Will France Go Bankrupt?

Posted on Posted in Daily Blog Post

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On 28th January 2013, the French labour minister Michel Sapin accidentally let the truth come out and he sent the country into a state of shock on that day after he described the nation as “totally bankrupt."

France is one of the supposedly stable countries (?) in Europe but the truth accidentally came out:

"Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande battling to undo the potential reputational damage.”There is a state but it is a totally bankrupt state,” Mr Sapin said. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective." It appears that once one wipes out the propaganda and the smooth politico talk, things are bad and getting worse at Europe's core. "Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses. The actor Gérard Depardieu has renounced his French citizenship and decamped to Russia in protest, while David Cameron said Britain will “roll out the red carpet” to attract wealthy individuals. Pierre Moscovici, the finance minister, said the comments by Mr Sapin were “inappropriate”."

And today, according to CNBC news: “France is in a worrying situation, the country's finance minister told CNBC, but growth (?) will return in the second half of the year as measures to stimulate job creation bear fruit. "We are also now in a recession, or a stagnation in our country," Pierre Moscovici told CNBC at the G-20 meeting of finance ministers in Moscow this weekend. "When I look at the figures, I see that we are in a situation which is worrying. I'm a finance minister, I am attacking it. But when I compare to the euro zone, we are in better shape."

If you read the above 2 reports, you can have some good guess where the economy is heading. Perhaps, the finance minister is right with the impression that France is the one of the prettiest among all the ugliest counterparts and maybe he is right with the notion that France  is also going to look prettier after some cosmetic make up (stimulus measures). But the question is: how long can you mask up your ugliness? It is just a matter of time, all things will implode and it has nowhere to hide.

Have faith in gold and silver because all global economies are built on  lies.  Read more here: http://www.cnbc.com/id/100902311

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