France’s new President Francois Hollande is a Socialist and his party is set to win the majority in the country’s legislature.
Bloomberg.com is reporting that Hollande’s coup isn’t complete yet, but will be shortly:
Hollande will have to wait until the June 17 second round to know if he has an absolute majority or will need allies in parliament. In yesterday’s round, the Socialist Party and its Green and Left Front allies took 47.1 percent of the popular vote. Former President Nicolas Sarkozy’s Union for a Popular Movement and its allies got 35.4 percent.
Past Socialist-led French legislatures have made things like the 35-hour work-week a reality despite the leadership of Presidents like Jaque Chirac. Additional socialistic moves could see Frances ability to produce goods and services weakened even further which will make them even less viable in the global economy.
France’s socialism is the cause of their 13 year record joblessness, but due to the greed of a vocal majority, further socialistic reforms will likely occur which will leave the French economy in the hands of foreign governments, the new world order and fate.
France is on a glidepath similar to that of Greece. Shorter work weeks, earlier retirement, government control.. before long, their economy may also mirror the Mediterranean island’s nightmare.