6 May

Bastille Falls; World Stock Markets Next?

Photo via @aynolor.

This photo of a fleet of Ferraris purportedly fleeing to the Swiss border captures the feeling of many rich French people today. The socialist candidate François Hollande has defeated incumbent Nicolas Sarkozy — the first time a socialist has been elected President of France the Mitterand years.

This is a good night to keep tabs on financial markets in Asia and then Europe; as investors digest the news we will see whether a panic breaks out. Hopefully, they won’t. The markets have had a few weeks to accustom themselves to an election outcome that was widely predicted in advance.

Hollande now has a delicate few weeks. French legislative elections are scheduled in June, and Hollande must steer between twin dangers. On the one hand, if it turns out that all his talk about reform and growth was just so much election verbiage and once he’s in office he plans to continue French policy more or less as before, then disillusioned voters could turn on him next month.

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About Curt

Curt served in the Marine Corps for four years and has been a law enforcement officer in Los Angeles for the last 20 years.

One Response to Bastille Falls; World Stock Markets Next?

  1. Nan G says: 1

    Can anyone find confirmation that is really what that photo is about?*
    Today, those Jews registering to leave France and begin new lives in Israel were a record 5,000 for one day.
    If that pace were kept up for the next 99 days all 500,000 Jews would be gone!
    So, France has made her bed with those on the dole out-voting the taxpaying part of the people.
    And many Jews are leaving.
    Maybe, if that photo is correct, many other rich taxpaying French are leaving, too.
    Where will that leave all those poor non-working “French” people?
    At least they’ll have a great climate!
    http://www.breitbart.com/Big-Peace/2012/05/06/Jews%20Prepare%20to%20Leave%20France%20For%20Israel

    *That photo is a satire.
    http://rendezvous.blogs.nytimes.com/2012/05/06/will-frances-rich-head-for-the-border/
    But satire is only funny to the extent that there is truth in it.

    ReplyReply

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