi Helligar Says:

    Hey Patrice,

    I am baffled by your criticisms, given your recent endorsements of the very corrupt Donald J. Trump! I must say I am finding hard to take your political criticisms seriously, and this saddens me.

    C’est la vie! Which is to say, shit happens!

    • Patrice Ayme Says:

      Dear Alexi:
      Thank you for reading this essay. Too bad shit happened.
      OK, so saying that Macron got an appartment from PLUTOCRAT Henry Hermand when he, MACRON, was inspector of finance of the French state, is a “criticism”? It is actually a fact!
      How is exactly Trump corrupt? Was he given millions by plutocrats in exchange for political service? Did somebody multiply Trump’s worth by a factor of 1,000, in exchange for tax evasion?

      I have NEVER “ENDORSED” Donald Trump. I exposed Clinton and Obama for what they were, and are. Obama tried to keep his 400K speech to historians secret. My basic observation are technical. Quantitative Easing, as implemented by GW Bush, as a financing of the hyper wealthy, was extended by Obama for nearly 8 years. A fact again.

      What seems to sadden you is an imaginary Patrice who prevents you to consider the deeper issues I am talking about. I suggest you go beyond the imaginary Patrice who endorses in your mind Donald Trump, and look at what I say. In the US presidential election, I endorsed Bernie Sanders (for whom I voted). For the French election, the closest to what I think was Melanchon.

      So you are baffled, but you did not show me why the fact a plutocrat offered an apartment worth a million dollars (or more) to civil servant Macron does not qualify as obvious corruption.

      Moreover, the 8,000 small German banks which are bankrupt, and fincning the German economy are still bankrupt, and still supported by the local German state, enabling Merkler to keep on lying with aplomb. OK, only me says this. Final point, Trump endorsed Macron. I don’t. Which makes sense as I don’t endorse Trump, either.

      • Chris Says:

        I agree with most of your points – but I do not understand why you repeat that the small banks are bankrupt in Germany, and the even telling us the local states are supporting the banks? Any insights here, because that it as are as I know just not true?
        Finally, I am happy that you mention the corrupt france plutocracy – maybe Merkel et al will agree for a full monetary EU and EU Bonds as soon as this EU plutocracy has eben stopped to not feed it any futher?

        • Patrice Ayme Says:

          Thanks for agreeing on most of my points. “Bankrupt” even, and especially, for banks, has to be defined. GAAP (Generally Accepted Accounting Principles) have to be accepted. I talked in recent month with a C level executive in a major Euro bank. He agreed with me (off record of course).
          Here is an appetizer:
          German Supervisor Stands Tall for Country’s Small Banks
          BaFin says EU rules don’t take enough pressure off the country’s smaller banks
          By Todd Buell
          Updated May 9, 2017 6:52 a.m. ET | WSJ PRO

          I also know some highly successful GERMAN Plutos (they even commit the mistake of inviting me to bash overseas within 2 months, although they got mightily irritated with me in the past). With all due respect, they live off the hog…

          Here from Financial Times:

          High quality global journalism requires investment. See our T&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.
          https://www.ft.com/content/1de6f8d0-769b-11e2-ac91-00144feabdc0

          The German domestic market has some of the lowest margins in world banking. It is crowded with 430 local savings banks and 1,200 local co-operatives that provide finance to small businesses at favourable rates. Low margins drove many German banks into foreign markets in the first place, says Moody’s, the credit rating agency. “Now they are re-focusing on domestic operations, which reduces risk exposures but will add to structural margin pressure, raising concerns about the sustainability of some bank franchises,” it says in a recent report.
          https://www.ft.com/content/1de6f8d0-769b-11e2-ac91-00144feabdc0

          Maybe my data is obsolete. Consider:
          Market-Based Banking and the International Financial Crisis
          https://books.google.com/books?isbn=0199662282

          However, it’s Germany, not France, which has insisted to limit the European Banking Union to the 200 largest banks. That was widely interpreted to mean the smaller German banks are in difficulty and supported by government locally. What else?

          If you have information to the contrary, I would be delighted to be contradicted.

        • Chris Says:

          As an answer to your reply, Patrice. Thanks a lot for geting into the detail!
          The latest report from Moody’s I could find (Oct, 2016) is as following:

          https://www.moodys.com/research/Moodys-maintains-stable-outlook-on-Germanys-banking-system-amid-resilient–PR_356033

          “Announcement: Moody’s maintains stable outlook on Germany’s banking system amid resilient operating environment The document has been translated in other languages
          Global Credit Research – 05 Oct 2016

          Frankfurt am Main, October 05, 2016 — Moody’s Investors Service’s outlook for the German banking system remains stable, reflecting the rating agency’s view that the country’s resilient economy and low unemployment will help banks to maintain solid financial fundamentals. However, persistent earnings pressure will remain a challenge for German banks, mainly driven by the banks’ high cost base, an issue that is increasingly capturing management attention. The outlook expresses Moody’s expectation of how bank creditworthiness will evolve in Germany over the next 12-18 months.

          Moody’s report, entitled “Banking System Outlook – Germany: Outlook Stable as Germany’s Economic Resilience Balances Low-Yield Environment” is available on http://www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release.

          “Solid operating conditions in Germany help to balance the effect of the low-yield environment on the country’s banks,” says Andrea Wehmeier, a Vice President — Analyst at Moody’s. The rating agency expects German real GDP to grow 1.7% in 2016 and 1.5% in 2017, broadly in line with the 1.7% in 2015; in addition, unemployment will remain low below 5% (as noted in August 2016), supporting a stable operating environment for German banks.

          The favourable operating environment also means that domestic loan quality will likely remain sound. While the continued shipping crisis will remain a credit negative for affected issuers, Moody’s expects exposures to the industry to decline over the outlook period, with several banks committing publicly to placing some exposure with outside investors.

          The main challenge for German banks remains persistent earnings pressures combined with a high cost base. “German banks’ deposit and lending margins — their main income source — will continue to erode,” explains Ms.Wehmeier. “We regard the system’s high cost base compared with the European average as the key challenge and vulnerability for banks, impairing profits and capital generation capacity.” explains Ms. Wehmeier.

          But despite the limited capital generation capacity from profits, German banks have increased capital buffers; they had an aggregate Basel III Tier 1 ratio of 14.7% as of 31 December 2015 for rated institutions.

          Funding and liquidity for German banks should also remain sound over the outlook period, according to the rating agency. Banks will likely retain good access to capital market financing due to Germany’s safe-haven status, and will maintain sufficient liquid assets to fill any short-term funding requirements.”
          —-

          Several ‘Stadtsparkassen’ increased the fees for services to counterbalance the ‘persistent earnings pressures combined with a high cost base’.

          In Switzerland the Kantonalbanken are rated AAA (i.e. ‘Die international renommierte Rating-Agentur Standard & Poor’s beurteilt den Kanton Aargau erneut mit dem höchsten Rating von AAA/stabil’).

          I do not know anything about the Austrian Banks situation.

          Limiting the Banking Union to the 200 larger ones might have several other reasons, i.e. ‘Institutssicherung der Sparkassen, Landesbanken und Landesbausparkassen’
          (https://de.wikipedia.org/wiki/Institutssicherung_der_Sparkassen,_Landesbanken_und_Landesbausparkassen)
          Pleas efind following also a description of the germanis system; which might explain the hesitation to join the Banking Union:
          https://de.wikipedia.org/wiki/%C3%96ffentlich-rechtliches_Kreditinstitut

          I believe that there is a huge interest of the world plutocrats to destroy one of the most successful banking systems; only this explains the hollow articles about the germanic banking system in the inetrnational press.

    • Patrice Ayme Says:

      Light guides us out of the darkness, true. Yet, more fundamentally, it’s the darkness which brings us to the light.

  2. indravaruna Says:

    Htiler was right after all, the real crime was not killing all Jews and their shabbos goy like Macron.

    • Patrice Ayme Says:

      I leave this ridiculous (and criminal) statement, as a testimony that this sort of considerations is still on-going, and doing well.

      Plutocracy was never reduced to “Jews” (most Jews were poor, anyway). Even financial plutocracy. Just an example. After Louis IX (“Saint” Louis) kicked the Jews out of France, the “Lombards”, the bankers from Lombardy replaced them, financing the French nobles, even after Louis X allowed Jewish bankers back.

      Actually, Adolf Hitler himself said so, after he had one too many dinners with “plutocrats” (Adolf’s exact word: ‘Plutokrat’) in Rome. Hitler, and the Nazis, were out-maneuvered by plutocrats, including Jewish plutocrats such as the Warburgs (one of them got involved in that insecticide, Zyklon B…)

  3. Gmax Says:

    It’s hilarious how readers can misunderstand your positions. Most people are simple minds. If you are NOT WITH HER, YOU ARE WITH HIM! Simple!
    Still, after beating the war drum against plutocrats since the invasion of Iraq, or before, one expects readers to understand you are against Trump!!!!!!!!!

    So now you are against Rothschild’s yapping dog, and you have turned against the euro. Allright I know, euro as it is. But is there another?

  4. Patrice Ayme Says:

    [Sent to Defense Issues.]

    Come to France and visit Macron’s one million dollar apartment, courtesy of global plutocracy, more exactly plutocrat Henry Hermand (BTW, I am exactly the ONLY ONE to talk about this: all great French pseudo-leftist prefer to talk about Fillon’s jacket…)
    Of course you will not really be able to visit it, because the armed forces of the Macron dictatorship will be in the way…

  5. ianmillerblog Says:

    The commentators here said the French wanted change, so they vote in a banker. There is something perverse in that. The answer seems to be they did not want Marine Le Pen, and while I can understand that, it says something about the political system that someone who actually represents the interests of the non-plutocrats could not have emerged and made a stand.

    • Patrice Ayme Says:

      Dear Ian: this is the second time Banque Rothschild sees one of its employees become French president. Even Goldman Sachs didn’t succeed to do this. The first case was George Pompidou. Pompidou was connected to De Gaulle (as a secretary). Pompidou was a simple French professor. So Rothschild named him director. Then De Gaulle nominated Pompidou Prime Minister.

      Macron was the connection between Rothschild and Hollande. The Hollande presidency was a Rothschild presidency. So the French people may think it has voted for change, but the more it’s change, the more it should be the same.

      French People do not understand how perverse, and at the service of financial plutocracy, the Euro system has become. Le Pen did not use the argument in my essay: a top civil servant getting a million dollar apartment from a major plutocrat operating globally, especially “decolonialized” Africa.

      The charitable explanation is that… Fill in the blank… The uncharitable explanations are more sinister…

  6. Patrice Ayme Says:

    [Sent to Alexi Helligar]
    Dear Alexi: I answered your comment on my site. I did not support Trump, but Sanders (although I find Bernie Sanders too conservative). Opposing Clinton does not mean supporting Trump, not anymore than opposing Macron (a Rothschild banker) means supporting Le Pen.
    Philosophers tend to support ideas rather than invidial corruptocrats.

  7. Nathan Daniel Curry Says:

    Insights. Philosophers, worth their mettle, support insights. Not ideas. Otherwise, it’s lost at the level of ideation.

    • Patrice Ayme Says:

      Nathan: indeed, philosophy is, in part, the basic mentality which leads to insights. “Idein” initially meant “to see”. Then it went into shape, patterns, or, as Plato had it, “form”. Ideas, insights… Even in pure mathematics, let alone pure physics, this is what the experts struggle with. There is no thin red line between “idea” and “insight”. In any case, no endorsement of Trump here. But although it is arguably my fault if Trump embraces ideas I have supported, I persist, and sign…

    • Patrice Ayme Says:

      Clinton created the modern financial plutocracy, by annihilating the laws passed in 1933, by President FD Roosevelt (himself an hereditary plutocrat!!!). Can’t be worse.
      Le Pen is neither here, nor there. A big Le Pen vote would have scared the Plutos …

  8. Gmax Says:

    Methinks from the whole picture that the world’s fifth power, and a permanent security council member, could be led, arguably, by pederast prostitute. What times we are living in!

    Hey what do you think of the Comey firing at the FBI?

  9. Aussie Conservative Says:

    Aussie Conservative
    MAY 11, 2017 AT 12:19 PM
    Unfortunately you may be right..

  10. Patrice Ayme Says:

    Chris and Al.: I finally found a 2017 Bundesbank report supporting what I said about German banks!
    Last year only 60% were not bankrupt according to GAAP.
    60% covered thru earnings their cost of lending (estimated at 8%).
    Within 32 months, it’s expected to be only 20%….

    And it’s the Deutsche Bundesbank which says that… Not an enemy of German Euro Cheat…

    https://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2017/2017_01_27_dkp_01.pdf?__blob=publicationFile

    • Chris Says:

      Dear Patrice, thanks a lot for the Bundesbank report link.
      I have a different understanding of the outcome of the report:
      Quoting page 17 (on the specific germanic banking system which I believe is a great one):
      “The findings of this study should be understood against the background of varying stakeholder expectations in the three pillars of the German banking system. Commercial banks follow profit maximization to a greater extent than savings banks and credit cooperatives, which have a special focus on serving the deposit and loan needs of the local communities.”
      Quoting page 18 (on the current situation):
      “…the German banking system should, for the time being, be able to withstand the recent challenges posed by the low-interest rate environment.”
      Quoting page 20 :
      “… showing that the whole German financial system is solidly backed through open and hidden reserves for the time being.
      The analysis put forward in this study highlights one of the German banking system’s most important safeguards against the “worst yet to come”: open and hidden reserves will provide a cushion that supports short and medium-term adjustments through a buffer effect.
      All in all, the multifaceted implications described here in depth should be taken into account in order to accurately assess the appropriate level of cost of capital.”

      Also, please keep in mind following FYI (unfortunately ony in German again):
      https://de.wikipedia.org/wiki/Br%C3%BCsseler_Konkordanz

      That is my last comment regarding this – as I am in no way an expert o nthis topic…this is way out of my comfort zone :).

  11. Nathan Daniel Curry Says:

    Yes Clinton was the worst. A terrible sellout.
    The right and left essay is a good one. I hadn’t looked closely at Le Pen. Interesting. Corbyn was against joining the EU years ago. Now he is the pro EU candidate. Theresa May seems like a total fool and yet she will likely win the election. And she was pro remain. It’s amazing what schizophrenia emotional bias overlooks.

    Trump was menacing to Merkel. But he’s so naive it’s mind blowing. Still, in Europe there does not seem to be any sane voice standing up to the German banks. That’s one of the underlying issues that doesn’t go away.
    I thought you would have been against Le Pen as she would have made Frexit happen and I thought you were pro EU (despite the German banks).

    • Patrice Ayme Says:

      Nathan: I am against Le Pen, against Frexit. However, the present nature of the EU has become unsustainable. Bankrupt German banks are subsidy. However, a subsidy only Germany has.

      • Nathan Daniel Curry Says:

        The EU seems to hinge on the Franco-German relationship. Macron, being a stooge of the Rothschild bank makes one wonder how the French can liberate the EU from the clutches of the German banks. It’s eerily similar to Rand Paul’s issues with the Federal reserve.

        • Patrice Ayme Says:

          Nathan: Indeed, that’s my point. Rothschild has been in power for 5 years and got another 5. Corbyn, as you said, is a fake pro-EU, he was the one of Labor who was against it 42 years ago. Some of his statements he made last year were more anti-EU than even Farage. So Corbyn is a fake. May only cares to be PM.

          I finally found a 2017 Bundesbank report supporting what I said about German banks!
          Last year only 60% were not bankrupt according to GAAP.
          60% covered thru earnings their cost of lending (estimated at 8%).
          Within 32 months, it’s expected to be only 20%….

          And it’s the Deutsche Bundesbank which says that… Not an enemy of German Euro Cheat…

          https://www.bundesbank.de/…/2017/2017_01_27_dkp_01.pdf…

  12. Nathan Daniel Curry Says:

    So the EU sustains itself by paying off the loans to bankrupt banks. Too big too fail all over again. And subsidies solve that. Yes you follow the money Rothschild is, as you say, back in power, for another 5 years. So the balance of power will not change. Greece was looted. I wonder who is next.

    I sense the US insurance companies have their eyes on an aggressive take over of the U.K. NHS and May will try to hand it them on a plate: Thatcher style.

    I think Corbyn and Europe is symptomatic of a fear of the Franco-German relationship. I can see why, in hindsight, the Brits were cautious to join the common currency. But if they had, perhaps that would have been a sufficient counterbalance to the monopoly of the German banks.

  13. benign Says:

    The Euro was doomed when they failed to federalize the debt, so govvies’ credit risk was still tied to a nation-state. If the EU-with-Euro is not to become a method for Germany to make debt slaves of other countries the debt will have to be federalized. Let’s see if they can do that. Germany will resist.

    If Brussels tries to “federalize” *anything* by decree, there may be revolutionary turmoil in Europe. See https://qz.com/971374/europes-youth-dont-care-to-vote-but-theyre-ready-to-join-a-mass-revolt/

    Here in the US the Fed appears willing to repeat “the mistake of 1937,” with recession almost certain within 1-2 years.

    cheers,
    benign

    • Patrice Ayme Says:

      I agree with all you say. However, “Quantitative Easing” AS DONE UNDER BUSH-Obama-Merkel-Rothschild/Macron (“Hollande”) is a make-the-wealthiest wealthier system. QE could be made completely differently, by sending money not to the wealthiest, but the poorest, or education, science, deep tech, health, etc…

      “Brussels” decides very little, contrarily to repute. The head of states/PMs, getting together decide all the important stuff. The EC is obsessive about details, and in the hands of Plutos, under Junckers even more than Barroso…

  14. Alexi Helligar Says:

    “In 1814, John Adams evoked the Aristotelian notion that democracy will inevitably lapse into anarchy. “Remember, democracy never lasts long,” he wrote to John Taylor, a former U.S. senator from Virginia, in 1814. “It soon wastes, exhausts, and murders itself. There never was a democracy that did not commit suicide.” As President, Donald Trump, with his nativist and purely transactional view of politics, threatens to be democracy’s most reckless caretaker, and a fulfillment of Adams’s dark prophecy.”

    • Patrice Ayme Says:

      Well Aristotle’s theory of the evolution of government was self-serving: it led to monarchy by his closest friends (Alexander, Antipater, Craterus), and others, nearly as close.Aristotle knew nothing of the Roman Republic which lasted many centuries..

      Another point is that the Roman Republic was made moribund by plutocracy, not murdered by itself. Finally that moribund state lasted centuries… Arguably to this day.

      Still another point is that early American “democracy” was not democracy. It excluded many categories, not just slaves. So Adams and company were being disingenuous, calling the system they presided over, a “slave power” (John Adams!), democratic when it was actually strong and rich from slave ownership and holocausting the Natives on a continental scale. Unheard of before, or since…

      • SDM Says:

        US has never been a real democracy- what has been called a democracy has been a plutocracy basically from it inception and has generally remained so ever since with only brief occasional interruptions.

        • Patrice Ayme Says:

          Agreed. The enslaving, holocausting, often enslaving Founding Fathers, were not “plutocrats” in the conventional European sense of the term “plutocrat” (thus showing the limitation of the usual meaning of plutocracy). Indeed they were not immensely wealthy by European standards. But they compensated this lack of coinage and valuable land, of power that way, by extreme evil, desirous, as they were, to enslave, oppress and exterminate… So their cult was that of Pluto, indeed. From Pluto they got their kratos… Their power…

  15. De Brunet D'Ambiallet Says:

    Please hit Macron harder! Serious. A guy coming out of nowhere who goes all around he had to get rich before politics? How rich? Nobody says! The French media are infuriatingly pro-Macron! Did you read The Economist? I guess you did, I saw you post there today. Right on! Go for it girrrl!

    • Patrice Ayme Says:

      Will do. I didn’t digest Macron’s erroneous branding of some important facts of French history as “crimes against humanity” when it’s completely false (Vel d’Hiv), or need severe nuance (“colonialism”)

  16. Paul Handover Says:

    I won’t remark specifically in connection with this post, Patrice, other than to agree with your arguments. (And seeing Chris in such good voice reminds me that I am overdue in a long catch-up with him.)

    But what does concern me and undoubtedly many others is the sense that we are in a period when the divisions between excessive wealth (and power) and everyone else are becoming more extreme by the month.

    Clearly this pendulum of inequality will reach a limit and start a return swing. Yet time is not on the side of this civilization.

    The hope is that a better form of governance, as in direct democracy, will save us. Or is that a hopelessly naive dream!

  17. EugenR Says:

    The trillion dollars injection into US banking system was the last resort act the US Bush administration used to prevent total collapse of financial and with it whole economic system in the US. By using it a new 1929 world wide economic crisis was prevented. Luckily the collapse happened in 2008, when Bush was still in power, and had to try to clean the mess he created. Half year later, with Obama, most probably he would be not capable to implement a trillion dollars injunction into the economy as Bush had done. Yet

  18. EugenR Says:

    The trillion dollars injection into US banking system was the last resort act the US Bush administration used to prevent total collapse of financial and with it whole economic system in the US. By using it a new 1929 world wide economic crisis was prevented. Luckily the collapse happened in 2008, when Bush was still in power, and had to try to clean the mess he created. Half year later, with Obama, most probably he would be not capable to implement a trillion dollars injunction into the economy as Bush had done.
    Yet the 2008 crisis exposed all the folies of the financial system in US and Europe too. In the US the main problem was how to continue to recycle the US current account debt, while the European financial system had to cope with the the trillion dollar bad debts mounted in form of sovereign debts in Euro government securities of countries deeply indebted like Greece, etc. All these endangered the existing financial system and the aim was to try to overcome the crisis without system collapse. The only available lead with immediate effect was policy of Quantitative Easing, without knowing what long term consequences will have the policy of quantitative Easing. For example the policy makers expected to increase the inflation level and by it decrease the indebtedness of the economy as the whole. Obviously someone would have to pay for such a a development, and those are the savers, mostly in pension funds. But surprise-surprise, the inflation did not come. Some blame the new technologies, that strongly cut the prices due to Internet commerce, but also due to credit squeeze, that happened because of introduction of Basel III Accord, that required 7% equity ratio compared by 2017 compared to practically close to zero equity some banks had. following the crisis of 2008.
    I would say finally, ten years after the near collapse of the world economy, the economy is stabilized. The current account deficit of the US became less threatening, and in Europe the sovereign debt crisis is back in the cage. This process brought agony to many, particularly in Greece, Spain, Portugal but the important thing as to the people is the vision rather than the existing state. It could be that some kind of revolutionary ideas would take over the political scenery, and it happened in a way in US with Donald Trump, who is result of the huge disappointment Obama caused to all those who hoped to see new positive activism. Donald Trump is a disaster, since he is totally unpredictable. I don’t know enough about US government system to judge it, but my hope is, that there are too many obstacles to overcome, until his unpredictable decisions done out of his egocentric urges will be implemented if at all. So the best scenario we can expect from his presidency, that the US politics will be frozen for another four years, what is bad enough but less catastrophic that the alternative. But eventually noone can stop the economic process that the new technologies are in higher and higher speed bringing. If not US, then China will introduce them. They are already becoming the front runners of new energy technology use.

    My hope is that in Europe Macron-Merkel coalition will finally understand that there is no more time for compromises in the whole European project. A new pro unification policy has to be implemented, embracing also countries like Ukraine and some other countries, that are ready to accept the liberal democratic political concept, waiting for European pas. Enlarged united Europe can add new impulses to the European and world economy as it happened after the collapse of the Soviet Empire. The unemployment problem is probably not solvable in the conventional way. The idea of universal per head minimum income payment to whole European population without discrimination seems to me a good solution. it will be probably cheaper to keep the population out of work, than creating to them artificially jobs. I would add to it forced education of any kind to the unemployed. This would created many new teachers jobs. All this can happen only because Le Pain was marginalized.

    • Patrice Ayme Says:

      Well, it’s nice to say:’Let’s get Ukraine in!’ However, Ukraine is completely corrupt, held by a few Pluto families, and comes complete with Putin’s armored divisions. Merkel: how many divisions? She couldn’t even resist handicapping France psychologically, politically and diplomatically about Libya, causing the messy situation there!

      • EugenR Says:

        You are right, Ukraine is completely corrupt. I remember when a jurnalist asked in freezing Kiev one of the protesters against the corrupt Janukovic, who sudenly changed his mind not to join the EU, what he expects to achieve by joining the EU, he said, by joining the EU, the local politicians will maybe be forced to restrain their corruption. Do we have the moral right to deny from those people the hope to live in minimal decency, just because they were born on the wrong side of the border? Wasn’t it enough, that for fourthy years the West turned back to East Eurpean countries, letting to the despotic, corrupt, evil USSR to devastate life of almost half of European citizens? Then it seemed, there is no way to correct the situation, but the same excuse doesn’t exist anymore. The Ukrainians were ready to freeze for their right to chose EU and not Putin, how can EU say no without to be ashamed?

    • Patrice Ayme Says:

      We will know soon enough if President Macron is just a greed infused annex of the financial plutocracy or has his own volition, cognition, passion and compassion. Obama failed that way.

  19. Rascasse Says:

    Rascasse May 13, 2017 at 10:48 am
    You realise that “Macron’s million dollar apartment’ is nothing more than what 75% of dwelling-owners in Paris own? A million dollar price tag in Paris certainly puts you in the bottom 25% of apartment prices, if you exclude the “chambres de bonnes” from the list.

    • Patrice Ayme Says:

      Patrice Ayme May 13, 2017 at 6:14 pm
      You realize, Mr. Self-described “Scorpion Fish” (“Rascasse”) that all inspectors of finance get their apartment given to them by plutocrats such as Henry Hermand, and all twenty-something French inspecteurs des finances view David de Rothschild as their father?

      Emmanuel the Pouri Macron as a 25 year old inspecteur des finances was given by a plutocrat a 83 square meter apartment which he sold for 980,000 Euros recently, to avoid questions about what he owned. Also from his own official declarations Macron spent more than 4 million dollars in 3 years in pocket money. Wow, money flows out readily when one has so much!
      Such comments were blocked by French media.
      France has become a banana, or Rothschild republic, face it.
      As far as your nonsense on what the bottom is:

      Oct 07, 2016
      House prices are rising again in France. France house pricesPrices in Paris have risen for three consecutive quarters, and in France generally house prices are slightly up.

      Apartment prices in Paris rose by an average of 2.66% (2.67% inflation-adjusted) to €8,100 (US$ 9,126) per square metre (sq. m.) during the year to Q2 2016, according to the La Chambre des Notaires de Paris.

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