Economic crisis: France: 1 - Rest of the world: 0

[SwordsMaster]

So the french win. Again. They already have lower heart failure and obesity rates, nicer beaches, nicer women with sexier accents, and nicer food and wine, and now also they are also ahead by what they do not have: an economic crisis (http://news.bbc.co.uk/2/hi/europe/7635327.stm).


Unlike Britain, the US and many other countries, France appears to be weathering the credit crunch storm in reasonable shape.


Considering France is the world's 6th economy, with the 1st, 3rd, and 5th rapidly crumbling, and the second treading very carefully, France's 1% growth doesn't sound so terrible, and her secret plan for world domination might just succeed. If Russia doesn't invade someone else, that is. But it probably won't be France.

So what do our resident orgahs think of credit spending and hamburgers as opposed to debit spending with Chateau Laffite?

[Kadagar_AV]

Allons enfants de la Patrie, Le jour de gloire est arrivé !

:thumbsup:

[Oleander Ardens]

While Germany will suffering from slowing global demand it is far more competitive than other big European nations like Great Britain, Spain, France and Italy. So I add some good bavarian weisswurst to the baguette :2thumbsup:

[gaelic cowboy]

If you believe France is not in economic crisis due to this crunch then thats your right but its not correct in the slightest. French companies are among the big guns in globalisation in Europe. France does very well out of globalisation but its not a popular subject to the common man on the street too much rhetoric about job losses and mcjobs etc etc.

The French still believe they somehow either need to stay apart from the world or that they are apart for the rest of the world at least in ecomonic terms. But a quick scan shows Societe General BNP Paribas just to name two that are global in size and exposed to this problem plus as we all know one of them just barely got away with a financial fraud on a massive scale. More like a nil all draw if you ask me.

[gaelic cowboy]

While Germany will suffering from slowing global demand it is far more competitive than other big European nations like Great Britain, Spain, France and Italy. So I add some good bavarian weisswurst to the baguette :2thumbsup:

I would say that Germany will suffer in medium term due to drop off in demand for its cars and also a significant drop in high tech machinery sales this is obvious to us all but they are two of german strengths which will bounce back.

[SwordsMaster]

If you believe France is not in economic crisis due to this crunch then thats your right but its not correct in the slightest. French companies are among the big guns in globalisation in Europe. France does very well out of globalisation but its not a popular subject to the common man on the street too much rhetoric about job losses and mcjobs etc etc. The French still believe they somehow either need to stay apart from the world or that they are apart for the rest of the world at least in ecomonic terms. But a quick scan shows Societe General BNP Paribas just to name two that are global in size and exposed to this problem plus as we all know one of them just barely got away with a financial fraud on a massive scale. More like a nil all draw if you ask me.

Well, from what I understand from the unpunctuated blob, your point is exactly what? That globalisation is good? That french denial of globalisation is bad? That french companies haven't been affected by the global crisis as much, which we already know?

The credit crunch has affected european finances less that US finances anyway, exception made of the UK, and France even less that Europe in general.

So I don't see your point at all. France's ability to not depend on globalisation is a good thing in the current crisis, as is also the fact that french banks do not lend money easily and therefore don't have liquidity and leveraging problems as do others.

[gaelic cowboy]

Well, from what I understand from the unpunctuated blob, your point is exactly what? That globalisation is good? That french denial of globalisation is bad? That french companies haven't been affected by the global crisis as much, which we already know?

The credit crunch has affected european finances less that US finances anyway, exception made of the UK, and France even less that Europe in general.

So I don't see your point at all. France's ability to not depend on globalisation is a good thing in the current crisis, as is also the fact that french banks do not lend money easily and therefore don't have liquidity and leveraging problems as do others.


I am not an english professor never said I was you will have to excuse my writing and comprhension but I just broke it up into two sections.
Apollogies for the unreadable nature of the post I dont really post musch these days anymore and I was never very up in the rules of posting.
I never said been in or out of globalisationsaid itself was good or bad I said France is affected by this crisis like it or not pretend or not it is even if its only indirectly by lower demand for french products.

France according to my post actually does depend on globalisation a huge amount French companies are global obviously and interconnected to the world trade system a drop in demand on a global scale affects France. French banks may not have lent but conversely there is no money to borrow either which is just as bad.

[SwordsMaster]

I am not an english professor never said I was you will have to excuse my writing and comprhension.
I never said it was good or bad I said France is affected by this crisis like it or not pretend or not it is even if its only indirectly by lower demand for french products.
France according to my post actually does depend on globalisation a huge amount French companies are global obviously and interconnected to the world trade system a drop in demand on a global scale affects France. French banks may not have lent but conversely there is no money to borrow either which is just as bad.

Well, of course France will be affected by the lower demand in french products. I agree. But what you have to consider is that France's exports to UK and US are only 14% of the total with almost half of the exports going to african nations, which means also that banking is a relatively minor part of France's customer base. You also must take into account that french banks operating in the US will get a piece of that bailout package Bernarke is still trying to push through, so I can see how France can escape the crisis relatively unscathed.

The problem lies not in the fact that french companies are global, but rather with whom exactly they have business. I think the french economy will suffer more from the high oil prices than it will from the mortgage and credit crunch.

But that's just my armchair economics.

[Louis VI the Fat]

Tremble, ye gamblers! Ye Las Vegas style capitalists!

Powerless you now stand before the might of the French model! :knight:


The sun is setting over the anglosaxon ultra-liberal model. You've been plundered by your rich. By this locust plague. They have sucked you dry, stolen your money and are now moving to Hong Kong, Dubai, and their yachts in the ports of the Mediterranean.
That is, they'll leave if your governments can borrow enough money to buy them off...

[KukriKhan]

Tremble, ye gamblers! Ye Las Vegas style capitalists!

Powerless you now stand before the might of the French model! :knight:


The sun is setting over the anglosaxon ultra-liberal model. You've been plundered by your rich. By this locust plague. They have sucked you dry, stolen your money and are now moving to Hong Kong, Dubai, and their yachts in the ports of the Mediterranean.
That is, they'll leave if your governments can borrow enough money to buy them off...

Me so ashamed. :shame:

What Osama bin Laden would like to, but couldn't do... we've done to ourselves.

[Strike For The South]

Tremble, ye gamblers! Ye Las Vegas style capitalists!

Powerless you now stand before the might of the French model! :knight:


The sun is setting over the anglosaxon ultra-liberal model. You've been plundered by your rich. By this locust plague. They have sucked you dry, stolen your money and are now moving to Hong Kong, Dubai, and their yachts in the ports of the Mediterranean.
That is, they'll leave if your governments can borrow enough money to buy them off...

I believe Texans get free citizenship right? I mean we already have the ego part down:yes:

[Jolt]

Allons enfants de la Patrie, Le jour de gloire est arrivé !

:thumbsup:

Il faudra un long, long moment jusqu'à que ce jour arrive.

[Louis VI the Fat]

Me so ashamed. :shame:

What Osama bin Laden would like to, but couldn't do... we've done to ourselves.No need to be ashamed, just be sure to vote Democrat this time.

All systems have their advantages and disadvantages. The world has cried the end of American before. In the eighties, the Japanse model was going to wipe the American model off the map. Then America re-invented itself into the most dynamc economy and changed the world by an information technology revolution of unbelievable global impact.

No need to panic.

All countries have their strengths and weaknesses. France has some serious social problems, and some luggish economical ones too. What we do not have, is a Vegas economy. So this is one storm we'll weather out. We'll feel the effects only indirectly. (Like the Anglos plunging the world into a recession, or the Chinese pushing the 'off' button. Or emerging powers capitalising on the fall of the Anglo world system or :wall:)

[HoreTore]

No crisis here either. We profit from when the oil goes up ~;) We also have a ton of money stored away, so we can probably buy your country in a year or so :smash:

KukriKhan: don't worry, I'll hire you as my maid.:yes:


Laffite?

Female genitals? :inquisitive:

[Kralizec]

It used to be mostly quiet in the Nether regions until recently. One large Dutch/Belgian bank (Fortis) is on the verge of collapse because they overtook another bank (ABN Amro) shortly before anyone knew something was about to go wrong, and they agreed to gradually pay an enormous sum of money.

[_Tristan_]

Frankly, to the man on the streets of Paris (or any French city for that matter), things aren't so bright... There exists a pervasive glumness due to the rising costs of housing, higher credit rates, and the fact that everything is more and more costly day by day...

So it is nice to see that others think we French are doing well :2thumbsup:

[KukriKhan]

No crisis here either. We profit from when the oil goes up ~;) We also have a ton of money stored away, so we can probably buy your country in a year or so :smash:

KukriKhan: don't worry, I'll hire you as my maid.

I do have tons of experience mopping floors. But I ain't wearing the heels & apron, dude. A little dignity, please. :)


No need to be ashamed, just be sure to vote Democrat this time.

LOL. Unless something miraculous happens in the next 5 weeks to change my mind, I'll probably file yet another third-party protest (yea, I know: throwaway) vote. I haven't gotten my ballot yet to see which yay-hoo will get my nod. :laugh4:

[HoreTore]

I do have tons of experience mopping floors. But I ain't wearing the heels & apron, dude. A little dignity, please. :)


SILENCE, UNDERLING!! :whip:

[KukriKhan]

SILENCE, UNDERLING!! :whip:

https://jimcee.homestead.com/old_janitor_sweeping_hg_clr.gif

Yassah, Massah.

[SwordsMaster]

Female genitals? :inquisitive:

Sorry. Misspelled (http://www.lafite.com/fr/php/vins/7_2_1.php?id_chateau=1).

I believe most economies that have sensible borrowing policies and regulations will weather the crisis with little drama.

[Oleander Ardens]

While Germany itself is not as weak as other countries, Hypo Real Estate, a company in the DAX with a solid balance sheet is in free fall. It makes profit but a small subunit in Ireland can no longer operate because the specific credit markets are frozen. It got a lifeline credit by German Banks. In one day a -60% slump. A real run on the bank.

[JR-]

it may just take longer for things to get ugly in europe, with no way to fix it:
http://blogs.telegraph.co.uk/angela_monaghan/blog/2008/09/29/financial_crisis_europe_could_make_us_crisis_look_like_a_tea_party

[Vladimir]

Great. Looks like I'll get that world war I was wishing for. :juggle2:

I really had high hopes for the EU.

[Fragony]

Way to go now this is how you take a nosedive, bloody monday in dutchiestan and yours truly is in a particulary bad mood.

[Vladimir]

Way to go now this is how you take a nosedive, bloody monday in dutchiestan and yours truly is in a particulary bad mood.

If you think you're in a bad mood now just think how bad you'll feel when the Germans come back to visit again, en masse. :laugh4:

Oops, fixed! Oh and don't believe Hussar when he says he's just back to "visit some old relatives." :no:

[Strike For The South]

en masse

[Husar]

Pftt, it's almost funny to see those beaten people try to send us into our own misery now.
An article that tries to scare those who invest in european banks and Vladimir is trying to scare my friends, typical for a desperate American... :no:

[HoreTore]

https://jimcee.homestead.com/old_janitor_sweeping_hg_clr.gif

Yassah, Massah.

Well, it's a nice start, but.....

I was thinking more like this:

https://img91.imageshack.us/img91/5039/satinfrenchmaidr56101laaj6.jpg

You could be a fine janitor, I suppose, but.... You don't happen to have a hot young wife, sister, daughter, relative, etc do you?

[KukriKhan]

While I do have the legs for the job, my hair is the wrong color. :)

Sending a descendant to do the job is exactly what we over here are trying to prevent (pawning off our indebtedness on our kids, grandkids, and such, to pay).

[Fragony]

If you think you're in a bad mood now just think how bad you'll feel when the Germans come back to visit again, en masse. :laugh4:

Oops, fixed! Oh and don't believe Hussar when he says he's just back to "visit some old relatives." :no:

Always be ready for the bug, these frenchies desiring grandeur or germans wanting to add a few gears to the machine :beam:

[Louis VI the Fat]

it may just take longer for things to get ugly in europe, with no way to fix it:
http://blogs.telegraph.co.uk/angela_monaghan/blog/2008/09/29/financial_crisis_europe_could_make_us_crisis_look_like_a_tea_partyBah. The Telegraph is at it again. What a rag that paper has turned into. Desperately anti-EU. To sum up the article: 'Europe (Telegraph parlance, i.e. Europe without the UK) does not have the financial crisis that the ultra-liberal model created in the UK. However, if Europe would get a crisis like this, even though it appears they're not, then they would be less likely to withstand it. Which proves the superiority of the UK model.'

Or: 'even though 150000 Bangladeshi drowned because their infrastructure is ill-equipped to deal with floods, if Australia was flooded, they would have even more casualties since the Australia infrastructure is even less equipped to deal with months of heavy rainfall.
This proves the superiority of the Bangladeshi model.'


~~~


Meanwhile on the continent (http://uk.news.yahoo.com/afp/20080929/tpl-france-finance-banking-us-politics-e-10170b4.html). The financial crisis is trickling down. Supersarko is at it though, trying to get the EU in line.


PARIS (AFP) - President Nicolas Sarkozy on Monday battled to contain fallout from the global financial crisis, moving ahead with plans for a world summit and calling a meeting of French banking and insurance chiefs.


France will host a meeting of European officials to prepare a summit "in the coming weeks to establish the basis of a new international financial system," said Sarkozy, whose country holds the presidency of the European Union.

Officials from Britain, France, Germany and Italy -- the EU members of the G8 -- will meet in Paris in the coming days to lay the groundwork, he said on the sidelines of an EU-India summit in the southern city of Marseille. On Tuesday, the president is to meet at the Elysee presidential palace with banking and insurance company chiefs to take a close look at the health of French banks and review the credit level of French households and businesses.

The announcements came as the Franco-Belgian bank Dexia announced an emergency board meeting after liquidity concerns sent its shares into freefall. Dexia's shares closed Monday down 30 percent on the Paris exchange, at seven euros worth less than a third of their value this time last year.

Belgium's federal government announced late Monday that it had tentatively agreed, along with its three main regions and shareholders, to help prop up the embattled bank -- less than 24 hours after stepping in to rescue Belgian-Netherlands banking and insurance giant Fortis. "During consultations between the federal government and the three regional governments (Wallonia, Flanders and Brussels) this afternoon, they confirmed their in-principle agreement to take part in a joint effort to boost Dexia group's funds," a statement said. The statement, distributed by the office of Prime Minister Yves Leterme, made no mention of financial details but Belgian media said the support could amount to seven billion euros (10 billion dollars). On Sunday, the Benelux countries stepped in to partially nationalise Fortis, increasing fears the crisis that has wiped out several US and British banks was spreading across Europe.

Sarkozy warned in a major address last week that France would not be spared from the turmoil unleashed by the US banking crisis.

In Paris, the CAC 40 index plunged 5.04 percent to 3,953.48 points Monday in line with other European stock markets.

[Vladimir]

Wow, a whole 5% huh? Has anyone else noticed that the Dow is up almost 300 points? Anybody?

[Ronin]

didn´t really notice....on other news...the PSI-20 gained 1,87% today

[Papewaio]

Or: 'even though 150000 Bangladeshi drowned because their infrastructure is ill-equipped to deal with floods, if Australia was flooded, they would have even more casualties since the Australia infrastructure is even less equipped to deal with months of heavy rainfall.
This proves the superiority of the Bangladeshi model.'


I agree with what you are saying.

But you picked a bad analogy. Australia is subject to flash floods. That is why in the middle of a flat dry plane you will find buildings on stilts, they are there for the next big flood. You will find tinnies out in the middle of the outback.