In the easy to see coming category (thanks to the socialist policies of French president Francois Hollande) French unemployment level hits 15-year high.
Here’s the thing, though: Anybody remember the great French economic collapse of 1997? And, in fact, the unemployment situation, as a percentage of population, was even worse back then, because France was smaller.
And yet we don’t remember that Great French Economic Collapse because it didn’t happen. What did happen was that the French Socialists swept into power that year, and then proceeded to do everything French Socialists usually do – as they are doing right now in France, in fact.
Oh, sure, there is more debt of all kinds, and somewhat less national French autonomy vis the EU, but unemployment in France is currently a bit over ten percent. We were there not so long ago, and we re-elected a socialist as well. Are we and France then doomed?
Probably, but not due to unemployment. The unemployment will only really begin to matter when, one way or another, the money to keep on paying millions of people to be unemployed runs out.
Thats’s when the bottom will fall out.