Whither Sarkozy’s ‘ancien regime’?

Gideon Rachman
FT.com
August 15, 2011

The French debate about their national debt seems to have taken a new and faintly alarming turn. The lead article on the front page of yesterday’s Le Monde was headlined: “States and their debts: a brutal struggle since the Middle Ages”.

In a sub headline, the paper proclaimed: “Declare war or liquidate your creditors …some historic methods of freeing yourself from debt.” It also noted cheerily that France’s debt passed 80% of GDP in 1788. Both numbers are meant to be significant. French debt is now roughly at the 80% level and 1788 was, of course, the year before the French Revolution. As the paper notes, the whole beastly mess kicked off when Louis XVI ran out of cash and convened the Estates-General to try to deal with the state’s mounting debts. You have been warned.






 
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6 Responses to “Whither Sarkozy’s ‘ancien regime’?”

  1. The french have only one goal in life,
    TO BECOME A HUMAN BEING!

  2. Could you imagine instead of everyone going into double digit deflation and collapse if they simply reset to zero all the world’s debt and started over with a much more strict rule for borrowing!
    Mainly cash on the barrel head! Getting a loan was not a normal economic policy in the past!

    • Getting it half right is not bad. Yes, we (as the United States or other sovereign country) must cancel all illegitimate debt. But then immediately issue credit to rebuiild, and newly build was was not yet built. State credit, directly or indirectly is what built the United States. Things like the Erie canal, and the intercontinental railroad system were so built. The goal is to get as near as possible all out economic resources into production of useful things for ourselves and out posterity. To mobilize out productive forces, in the same type of way as has been done, for meaningful war. (Such as WW II, not Afghanistan, Iraq, Vietnam etc. those cabinet wars just destroy without mobilization, on purpose). But, not the destruction or war, or the overexertion. It is that type of mobilization, not the WAR which ends depressions.

      And we need state credit to do it.

  3. Haven’t yall heard, France is perfect. Just ask one of them. Just ask ole porkrind
    if the French ain’t perfect.

  4. The French have been known to say:
    “Declare war or liquidate your creditors …some historic methods of freeing yourself from debt.”

    Jesus in His historic prayer says…

    Our Father which art in Heaven, Hallowed be thy name, thy kingdom come, they will be done in earth as it is in Heaven; Give us this day our daily bread and …

    forgive us our debts as we forgive our debtors…

    Lead us not into Temptation but deliver us from evil for thine is the kingdom the power and the glory forever.
    For if ye forgive men their trespasses, your heavenly Father will also forgive you:
    But if ye forgive not men their trespasses, neither will your Father forgive your trespasses.

  5. I hope the French show us all how it is done.
    The places that need to be confronted are the Banks, the Stock Exchange and the Government.
    It is time to rise above a stupid riot that achieves nothing.
    We need to OCCUPY the Banks,the Stock Exchanges and Government buildings.
    We the PEOPLE are the GOVERNMENT and it is time we exercised that power.

    Cosmic…

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