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Attal, Le Maire, Cazenave, the Shearers-Guns of your savings
Attal, Le Maire, Cazenave, the Shearers-Guns of your savingsInsolentiae – Apr 19, 2024
Protect yourself !
This information is essential for you… well for your taxes!
In case you haven't figured it out, France will not go bankrupt.
France is strong thanks to you, thanks to us, and to be more precise thanks to your money, your savings.
The HCFP considers the government's deficit reduction plan not credible
The HCFP is the High Council of Public Finances, the body of the Court of Auditors and which estimated in an opinion that the government's objective of a return to a public deficit below 3% of gross domestic product (GDP) in 2027 “lack of credibility” given the current deterioration of public finances and economic growth forecasts!
No kidding. The HCFP does not go so far as to say that we are led by Mozarts of finance who play wrong notes and a bad score, but almost.
The institution warns of the lack of coherence of this new trajectory. Its first president, Pierre Moscovici, in an exclusive interview with Le Figaro, judges that the executive's promises lack credibility, particularly on reducing spending...
Moscovici. It is unfavorably known to my poultry police services (chickens).
For years my crystal chickens have been accumulating a file as thick as your arm on Pierre Moscovici. Minister of the economy who is failing and finances which are slipping, comrade European commissioner, then president of the lower court of accounts which are not going well. Let us not forget his love for the beautiful Marie-Charline and her cat who Moscovici gave her bath. You notice that the latter had the exquisite taste of having a cat named Hamlet and not a cat, which will avoid many saucy comments. In short, there's no shortage of mentions in this mamamouchi's locker!
So let's listen to these last words about this Mozart-style management.
“We cannot reduce public spending so massively without having an effect on economic growth. A coherent scenario would therefore require changing either the macroeconomic forecast or that of public finances. »
There we agree. From a technical point of view, there is a large shell in the soup.
But the best is when Le Figaro questions him about what should be done... and then we feel the years of experience in nothing coming to the surface
“We must find room for maneuver. To do this, we need political will, courage, because it is undoubtedly unpopular, intelligence to define economies that do not harm essential growth, and pedagogy. »…
Here we are.
The essential educational effort.
When people talk to us about pedagogy, we are going to have problems!
You understand I suppose, since we have lived in Macronie.
In Macronie, which is a great democracy, that of West Korea, we always demonstrate pedagogy before sending you the Brav-M and the CRS if you have not understood the pedagogy. Phase 1, the pedagogy which explains why you must obey. Yellow Vests? Pedagogy then flashballs. Pension movement? First teaching of course, then flashballs. Vaccines ? First education (all vaccinated, all protected) then…health pass.
Here we are talking about money. Of debts. Deficits.
So pedagogy is about explaining to you why you are going to have to make a lot of effort. Work more, earn less, work longer, pension smaller. Fewer hospitals and obviously paying more taxes. To make you pay more taxes… pedagogy. Then after the automatic taxation since you will agree.
Here you do not risk being blinded by a flashball, rest assured, it is just your savings that will be cut, your income that will be blinded, and you who will suffer from a significant fiscal hernia at level L1,L2 , L3, L4, L5 but also L6, 7, 8, 9, 10… it’s crazy how many vertebrae we have!
The inevitable fiscal hernia…
“Given the deterioration of the public balance recorded in 2023 compared to the forecast of the LPFP [public finance programming law] and lower growth hypotheses, the return of the public deficit below three points of GDP in 2027 would imply a massive structural adjustment between 2023 and 2027,” points out the HCFP.
“The High Council considers that this forecast lacks credibility: while such an effort in spending has never been made in the past, its documentation remains incomplete at this stage and its realization requires the establishment of rigorous governance », he adds.
And when a spending reduction effort of this magnitude has never been done, know that there is no reason to be done this time.
So, and this is a logical resolution, of a logical problem. If we are not able to make this effort to reduce spending, we will do, well, we will do the only easy thing they have known how to do since I was born in this country... raise taxes.
Let us continue the logical and rational reasoning.
They will therefore cut savers a little more.
Let's make an analogy with sheep. Animal species well known to all French taxpayers.
To shear a sheep, it must not move!
If you apply this principle to French taxpayers, you can deduce quite easily what is not moving or is difficult. Real estate for example obviously. So we can already have a good idea of what is going to be taxed more.
This is the first good news.
Anticipate future mowing, with which mower, and who will be the mower…
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On the way to the best of all worlds
On the way to the best of all worldsJacob's Ladder - Apr 11, 2024
Anyone who insists on reading my weekly post on this medium must have noticed for a long time that I suffered from a certain fascination for this strange entity that is money.
Indeed, and since the beginning of my career, I have tried to understand why it has value, when it costs nothing to produce, how and by whom it is created, what happens when the one who has the responsibility for creation creates too much or not enough… and on all these questions, I only have one thing to say, thank you Milton Friedman…
And so, since those in charge of this creation have really created a lot since Draghi destroyed the Bundesbank (2012), I have come to some investment conclusions about what NOT to have in your portfolio.
As a faithful disciple of Jacques Rueff, I noticed that public authorities in Europe or the USA had returned to their unfortunate habit of creating money "ex nihilo" to subsidize expenses that brought in nothing (Inflation consists of subsidize investments that bring no return with money that doesn't exist. Jacques Rueff). As inflation is in no way a rise in prices but simply a drop in the value of the note in your pocket, this amounts to saying that holding a bond from the French State to which you would have lent 100 e of today today to be repaid 100th in 10 years was really a stupid operation since the purchasing power of my capital will have fallen by 50% over the period.
And I came to this conclusion like a grown-up, without the help of any black box, computer or Excel spreadsheet.
Since I arrived at this remarkably original conclusion, a portfolio of 10-year bonds issued by the French Treasury[1] has fallen by 25% while bonds of the same duration issued by the Chinese government have risen by 25%. % in Euro.
I am certainly ashamed of being a bad Frenchman, but this shame is tempered by the certainty that those who should go into hiding are Messrs. Sarkozy, Hollande, Lemaire, Tricher Draghi and other Madame Lagarde, and not me, who has not just trying to protect my dear IDL readers against the abysmal incompetence of the above mentioned.
The goal was of course to euthanize the annuitant.
And if I judge by the recent laws that have passed Parliament, we are going to move from financial euthanasia to real euthanasia
Apparently, first we must ruin the old people (which is on the right track) and then give them a merciful injection so as to prevent them from living an old age in poverty. Hoping of course that they will be the first to demand, with proper dignity, an end to their misery. In any case, this is what Mr. Attali recommends.
In order to ensure the extinction of useless assets, existing pension funds will not be nationalized but regulated.
Thus, any payment will be divided between three investments (this is already almost the case):
Half will go to government bonds, officially a risk-free investment and in reality a certificate of confiscation.
Forty percent will go to investments in companies producing windmills and magic mirrors.
And ten percent for social housing intended for immigrant workers in an irregular situation who are quite incapable of paying anything, but it is a question of doing humanitarian work and not of making money on the back of the misery of the world . Interestingly, those who build these homes are often close to the politicians in power, and they make money.
The value of pensions paid will therefore collapse, which will encourage the disappearance of useless ones.
The first step was therefore to get rid of those who no longer produce anything by preventing them from building up savings that would allow them to live with dignity in their old age, surrounded by the affection of their loved ones.
This goal is in the process of being accomplished.
It is time to move on to the second stage towards a better world.
After preventing the elderly from building up savings, we must then help those who contribute to GDP to spend their money in a socially useful way.
To do this, we must create a digital currency.
Here is the project...
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France bankrupt? Not as long as you have savings!
Insolentiae – Apr 09, 2024
3 billion euros is the state debt. Considerable, you might say, and you are right. It is enormous. But is it serious?
Obviously it's serious and it can't last forever. But sometimes, even if it's not forever, it's a long time!
And it may last longer than we all think or anticipate.
Is France at risk of bankruptcy?
Obviously she risks bankruptcy.
In reality France is already bankrupt.
We have been spending since 1974, that is to say for 50 years, much more than what “we earn”. And yet the debt continues to rise!
The markets continue to finance us.
So… the question is why the markets continue to lend to France when we are managing like hell? Well, not us, our “Mozarts” of finance.
The answer is simple and is essentially due to two reasons.
The first, if things became really serious, the ECB would intervene as a last resort, buy French debt to avoid bankruptcy and the explosion of the euro zone. This is the “Draghi doctrine” of the President of the ECB who in 2011 declared that the euro was irreversible, that it would do whatever it took and that that would be enough.
The second reason is that the French are rich! Very rich. We squeal, we complain and many are indeed poor. But despite the taxes and the level of taxes in this country, the French are very, very economical. Finally, those who are not unsuccessful baskets and in reality, there is a potentially immense taxable windfall. In 2023 the savings rate in France will be 17.3%! Yes, you read correctly. 17.3%! It's colossal, it's considerable. For comparison, in the United States the savings rate is only 4.3%! I don't know if you realize what that means. On average, French people who know nothing about economics operate with credit budgets and at the end of the year they spend 17,3% less than what they earned. The “Mozarts” of finance who govern us, all these pretentious and well-educated graduates who take us for imbeciles, “people who are nothing” and these “brilliant” types end each budget year having spent more than 40% more than they earned and made deficit after deficit.
The heritage of the French? 20 billion euros!
While the Mozarts are plunging 20 feet of deficit under the sea, the simple French are cushioning and holding 000 billion euros in assets at the last count in 20.052.
“After a strong increase in 2021 (+9,1%), France's net wealth increased by 5,6% in 2022, to 20.052 billion euros, according to an INSEE study published this Wednesday. This corresponds to the difference between the value of financial and non-financial assets (58.977 billion euros) and that of the liabilities of economic agents (households, businesses and public administrations). »
And yes, minus the Mozarts' liabilities, we still have more than 20 billion euros! Hahahahahahahahaha. Fire them all and put my chickens in Bercy, even a goat would do better than all those who have followed one another for 000 decades.
As for the net financial wealth of households in 2022, it was… 4 billion euros!!
And yes, my friends, France is rich! Very rich.
Then France will go bankrupt... when the French have been ruined!Set Featured Image
You must understand that before the country's bankruptcy, the country's solvency will be considered by the crazy, the incompetent and the Mozarts who pull the levers, as strategic. Like the best interests of the nation.
Your assets are the guarantee of our solvency.
Finally, I could almost say that the French State has pledged your money, your savings, your assets to the markets.
There will only be bankruptcy in France when household savings have also been consumed by our apprentice sorcerers in the Palaces.
Will France go bankrupt is therefore the wrong question…
At this stage of the reasoning, it should normally become clear to you that, contrary to what we hear, the question is not whether France will go bankrupt.
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The State will take from your A savings accounts to finance the war.
Insolentiae - March 14, 2024
Charles Sannat: Huge mistake!
It's war, Emperor Palpoutine threatens France and thanks to the legislation on requisitions (idiot trap) we can clearly see the slight temptation to seize savings, sorry to drain, as Bruno Le Maire would say, these considerable sums that Europeans have in their bank accounts. These colossal savings that he is eyeing to finance our considerable deficits.
But rest assured, we are in a democracy and in democracy we have the values of the Republic which protect us.
We therefore take your Livret A to finance the war in Ukraine without asking you if this suits your “morality” and your social responsibility.
It’s true what…
Financing Total and the gas stations is bad.
But that Livret A finances the war and the cannon merchants… that’s good!
This will all go wrong, plus it's a very bad idea in terms of risks.
Is there anyone who can warn Bruno? Send him this note, he must not know about it at Bercy!
Come on, let me explain.
We have to finance the war, very good tintin. But if Bruno gives money to the shell factories like what he did to the mask factories during the last war against a vir-Russian, while here it is against the Russians quite simply, the factories made masks then they immediately went bankrupt.
The same thing will happen with the war. War is a thing for stupid idiots. So we produce weapons, we get in the face, then we make peace. Always. When you put your mind to it, you produce a lot. Once we make peace we no longer produce anything or very little. The gun dealers will go bankrupt.
The problem is that the artist from Bercy, Bruno, guarantees the booklet A…. or the booklet hahahahahahahahahahha.
So he's going to finance something that's going to fail in the long term by using money that he has to guarantee while reducing the debt... hahahahahahahahaha.
Haaa, the star of Bercy must tell him everything.
My Bruno, drop booklet A, you have to do the LDG. Yes, the war book. LDG. I removed the second D side for sustainable… on the ecology side, war is average.
So my Bruno, you are launching an unguaranteed LDG (you don't say it too much, but it's not guaranteed). Then you ask LCI and BFM to loop the importance of supporting Ukraine, sending money is better than sending our sons, you play on the guilt of the masses and the oldest who have the money vote Macron and listen to BFM. Easy. You suggest to Cnews to let them go on condition that they do some work for your LDG. You'll raise at least 10 billion, easy. You spend them, as usual. You burn them like every time… then after the war, you will say… oops, there’s more…. but it was for a good cause.
So my good Bruno you will not have destabilized the financing of social housing from Livret A, you will not have shot yourself in the foot with debt and you will have taken money from those who could lose it without forcing anyone . Do not forget. Values of the Republic, democracy something coughed.
Come on, I continue with economic and heritage cynicism.
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The State wants to capture our savings to finance its climate and AI project
The State wants to capture our savings to finance its climate and AI projectGeolintel - February 27, 2024
Bruno Le Maire insisted during his speech at the Davos forum on the need for the European Union to pursue a more ambitious industrial policy. He called on Europe to be aggressive in responding to the American climate investment plan, the Inflation Reduction Act.
“The United States has decided to invest to combat climate change, and that is a good thing. But Europe must do the same, through a flexible and ambitious industrial policy.”
“I am not talking about protectionism but about defending our economic interests. The key question is how to put climate first. We have to invest in chips, but it’s compatible with American investments, with Chinese investments.”
“To keep a powerful European industry, and even take advantage of climate change, investments must be put on the table, both private and public. It is essential, for example, to achieve the union of capital markets, it is the only way to raise sufficient funds and to offer industrialists the means to make their investments.”
Europe is currently working to establish a single capital market across all member states to unlock funds to boost growth and open up investment opportunities for citizens, while ensuring a high level of protection of investors.
This new source of financing will help European countries return to the level of growth they had before the crisis, while reducing the unemployment rate.
Capturing French savings to finance the ecological transition and AI.
A jackpot of 35000 billion is sleeping peacefully in accounts that Davos agents want to steal. They allow themselves and dare everything, they are working on ways to extract money, not from taxpayers, but from savers.
We need to raise tens of billions of euros to finance our prosperity explains Bruno the Mayor, but which one, theirs or ours?
We must ask ourselves the question of the appointment of the economist Emmanuel Moulin to Matignon.
Emmanuel Moulin Director General of the Treasury received in Bercy representatives of the Treasurys and Ministries of Finance of Spain, Ireland, Italy, Sweden and the Netherlands to discuss the Union of financial markets capital and the way in which it can concretely improve the financing conditions of our companies to enable them to face the challenge of the double ecological and digital transition.
Emmanuel Moulin: "I stressed the need to focus, under the upcoming European mandate, on a reduced number of truly transformative actions to: better mobilize the abundant savings of Europeans, support the emergence of pan-European champions , relaunch the securitization market. I take away from this exchange a shared and strong desire to prepare an ambitious agenda for the next European mandate.
Europe does not have the financial means to carry out its globalist project, it does not have sufficient financial reserves. Without this money there will be no artificial intelligence, this turning point will be at our expense as usual. Putting European savings to work means coveting these 35 billion. Bruno Le Maire proposed the creation of a “European savings product” with the EU states that wish it, in order to mobilize private capital in the service of growth.
“Let us launch a European savings product in 2024, the characteristics and performance of which we will define with the voluntary states.”
“There is a lot of impatience in me. I am not coming to Ghent to meet my Finance Minister friends to have a chat.” “I am not coming to publish the 10th, 15th or 20th press release on the Capital Markets Union in which there is nothing or almost nothing”
Meeting of the Twenty-Seven in Ghent (Belgium) February 23, 2024.
Only one response is possible from the French, and that is to say no to the despoliation of our economies. They are so panicked that they dare to ask us to finance their prosperity with our money. This world is getting crazier and crazier.
Oppose this project if you want to keep your money, the State just has to manage our taxes well instead of distributing them as gifts to friends.
NB: NATO costs us 60 billion per year, the reconstruction of post-Covid Europe costs 75 billion and aid to businesses costs the State 160 billion per year, a total of 295 billion which is missing to finance our country.
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Banks are all fragile according to one of Switzerland's leading economists
Insolentiae – March 23, 2023
The Credit Suisse debacle illustrates the importance of customer confidence, it also recalls the inherent vulnerability of deposit banks, recalls Charles Wyplosz, economist at the Graduate Institute of Geneva and who is also the founder of the SNB Observatory, the Swiss National Bank which is the central bank of our Swiss friends.
What Charles Wyplosz has just said was said in the leading Swiss daily Le Temps.
Of course, banks are fragile, structurally in reality.
It's the very economic model of the banks that makes them fragile, and not just the greed of bad bankers or bad capitalists!
By definition, genetically, a bank of deposits recovers and collects the deposits of some to make credits to others. This is the profession, which is particularly fascinating, moreover, of the banker and personally I have taken great pleasure as a banker in financing companies, activities, investments and activities that benefit the greatest number.
By definition, the bank never, ever has all the money corresponding to the deposits of its customers. It uses almost everything… minus the 10 to 12% reserves!
By definition, if all customers want to recover their money at the same time, no bank has the means to meet this immediate need for cash. NONE.
By definition, whatever the regulation put in place, no bank can reimburse all deposits in a few days and NEVER a bank will be able to do so.
So when we tell you that the banks are solid, we say nonsense, because the truth, the reality, the economic model itself of the banks means that they are genetically fragile.
It's neither good nor bad.
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Livret A… the money collected will be used to build new nuclear power plants!
Insolentiae - Feb 13, 2023
The government could mobilize savings from the Livret A to finance nuclear power.
A few weeks ago our Bruno Lumière de Bercy, our beacon of the economy, our helmsman of the sanctions that work against Russia, what am I saying the ace of aces of finances, told us precisely about the finances of France that there was no money problem since the French had plenty of it… money and savings, of course.
So for Bruno, the central question is how do you get your money?
In mamamouchi's modest language, we say "money is not a problem, we will always find it, what is important is the way in which the financial flows are oriented". I love the sense of understatement of our motorless ministry launch. Our Bruno is delicious.
And so, as it is necessary (finally) to build a few more nuclear power plants (rather than spending hundreds of billions to poorly insulate current housing), one wonders in high places how to find the money elsewhere than on the financial markets.
And there was light (nuclear of course).
