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LEAVE IT TO FRANCE PART DEUX
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LEAVE IT TO FRANCE PART DEUX

  #1 (permalink)
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LEAVE IT TO FRANCE PART DEUX

Just when you thought the leader of France couldn’t come up with a dumber idea than reducing the retirement age from 62 to 60, Mike Shedlock reports about an even more brainless idea from the clearly dimwitted leader of France. His plan is to make it so expensive for companies in France to fire people that they never hire them in the first place. The logic is so pure and assinine that Obama is sure to jump on the idea as part of his platform for re-election. The Frenchies don’t believe in the business cycle and the fact that when demand declines, companies need to get their costs in line with revenues. Hollande knows best. This is like watching a French comedy with subtitles. Except it isn’t really funny. It’s sad.


Hollande About to Wreck France With Economically Insane Proposal: “Make Layoffs So Expensive For Companies That It’s Not Worth It”


Unemployment in France touched 10.2% in April, a number last seen in 1999 according to data from Eurostat.


click on chart for sharper image

The question on newly-elected President Francois Hollande’s mind is what to do about it.

Economic Insanity

Hollande’s layoff clampdown solution according to Labour Minister Michel Sapin is to “make layoffs so expensive for companies that it’s not worth it.”

France’s new Socialist government is planning to ramp up the cost of laying off workers for companies in the coming months, its labour minister said on Thursday after data showed the jobless rate hit the highest level this century at 10 percent.

“The main idea is to make layoffs so expensive for companies that it’s not worth it,” Sapin said in an interview with France Info radio.

“It’s not a question of sanctions, but workers have to have compensation at the right level,” he said.

Industry Minister Arnaud Montebourg is also planning legislation that would force companies to sell plants they want to get rid of at market prices to avoid closures and job losses.

Four Things, All of Them Bad

Mass layoffs will occur before the law passes.
Companies will move any jobs they can overseas.
Ongoing, if it’s difficult to fire people, companies will not hire them in the first place.
Corporate profits will collapse along with the stock market should the need to fire people arise.

The proposal to force companies to sell plants rather than fire workers as outlined by Industry Minister Arnaud Montebourg and Labour Minister Michel Sapin is nothing short of economic insanity.

Nannycrat Dilemma

Think the Nannycrats in Brussels will go for this idea? If they do, they will wreck all of Europe. If they don’t, then how are they going to “harmonize” everything?

For more on nannycrats and the nannyzone please see …

Huge Nannycrat Conflict Coming Right Up; Hollande Lowers Pension Age to 60
Another Meaningless Nannycrat Rumor: Europe Mulls “Secret Plan for New Europe”
“Multi-Stage” Nannycrat Proposals; Devaluation – The Last Option? Note to Wolfgang Münchau, Martin Wolf, Jeremy Siegel at the Financial Times: Focus on the Obtanium not the Unobtanium

Also see my original post on the “nannyzone” written June 2, 2011, nearly one year ago today: Trichet Calls for Creation of European “Nanny-State” and Fiscal “Nanny-Zone”

Addendum:

Reader “Bob” writes ….

Point 3 is the biggest but it gets even more insidious. The companies that have enough employees now are generally larger companies with a political voice. The companies that will need employees later are generally smaller, entrepreneurial companies with no political voice.

Since most job creation happens at the entrepreneurial level, the proposed policy will subsidize corporate stagnation while stemming the flow of entrepreneurial companies entering the market.

Over the long haul, this will kill France’s economic competitiveness while increasing unemployment.

Recall government enforced jobs in the former USSR in the 1980′s. How well did that go? Things got got so bad the USSR had to dissolve.


Mish's Global Economic Trend Analysis

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  #2 (permalink)
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kbit View Post
Just when you thought the leader of France couldn’t come up with a dumber idea than reducing the retirement age from 62 to 60, Mike Shedlock reports about an even more brainless idea from the clearly dimwitted leader of France. His plan is to make it so expensive for companies in France to fire people that they never hire them in the first place. The logic is so pure and assinine that Obama is sure to jump on the idea as part of his platform for re-election. The Frenchies don’t believe in the business cycle and the fact that when demand declines, companies need to get their costs in line with revenues. Hollande knows best.

Thanks @kbit for the article.
I must disagree in several points being made in order to raise fear for the political Europe:

Facts are that
1) in France already since more than 30 years this restricted scenario for the bigger companies exists as the socialist influenced every company moves to the most terrible - so that IS LIVED already for a long time
2) No president during his time in charge (be it a socailist president or not) could change the rules with long time effect
3) The worst drawback for France's economy goes back to the cutting down weekly working hours from 42 to 38 and then to 35... more than 10 years ago - this is lived too
4) Today the retirement medium age in France is under 60 already - as many people like to quit the job earlier
5) The unemployment rate in France was always little higher than in comparable countries - the productivity itself stayed mostly unchanged due to more automatisation in the processing

Shortly:
A president in France has not really the power to change basic items in France's politics and even less in Europe's politics.

GFIs1 lays back and relaxes...

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  #3 (permalink)
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If you want a french point of view on the european crisis, you should read this blog:
Paul Jorion's Blog

But do not forget that's not better in US... you just print money with the FED.

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