Comments on: France Finance Minister calls critics full of crap http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/ Jeff Nolan's take on innovation, entrepreneurship, tech and stuff that interests me Thu, 17 May 2012 21:05:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jeff Clavier http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/comment-page-1/#comment-1283 Jeff Clavier Sat, 22 Apr 2006 01:35:52 +0000 http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/#comment-1283 Jeff> On Sarkozy, I must say that I have not made my mind up. I don't have much respect for most of the French political class because they have been in politics forever and don't go for bold changes, which are unfortunately now necessary. Therefore, looking at the political landscape, he seems to be the best choice there is (or least worse), and he seems to have the balls to force through required labor and economic reforms. Andrew> The issue with the French is indeed this global fantasy on what they believe they are entitled to. Jeff> On Sarkozy, I must say that I have not made my mind up. I don’t have much respect for most of the French political class because they have been in politics forever and don’t go for bold changes, which are unfortunately now necessary.
Therefore, looking at the political landscape, he seems to be the best choice there is (or least worse), and he seems to have the balls to force through required labor and economic reforms.

Andrew> The issue with the French is indeed this global fantasy on what they believe they are entitled to.

]]> By: Andrew Fife http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/comment-page-1/#comment-1138 Andrew Fife Sat, 15 Apr 2006 16:54:21 +0000 http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/#comment-1138 France is in many ways an amazing country but they really have never had their fiscal or monetary policies under control. Since the end of WWII, France has run inflationary monetary polices in order to protect its domestic industries which had become relatively inefficient. France has been able to do this by exploiting the dollars fixed exchange rate (prior to 1972) and then by taking advantage of France's position in the EC. France used Germany's post war guilt (unwillingness to assert its national interest) and its position to exclude the UK from joining for many years in order to dominate the EC and protect its domestic industries. The problem that France faces now is that by protecting these industries for so long the gap between French industry and the rest of the world has grown greater, which means the adjustment period will be that much harsher. Furthermore, the generations of French people have become accustomed to lifestyle and entitlements which in many cases have even been institutionalized (35 hour work week) that simply are not possible in a globalized economy. I hope that we as a country can begine to address these issues now because I believe that France's experiences may foreshadow an adjustment period looming for the United States over the next 10-15 years. France is in many ways an amazing country but they really have never had their fiscal or monetary policies under control. Since the end of WWII, France has run inflationary monetary polices in order to protect its domestic industries which had become relatively inefficient. France has been able to do this by exploiting the dollars fixed exchange rate (prior to 1972) and then by taking advantage of France’s position in the EC. France used Germany’s post war guilt (unwillingness to assert its national interest) and its position to exclude the UK from joining for many years in order to dominate the EC and protect its domestic industries.

The problem that France faces now is that by protecting these industries for so long the gap between French industry and the rest of the world has grown greater, which means the adjustment period will be that much harsher. Furthermore, the generations of French people have become accustomed to lifestyle and entitlements which in many cases have even been institutionalized (35 hour work week) that simply are not possible in a globalized economy.

I hope that we as a country can begine to address these issues now because I believe that France’s experiences may foreshadow an adjustment period looming for the United States over the next 10-15 years.

]]> By: Jeff http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/comment-page-1/#comment-1127 Jeff Sat, 15 Apr 2006 03:26:04 +0000 http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/#comment-1127 Jeff, Thanks for the comment, it's always good to hear another perspective from someone who was actually in attendance. Lagarde has a tough job indeed, certainly not made easier by Chirac and de Villepin. I am interested to hear your opinion of Nicolas Sarkozy, he is strong willed but does he have the muscle to overcome the entitlement feeling that is frustrating labor reform? Jeff,
Thanks for the comment, it’s always good to hear another perspective from someone who was actually in attendance. Lagarde has a tough job indeed, certainly not made easier by Chirac and de Villepin. I am interested to hear your opinion of Nicolas Sarkozy, he is strong willed but does he have the muscle to overcome the entitlement feeling that is frustrating labor reform?

]]> By: Jeff Clavier http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/comment-page-1/#comment-1123 Jeff Clavier Fri, 14 Apr 2006 21:59:32 +0000 http://jeffnolan.com/wp/2006/04/14/france-finance-minister-calls-critics-full-of-crap/#comment-1123 I don't know which part of a public speech or remarks the Reuters journalist is referring to, but I have attended a luncheon with Christine Lagarde yesterday and she was definitely not claiming that all is well in the economy, etc. In many occasions during her remarks she actually made a number of jokes or took pot shots at typical French traits - including the fact that she greeted us in French and then turned to English so that she does not provoke Chirac's ire - which was very refreshing for a French political figure. Another, even more appalling, statistics is that according to a recent survey, 75% of French graduates want to be civil servants in order to have a job guarantee. I personally can't believe that they did not screw up the selection of the people being surveyed. Or it is even worse than I thought. I don’t know which part of a public speech or remarks the Reuters journalist is referring to, but I have attended a luncheon with Christine Lagarde yesterday and she was definitely not claiming that all is well in the economy, etc. In many occasions during her remarks she actually made a number of jokes or took pot shots at typical French traits – including the fact that she greeted us in French and then turned to English so that she does not provoke Chirac’s ire – which was very refreshing for a French political figure.

Another, even more appalling, statistics is that according to a recent survey, 75% of French graduates want to be civil servants in order to have a job guarantee. I personally can’t believe that they did not screw up the selection of the people being surveyed. Or it is even worse than I thought.

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