The options are:
- tax capital
- fascism (bad)
Now let’s see if the liberals in the “middle” have learned anything from the last century of history.
TAX
THE
RICH
Some people in France were upset to learn this week that their political chaos was being laughed at… by the Italians.
Ooo, that’s rough 🤣
The article spends precious attention span to explain the joke, but then:
The cost of servicing national debt this year is estimated to be €67 billion - it now consumes more money than all government departments except education and defence.
Forecasts suggest that by the end of the decade it will outstrip even them, reaching €100 billion a year.
Last Friday, the ratings agency Fitch downgraded French debt, potentially making it more expensive for the French government to borrow, reflecting growing doubts about the country’s stability and ability to service that debt.
The possibility of having to turn, cap in hand, to the International Monetary Fund for a loan or to require intervention from the European Central Bank, is no longer fanciful.Then sprinkles a little fearmongering on top because of current protests and strikes.
But I prefer this sentence:
One possibility is that the country’s inherent strengths – its wealth, infrastructure, institutional resilience – will see it through what many feel is a historic turning-point.
Political stability or (gasp!) higher taxes on the rich?
Basically all of this boils down to France needing more money. This is actually relativly easy to solve, by doing two things: Eurobonds and a EU finance agency regulating financial companies like banks, insurances and so forth in the EU and if need be bail them out. That would lead to borrowing costs equalizing throughout the Eurozone for private borrowers and Eurobonds would be at a lower rate. Maybe even lower then Bunds, as current USD holders will move to the Euro.
Let’s see what happens, but this is badly needed.
Let the masses pay for it by letting inflation eat wages, pensions and saved money.
Tax capital. All else is unfair.
How much is this a result of France losing their neocolonies in Africa? Does this leave European finances in the hands of a crumbling German economy?
Not much, it’s mostly due to the fact that in the last 8 years, Macron has wrecked tax revenue. Basically, we are spending as much money as we always have, roughly 50% of our GDP, but the revenue has plummeted.
Most of the money has gone straight into the pockets of a handful of people, and these people are now massively funding fascist propaganda to prevent being taxed and paying their fair share.
It’s a really easy problem to solve, framed as a conundrum, and fear-mongered to death.
