Europe as we know it might be about to terminate with a rule that beyond a strict budget control implies economic growth to be higher than debt interset rate which is only possible in a shrinking economy to the expense of the welfare state, the stability of the economy and democracy ultimately. French-speaking economic analyst and antropologist Paul Jorion is issueing an appeal to law makers all over Europe not to commit suicide.

Here is the appeal on the English version of its blog: http://www.pauljorion.com/blog_en/?p=559

To make it short, as economic forescast is getting worse, lenders assume higher risk not to be paid back and ask for higher insterest rates. The “balance budget rule” or “golden rule” will then make more cuts in expenses automatic, ending up in austerity, lower growth and higher interest rates on public debt. A vicious circle it is. Less Democracy is on the menu to impose these cuts whatever the cost.

The gap between the Anglophone and Francophone press about the current Quebec Student protests is simply astounding. The neoliberal bias of most anglo Op-Eds reveals how indoctrinated most journos have become to an economic rationalism they probably don’t understand themselves - because if they did they certainly would not want to subject themselves and their offspring to it.

A classic is this piece found in the Globe and Mail asserting that “Quebec’s tuition protesters are the Greeks of Canada” using a cheap pun and condescension to dismiss the bigger picture those students are defending: the refusal to move towards an event more debt ridden society where the ultimate losers are the mortgagees and the winners the financiers.

So to help those enlightened economic rationalist commentators understand that those students primarily refuse to accept this student debt increase as yet another step towards explaining them that their life must start and continue in debt, the Globe and Mail as a simple enough chart: where Quebec is today, and were it doesn’t want to go tomorrow. 

source: http://www.theglobeandmail.com/news/national/debt-ridden-and-unemployed-we-ar…

{ leLaissezFaire }

Nothing more to report from the G8 summit.

If you are over the media commentaries but still want more on that Budget, a radical pill could be to read what “the Big Banks” think of it…

{ leLaissezFaire, Sydney - 9 May 2012 }

An interesting analysis of Francois Hollande’s post-election prospects by Credit Agricole Cheuvreux Research to appreciate how the Finance sector views his election. (Flagged by blogger @Dr_Tad)

This note is to be read amid alarmist predictions by the prophets of gloom that France would immediately be under attack from the Markets: in other words that the French Govt Bonds (The Debt) would be sky-rocketing, preventing the country from borrowing the much needed money from the market.

Instead, it was a “Normal” Day on the finnacial markets (in reference to Hollande’s nickname of “Mr Nomal”):  France borrowed 7.98 billion euros in short-term debt at low rates, just hours after the victory of Hollande. The Paris stock Exchange CAC 40 also rose 1.65% that day.

{ leLaissezFaire - Sydney Tuesday 8 May 2012 }

Impossible for your correspondent to access the place de la Bastille. People rejoice to the end of the Sarkozian era more than anything else.

In order to protect the fairness of the vote, publishing polls is forbidden in France until 8pm (French time) and the closure of the voting centres. This Law does not apply to Australia, so here are the latest polls dated today :

Harris Interactive: 53% Hollande - 47% Sarkozy 

Sofres: 53% Hollande - 47% Sarkozy 

Opinion Way: 52,5% Hollande - 47,5 % Sarkozy

With an usual error margin of about 3% in such polls, it is hard to imagine a late victory for Nicolas Sarkozy: ça sent le sapin (it smells like pine tree, like a coffin).

Indeed, Belgian newspaper Le Soir reports that, according to diplomatic sources, UMP (the Party of Nicolas Sarkozy) has cancelled the celebration foreseen place de la Concorde. Not much trucks operating there as you check with the following webcam: http://www.viewsurf.com/vue-1559.html

Meanwhile, place de la Bastille, where Hollande planned to celebrate his victory, is pretty busy: http://paris.webcam.en-ville.orange.fr/ville/paris/bastille-r4.html

First official estimates are due in less than an hour (8pm French time).

From: 
Subject: Happy end

Occupy Denfert

A confronting paper for the French ‘progressives’, which I recommend you read if you ut yourself in that category. Heard thru Richard Seymour. (twitter: @leninology - blog: Lenin’s Tomb)

Abstract: The article addresses the divergent responses of the radical Left in Britain and France to the emergence of Muslims as a political subject in the advanced capitalist countries. It takes the case of a recent book by Daniel Bensaïd to illustrate the influence of a secular republican ideology
that acts as an obstacle to French Marxists’ recognition that assertions of Muslim identity should
not simply be dismissed as reactionary but understood as potentially a rejection of the oppression
suffered by Muslims in Western societies. Th e article calls for a recognition of the positive aspects
of postcolonial theory and concludes that the Marxist interpretation of religion as a search for
an other-worldly solution to real suffering and injustice should be applied consistently to all
expressions of faith.

Author: Alex Callinicos, King’s College London alex.callinicos@kcl.ac.uk

Source:

Keywords: Muslims; Marxism; religion; oppression; postcolonialism; racism