Told you so: France is totally fucked from raising taxes on the wealthy. [View all]

First their new (confessed!) Socialist president raised taxes on foreign-owned second homes.

As if that wasn't awful enough, he next set a $565,000 per year pay cap for executives in state-owned companies. I don't know how very important people can live on that.

So instead of austeritying the peasantry as reasonable Progressives know we need to do, Hollande is waging class warfare on France's job creators, and now the chickens have come home to roost!

The invisible bond vigilantes have arrived!

In today's auction of French bonds, yields dropped to negative rates. Because of Hollande's moves, borrowers are pretending that they now have so much confidence in being repaid that they are actually paying France for the privilege of lending France money. Of course, this is just a trick to get the French to borrow more money than they can ever hope repay, thus making big profits for the banks.

Silly Socialists!

Austerity now! Austerity forever!

Best regards,

Third-Way Manny