Let’s Call French Economic Patriotism What It Really Is: Fascism
The authority to ban shareholders of French companies from selling a majority of their shares to foreign investors is an abuse of property right, and a license to protect French company executives from their own shareholders. It will concentrate power in the corporate bureaucracy (a word they, not surprisingly, invented) and so stifle innovation even further. Such business regulations are growth killers and tantamount to third world style capital controls. Put a fondue fork in her, France is done. There’s always that last socialist regime, and Hollande has provided it. The brilliant free-market economist who helped save post war France as an advisor to de Gaulle, Jacque Rueff, must be whirring like an Alstom turbine in his grave watching what they’ve done to the economy he helped build.
“Writing in the newspaper Le Monde, Mr Montebourg said the decree was a “choice of economic patriotism”.
““We can now block sales and demand conditions. It is an essential rearmament of public power. France cannot sit back while other states are acting,” he wrote.
““With this decree, we are rebalancing the balance of forces between the interests of multinational businesses and the interest of states, which are not always aligned.”
“He added: “You have to remember that Alstom is an essential link in our energy independence.””
Jerry Bowyer is a Forbes contributor, contributing editor of AffluentInvestor.com, and Senior Fellow in Business Economics at The Center for Cultural Leadership.
Jerry has compiled an impressive record as a leading thinker in finance and economics. He worked as an auditor and a tax consultant with Arthur Anderson, as Vice President of the Beechwood Company which is the family office associated with Federated Investors, and has consulted in various privatization efforts for Allegheny County, Pennsylvania. He founded the influential economic think tank, the Allegheny Institute, and has lectured extensively at universities, businesses and civic groups.
Jerry has been a member of three investment committees, among which is Benchmark Financial, Pittsburgh’s largest financial services firm. Jerry had been a regular commentator on Fox Business News and Fox News. He was formerly a CNBC Contributor, has guest-hosted “The Kudlow Report”, and has written for CNBC.com, National Review Online, and The Wall Street Journal, as well as many other publications. He is the author of The Bush Boom and more recently The Free Market Capitalist’s Survival Guide, published by HarperCollins. Jerry is the President of Bowyer Research.
Jerry consulted extensively with the Bush White House on matters pertaining to the recent economic crisis. He has been quoted in the New York Times, The Wall Street Journal, Forbes Magazine, The International Herald Tribune and various local newspapers. He has been a contributing editor of National Review Online, The New York Sun and Townhall Magazine. Jerry has hosted daily radio and TV programs and was one of the founding members of WQED’s On-Q Friday Roundtable. He has guest-hosted the Bill Bennett radio program as well as radio programs in Chicago, Dallas and Los Angeles.
Jerry is the former host of WorldView, a nationally syndicated Sunday-morning political talk show created on the model of Meet The Press. On WorldView, Jerry interviewed distinguished guests including the Vice President, Treasury Secretary, HUD Secretary, former Secretary of Sate Condoleezza Rice, former Presidential Advisor Carl Rove, former Attorney General Edwin Meese and publisher Steve Forbes.
Jerry has taught social ethics at Ottawa Theological Hall, public policy at Saint Vincent’s College, and guest lectured at Carnegie Mellon’s graduate Heinz School of Public Policy. In 1997 Jerry gave the commencement address at his alma mater, Robert Morris University. He was the youngest speaker in the history of the school, and the school received more requests for transcripts of Jerry’s speech than at any other time in its 120-year history.
Jerry lives in Pennsylvania with his wife, Susan, and the youngest three of their seven children.
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