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Armstrong & Princeton Economics
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1521 Concord Pike
Suite 301
Wilmington DE 19803
ArmstrongEconomics@GMail.COM
Phone #:1-302-448-8080
Phone #:1-302-448-8080
French Economy Slips Below Even Greece – Last Place in Europe Productivity
If anything proves that this idea of Socialism/Communism goes against human nature, all we have to do is look closely at France. The idea of Communism actually emerged during the French Revolution. It was an experiment known as theParisian Commune of 1793. It was the next step in Republicanism where people came together and voted for representatives to run the state. This socialist-commune experiment was the next step where people lived together, but now they shared everything and surrendered property rights.
Communism collapsed because the key to innovation is not central planning, but individualism. Only an individual can see he can fill a slot creating some innovation to benefit from. This is why corporations also die. They die because of bureaucratic boards and rapidly lose that spirit of innovation. They then have to takeover start-ups to recapture innovation. Historically, the mighty always fall. RCA was the rising star in the Great Depression and the scrap bought up by General Electric in the end. Just look at Apple when the bureaucrats got rid of Steve Jobs the company spiraled downward until it was forced to bring him back. Steve Jobs proved that not merely does bureaucratic-like communism fail, but that it’s not that time is money, inasmuch as “innovation” is the key to everything and that springs only from individualism not bureaucratic central planning. The wealth of a nation is its total productivity of its people and that is enhanced not from a central dictatorial state, but by people in the front lines with eyes and ideas.
The heavyweight of the Eurozone is well acknowledged to be the German state. Here is a nation, like Japan, that was broken, yet its innovation enabled it to rise to the top of Europe once again just as Japan rose to the second largest economy from its ashes. France pursuing “social justice” has come in last place in industrial production: France is experiencing the highest degree of economic stagnation in its productivity levels. France has now fallen even below that of Greece.
King of Spain Abdicated – Protests Against Monarchy
The Spanish King Juan Carlos abdicates on national TV citing political reasons. In his televised speech, the monarch declared that he would make way for a new generation, and clear the way “to a better future”. He will be succeeded by Prince Felipe who has somewhat better public polls than his elephant hunting father. In January, two-thirds of Spaniards favored a premature abdication of their king, whose family was recently implicated in numerous scandals. There was the 2012 embezzlement of monies amounting to millions in court, Juan Carlos himself was in 2013 violently criticized by his subjects since at the height of the financial crisis, he secretly went with a German princess for an elephant hunting safari in Botswana.
Prime Minister Mariano Rajoy said the resignation was “completely normal”. However, it is unclear to what extent the corruption scandal, in which also the Spanish royal family was involved, has played a role.
However, after the surprising abdication of King Juan Carlos of thousands of Spaniards have gathered in more than 20 cities to anti-monarchist rallies. ”Spain is a republic! Morning,” the crowd shouted at the Puerta del Sol in Madrid. “No more kings, a referendum,” standing on numerous posters. Fearing riots police sealed late in the evening from access to the Royal Palace.
This is typical of the financial crisis. Whoever is at the head in appearance, that head must roll.
EU Commission is Forced to Back-Off from Austerity
In response to the EU Elections, the EU Commission has realized that austerity is going to create massive civil unrest and dissatisfaction with the federalization of Europe. The EU Commission has terminated the sanctions against six EU countries due to excessive deficits. For example, Austria was forced to abandon the entire Maastricht criteria after Hypo bankruptcy.
The European Commission is now moving to end to sanctions for lack of fiscal consolidation against six EU countries. These so-called excessive deficit sanctions against Austria, Belgium, Denmark, the Netherlands, Slovakia and the Czech Republic will be adjusted.
The Commission recognized, moreover, that Poland and Croatia are striving to reduce their budget deficits and bring their finances in order. Under EU rules, the debt of a country may be no more than 3% of the economy. However, due to the sovereign debt crisis, many countries have exceeded this limit.