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.
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.
ReplyDeleteTX Barnaby
ReplyDeleteThe 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.