Saturday, December 17, 2011

Perfidious Albion?

Members of the French Establishment  currently slinging brickbats about  the  British    economy and politicians  across the English Channel or should I say "La Manche", are continuing the  ancient entente cordiale tradition  that exists between our two countries.

In some respects I have sympathy with  the French argument to the effect that the capitalist ratings agencies should focus their concerns more on the UK than on France eg  because  the size our debt vis a vis our  GDP is rather greater than that of France but the reality is that the French banks have lent far more to weaker Eurozone countries than the UK banks. If the Euro collapses the UK economy will suffer but sadly the French  economy stands to lose much more. Signs of argument between some of the 26 other EU nations  at the recent EU summit  of 27, are appearing and my view is that history will show that David Cameron was right to keep the UK on the sidelines of the proposed new fiscal treaty between the 26. The reasons he did so may include much that is domestic political  but the fact that he did so, will  still   leave the UK in the least worst position.

I gather that already UK funds are being switched from France to safer Germany not out of pique but for the  greater financial security the German state offers at present. Anyway elections are looming in France and politcians the (democratic) world over often at such times  speak  the words that  they think  will endear them to their electorates.

Economic reality is really rather dull and boring whereas the French spat is fun.

In much the same way as true friends in personal lives will cast their cloaks of politesse aside from time to time and  tell each other what they really think  so on occasion  do the French and the British. Both countries might harbour very negative views about other nations but such views if they are put across about such third party states at all, are camouflaged with the weasel words of diplomats. Friends however say it as it is.

Vive la difference - vive La France.

2 comments:

  1. Another very illuminating post, Jerry. Goodness knows what 2012 holds in store for us all. On a personal level, I hope it brings you, your family and friends every happiness and joy.

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  2. TX Barnaby

    The economic outlook is grim I fear for Europe - how much we take for granted will really become apparent when the supply is turned off.

    Forget that for now though - hopefully you and we will all have a very happy and holy Christmas and New Year.

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