“The most immediate risk is a financial crisis and France’s economic decline,” he said. “The application of the New Popular Front’s disruptive programme would destroy the results of the policies that we have pursued for seven years … This project is exorbitant, ineffective and dated. Its legitimacy is weak and circumstantial. It must not be applied.”
“Several economic and fiscal measures put forward by the New Popular Front are either unconstitutional or against EU rules, so very legally challenging.
A wealth tax doesn’t have much impact on real production. It is money hoarded and not being used for anything. I have doubts on its efficacy since France is in the EU and the capital flows are open, they have no control over the Euro. Which is why they’ll likely need to leave the Eurozone before doing anything ‘radical’.
With the capitalist pulling money out of France and taxes staying uncollected, the only way for them to fund their new welfare plans is with bond issuance (assuming the markets still want French Euro bonds). which EU rules limit to 3%, so not possible at all.
can they really leverage something like Greece on the second economy of the EU? and how well can capital actually avoid tax while staying within the benefits of the EU? if it were elementary to cart off to a more friendly EU country wouldn’t EU firms be swirling between memberstates after like every election?
My prediction: Emmanuel Macron’s Ensemble alliance will ally with the National Rally to stop New Popular Front from doing much at all.
weimar republic moment
They don’t need to ally. They can just drag their feet to sabotage any significant reforms and wait for the left to lose their mandate
Liberals siding with fascists to prevent leftists from making positive change, episode 47829…
I’ll take garden variety disagreements about economic policies over power seizure any day of the week. Compromise and not getting all the things you want is a hallmark of a healthy democracy.
This is how low the bar is and I lay 100% blame on authoritarians more interested in grabbing power than compromising themselves.
Democracy is when everything sucks and gets worse every year while centrists keep eyeing Nazis as possible better allies than the left.
If you force the government to improve society in any what you’re an “authoritarian” (oooh, how scary. btw, I’m pretty sure “authoritarian” as a cudgel against the left that equates them to the right is against board rules).
The coming weeks will indeed be a test to determine whether the left and the centre are able to co-operate.
they can’t in this country; moderates only punch left here so there’s zero chance something like that happening.
