Monday May 28, 2012

JAPAN NEWS AND DISCUSSION

Sarkozy vows reform after France downgrade

World Jan. 16, 2012 - 06:40AM JST ( 6 )

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Analysts said the downgrade has widened a gulf between Europe's north and south

France has held the top triple-A credit rating since 1975

Sarkozy said the crisis could be overcome with collective will

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6 Comments

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JeremiahWJan. 16, 2012 - 10:07AM JST

Like President Obama this Sarkozy will be remembered as "President Downgrade" ????
1

tkoind2Jan. 16, 2012 - 10:35AM JST

JeremiahW. And just what presidents in either country could you imagine handling the current crisis in a way that would have prevented this? It is as if you are standing with your nose on one political tree while missing the endless forest of political trees that define this issue.

It isn't one or another president that could make or break this. It is the entirety of the political and economic status of these countries and the global environment that are at work here.

When you try to break this down to some kind of "this guy/party" vs "that guy/party" you miss the forest for the tree mate. The real issues here are bigger than any party or individual politician. And they all spell the requirement to rethink our political and economic realities.
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MadvertsJan. 16, 2012 - 08:22PM JST

I'm amused to see the international press talk about Sarko's alleged austerity measures.

Heh, what did they like debate it in the senate for 10 minutes before breaking for a four hour lunch at 600€ per head on taxpayer centimes?

Give me a break, short of a second revolution our a slap of Reality we're just slipping further down the slope.....
-1

unreconstructedJan. 16, 2012 - 08:55PM JST

Analysts said the downgrade has widened a gulf between Europe's north and south

Imagine that. Fiat currencies can't make one big happy family of Europe after all.
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globalwatcherJan. 16, 2012 - 10:54PM JST

Someone among J. politicians had a similar idea called ONE ASIA, remember? I was always totallly against it. We do not hear about it anymore, that's good as it will never work.
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kchozeJan. 17, 2012 - 05:00AM JST

S&P said in their decision that austerity right now was self-defeating in Europe and the main risk for countries such as France was in a new recession, brought about by simultaneous austerity programs. And Sarkozy pledges more austerity in response? Is this a joke?

Imagine that. Fiat currencies can't make one big happy family of Europe after all.

The Euro is basically acting as a gold standard for most European countries, as they have lost the ability to control their monetary policy and to print money. The European Central Bank's official job is only to control inflation to keep it low and "protect the value" of the Euro, it can't act as a lender of last resort.

The crisis in Europe right now confirms instead that inflexible currencies are disastrous for the economy, and there is no more inflexible currency than the gold standard. It proves instead that "fiat" currencies are still much better than the alternative.