Some things in life are very dependable. Every year, for instance, the swallows return to Capistrano.
And you can also count on Dan Mitchell to wax poetic about the looming collapse of French statism.
- Back in 2011, I said France was engaged in economic self-destruction.
- In September 2012, I wrote that it was time to start the countdown for France’s fiscal crisis.
- In October of that year, I pontificated about France’s looming fiscal suicide.
- Last April, I warned that the fuse was burning on France’s fiscal time bomb.
- In June of 2013, I stated that the looters and moochers in France were running out of victims to plunder.
- And in October of last year, I expounded on France’s economic death spiral.
Geesh, looking at that list, I guess I’m guilty of - in the words of Paul Krugman - being part of the “plot against France” by trying to discredit that nation’s economy.
Or maybe I’m just ahead of my time because we’re now seeing articles that almost sound like they could have been written by me appearing in establishment outlets such as Newsweek. Check out some amazing excerpts from an article by Janine di Giovanni, who lives in France and serves as the magazine’s Middle East Editor.
…what is happening today in France is being compared to the revocation of 1685. …the king closed churches and persecuted the Huguenots. As a result, nearly 700,000 of them fled France, seeking asylum in England, Sweden, Switzerland, South Africa and other countries. The Huguenots, nearly a million strong before 1685, were thought of as the worker bees of France. They left without money, but took with them their many and various skills. They left France with a noticeable brain drain.
It’s happening again, except this time the cause is fiscal persecution rather than religious persecution. French politicians have changed the national sport from soccer to taxation!
Since the arrival of Socialist President François Hollande in 2012, income tax and social security contributions in France have skyrocketed. The top tax rate is 75 percent, and a great many pay in excess of 70 percent. As a result, there has been a frantic bolt for the border by the very people who create economic growth – business leaders, innovators, creative thinkers, and top executives. They are all leaving France to develop their talents elsewhere.
It’s an exaggeration to say “they are all leaving,” but France is turning Atlas Shrugged from fiction to reality.