Quelle Surprise!

France elected hard line socialists to power on May 15 of this year.  What has happened since?  Something that will come as no surprise to anyone with even a cursory knowledge of history:

Moody’s credit rating agency has stripped France of its coveted AAA rating and declared that the country’s economic outlook remains “negative”.

In what will be a severe blow to Socialist president François Hollande, the agency said it was reducing the country’s rating from AAA to AA1, claiming France’s ability for economic growth was being hampered by “structural challenges” including its lack of competitiveness, high unemployment, public debt and market rigidity.

It said it was not confident Hollande’s government could – or would – introduce the necessary structural reforms and spending cuts to improved its rating in the medium term and expressed concern over France’s exposure to risks from other ailing eurozone countries.

Moody’s decision follows Standard & Poor’s downgrading of France’s rating a notch in January.

It came as France was reeling from a damning Economist article entitled “The time-bomb at the heart of Europe”. The special report warned that the parlous state of the French economy, its rising unemployment, lack of competitiveness, dwindling industry and high public spending, could overshadow the problems of Greece or Spain, and sparked angry reactions from French ministers.

Go here to The Guardian of all places to read the rest.  The unyielding attachment of so many around the world to Socialism is a tribute to how wishful thinking so easily and frequently trumps reality.

 

7 Responses to Quelle Surprise!

  • And reality has that annoying habit of eventually asserting itself.

  • It’s a race to the bottom between Hollande and Obama!

  • Don,

    I have something I would like to ask a faithful Catholic attorney regarding the possible civil ramifications of procedures within a current, ongoing Catholic annulment proceeding? This is NOT involving my own, present, case but another I am aware of.

    Is it possible to email you, off line?

    Karl

  • I have never been involved in a Church annulment proceeding Karl. It really wouldn’t be my area of the law and so my opinion would be of little value.

  • Ok, thank you. Before I wrote my inquiry to you, I had advised someone in
    a nullity process to contact a civil attorney regarding things that were transpiring in his nullity case. I just wanted to see what a Catholic attorney would say. I forgot that my best friend from high school is an attorney in California, but a marginal Catholic. I’ll write to him.

    Sorry to be a bother.

  • Notes from the idiocracy:

    They wore out “unexpectedly” and replaced it with “Surprise!”

    Surprise! UMich expectations/confidence plunged 2.2 to 84.9, the worst “miss” in 4 years.

    Surprise! For the second consecutive week, Initial Unemployment Claims were over 400,000 at about 410,000, “down” from last week’s upward (naturally!) revised 451,000 (previously 439,000,000).

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