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Francois Hollande elected as new French president

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    (Original post by HARRY PUTAH)
    You realy believe the rich and powerful rely on the rule of the plebs to dictate what could possibly harm their vast fortunes and power bases?

    Please tell me you're not that stupid. :rolleyes:
    I was merely correcting your misunderstanding of French campaign finance law.
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    (Original post by Tasha1986)
    I was merely correcting your misunderstanding of French campaign finance law.
    I am merely correcting you on real-life facts.

    Rich/powerful people do not rely on the pleb vote for their own reasons.
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    (Original post by HARRY PUTAH)
    I am merely correcting you on real-life facts.

    Rich/powerful people do not rely on the pleb vote for their own reasons.
    I made no assertions about the 'real-life' facts of politics.
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    Good news that the new French president will boost government spending in France. The Euro needs a moderate period of inflation now. The Germans don't like that, basically because they have higher levels of savings which are eroded. Inflation is not a bad thing - it transfers wealth from the rich to the poor in a moderate and controlled way, and in a way that promotes social cohesion and economic growth. The same thing can be achieved more openly by taxation, but it is politically more difficult to propose higher taxes. So let loose money supply do the same job.

    This works inside countries and has the same effect of transferring wealth from richer (Germany) parts of the EU to poorer parts (Greece, Spain). The German fear of loose money leading to hyperinflation is not rational. What caused the German hyper inflation was loss of underlying economic production cause by the war and reparations. There is no comparison with now. The potential near-hyperinflation in Ireland, Italy and Greece is caused by corruption. The concentration of tight monetary policy is wrong and it is part of the problem, not part of the solution. The answer is to loosen off on money and to tackle corruption by political reform. To have this sort of thinking in place in France as well as the USA means that things are moving in the right direction, with Germany standing in the way, and the UK providing under Cameron a spectacular example of 'how not to do it'.

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Updated: May 13, 2012
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