FuckyWucky , 17 days ago (edited 17 days ago)

“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.

Remember what they did to Greece