Tag Archives: France

Hollande Channels Pétain and Chooses Economic and Political Suicide

By William K. Black

In a prior column I described how the finance ministers of Italy and Serbia committed financial malpractice and betrayed their nations and their heads of state by insisting on bleeding the economy through austerity to make it healthy.  “Two EU Finance Ministers Throw their Bosses and Nations Under the Bus.”

In France, however, Economy Minister Arnaud Montebourg risked his political life to try to prevent President Hollande from throwing France and the Socialist Party under the austerity bus.  Hollande and Prime Minister Valls proved that no good deed goes unpunished by forcing Montebourg out of his position and throwing the Nation and their Party under the bus.  Montebourg proved the truth of the proverb that warns that it is dangerous to be correct when those in power are desperately wrong.

Continue reading

Dr. Draghi Prescribes a Dose of Deflation for Spain as his latest Quack Cure

By William K. Black

I posted an article earlier today on the demented memes about eurozone deflation U.S. financial journalists parrot after talking to Brussels’ troika-trolls.  That article used the latest AP story to illustrate my points.

I promised a second installment that used a New York Times article (not sourced to AP) that was posted last night to illustrate the meme.  The NYT article is simultaneously more complex and more alarmingly analytically awful than the AP piece. 

This morning brought two April Fools’ Day articles about France and Italy that are also about the gratuitous second Great Recession (in the core) and the second Great Depression (in Spain, Italy, and Greece) inflicted by the troika’s infamous austerity dogmas.  This article discusses one sentence from last night’s NYT piece that notes the position on deflation of the head of the European Central Bank (Mario Draghi).  The NYT article misses the significance of the passage.  I show how the passage, particularly when read in conjunction with quotations from Draghi’s fellow troika-trolls in the articles about France and Italy, reveals the troika’s fanatical devotion to failed dogmas and the clueless nature of U.S. financial journalists covering the eurozone who continue to treat the trolls like savants.

Continue reading

Spain, Italy, and France: Economic Failures that Will Soon be Political Failures

By William K. Black

The troika has consigned one-third of the Eurozone to a gratuitous Great Depression

I have written several articles recently describing Spain’s continuing Great Depression levels of unemployment and the absurdity of the troika’s policies with regard to the “threat” presented by “deflation.”  The troika consists of the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF).

Continue reading